| 中文摘要 | 第1-10页 |
| Abstract | 第10-12页 |
| 1.Introduction | 第12-14页 |
| 2.Underpricing Worldwide | 第14-18页 |
| 3.Literature Review | 第18-26页 |
| ·Information Asymmetry Theory | 第18-21页 |
| ·Behavior Economy | 第21-23页 |
| ·Institution Risks | 第23-24页 |
| ·Control Right | 第24页 |
| ·Empirical Researches about Underpricing in China | 第24-26页 |
| 4.China IPO Mechanism Analysis | 第26-43页 |
| ·IPO Regulation System Analysis | 第26-28页 |
| ·Offering Mechanism | 第28-29页 |
| ·Underwriting Mechanism | 第29页 |
| ·IPO Pricing Mechanism Analysis | 第29-34页 |
| ·China IPO Pricing Efficiency Analysis | 第34-35页 |
| ·Comparison Analysis of Impact on Underpricing | 第35-41页 |
| ·IPO Requirements | 第41-42页 |
| ·Rapid Development of Chinese Stock Market | 第42-43页 |
| 5.Overview of Chinese A Share IPO Underpricing | 第43-52页 |
| ·Key Trends and Features of Chinese IPOs | 第43-48页 |
| ·Underpricing comparison analysis from mechanism point of view | 第48-52页 |
| 6.Determinants of Chinese A Share IPO Underpricing | 第52-63页 |
| ·Extreme Demand in Excess of Supply for IPOs | 第52-54页 |
| ·Long Time Lag between Offering and Listing | 第54页 |
| ·Underwriter Reputation and Fee | 第54-55页 |
| ·Offering Mechanism | 第55-56页 |
| ·Shareholder Structure | 第56-59页 |
| ·Management Credibility | 第59-61页 |
| ·Ex Ante Uncertainty | 第61-62页 |
| ·Market Climate and Speculation | 第62-63页 |
| 7.Empirical Analysis | 第63-98页 |
| ·Data | 第63页 |
| ·Variable Definition | 第63-65页 |
| ·Characteristics of IPO Firms | 第65-66页 |
| ·Univariate Partitioning | 第66-71页 |
| ·Ex Ante Uncertainty | 第71-74页 |
| ·Underwriter Reputation and Fee | 第74-80页 |
| ·Management Credibility | 第80-82页 |
| ·Market Climate and Speculation | 第82-84页 |
| ·Sub-period Analysis | 第84-96页 |
| ·Underpricing Determinants before and after Share Division Reform | 第96-98页 |
| 8.Short-term Performance of IPOs | 第98-100页 |
| 9.Recent IPO Mechanism Reform in China | 第100-101页 |
| 10.Conclusions | 第101-103页 |
| 11.Suggestions | 第103-105页 |
| Reference | 第105-111页 |
