| Abstract | 第1-9页 |
| 摘要 | 第9-10页 |
| 1. Introduction | 第10-15页 |
| ·Background and significance of the study | 第10-11页 |
| ·Introduction to the reform of IPO system | 第11-13页 |
| ·Research approach and paper structure | 第13-15页 |
| 2.Literature Review | 第15-22页 |
| ·Foreign Literature on IPO Underpricing | 第15-20页 |
| ·Information asymmetry theory | 第15-17页 |
| ·Behavioral finance theory | 第17-19页 |
| ·Other theories | 第19-20页 |
| ·Literature on China IPO underpricing | 第20-22页 |
| 3. China IPO Mechanism Review | 第22-31页 |
| ·IPO Regulation System | 第22-25页 |
| ·Examination and Approval System | 第22-24页 |
| ·Authorizing System | 第24-25页 |
| ·Offering Mechanism | 第25-26页 |
| ·IPO Pricing Mechanism | 第26-31页 |
| ·Fixed Price and Fixed PE Ratio Pricing | 第26-27页 |
| ·Relatively Fixed PE Ratio Pricing | 第27-28页 |
| ·Accumulated Bidding Pricing | 第28-29页 |
| ·Offer PE Ratio Control Pricing | 第29页 |
| ·Preliminary Inquiry and Accumulated Bidding | 第29-31页 |
| 4. International Comparison of IPO Pricing Mechanism | 第31-38页 |
| ·IPO Pricing Mechanism in U.S. | 第32-34页 |
| ·IPO Mechanism in Hong Kong | 第34-36页 |
| ·IPO pricing mechanism in Singapore | 第36-37页 |
| ·IPO Pricing Mechanism in Japan | 第37-38页 |
| 5. International Comparison of IPO Underpricing | 第38-44页 |
| 6. IPO System Reform | 第44-52页 |
| ·Background of IPO Reform | 第44-45页 |
| ·The Content of IPO Reform | 第45-48页 |
| ·The Effect of This Reform | 第48-52页 |
| ·Significant Improvement in IPO Underpricing | 第48-49页 |
| ·More Reasonable Inquiry System | 第49-50页 |
| ·New Stock Falls on Debut Regularly | 第50-52页 |
| 7. Empirical Analysis on the Relationship between IPO Underpricing and IPO Reform | 第52-79页 |
| ·Sample Selection and Data Source | 第52-53页 |
| ·The definition and measurement of IPO underpricing | 第53-55页 |
| ·Descriptive statistics for sample | 第55-57页 |
| ·Preliminary Discussion | 第57-65页 |
| ·The Issuing Size | 第57-58页 |
| ·Offering Price | 第58-59页 |
| ·Offering P | 第59-60页 |
| ·The Market Return | 第60-61页 |
| ·The Lottery Rate | 第61-63页 |
| ·Off-line Placing Ratio | 第63-64页 |
| ·Turnover Rate on the first day | 第64-65页 |
| ·Multiple Regression Analysis | 第65-76页 |
| ·Variables Design | 第65页 |
| ·Model Selection | 第65-66页 |
| ·Model Construction and Test | 第66-76页 |
| ·Conclusions | 第76-79页 |
| Bibliography | 第79-82页 |
| Acknowledgments | 第82页 |
