| Table of Contents | 第1-5页 |
| Table of Figures and Tables | 第5-6页 |
| Abstract | 第6-7页 |
| 中文摘要 | 第7-20页 |
| Chapter 1 Introduction | 第20-26页 |
| ·Research Background | 第20-21页 |
| ·Motivations | 第21-24页 |
| ·Research Design | 第24-25页 |
| ·Thesis Structure | 第25-26页 |
| Chapter 2 Literature and Contribution | 第26-38页 |
| ·Asymmetric Information-Based Explanations | 第26-30页 |
| ·Winner's Curse | 第27页 |
| ·Book-Building Theory | 第27-28页 |
| ·Signaling Theory | 第28-29页 |
| ·Principal-Agent Theory | 第29-30页 |
| ·Other Explanations for Underpricing in Primary Market | 第30-33页 |
| ·Lawsuit Avoidance Theory | 第30-31页 |
| ·Underwriter Reputation Theory | 第31-32页 |
| ·Informational Cascade | 第32页 |
| ·Ownership Dispersion Theory | 第32页 |
| ·Market Timing Theory and Window of Opportunity Theory | 第32-33页 |
| ·Explanations for Overvaluation in Secondary Market | 第33-35页 |
| ·Speculative Bubble Theory | 第34页 |
| ·Underwriter Price Support | 第34-35页 |
| ·Studies on China's IPO Underpricing and Overvaluation | 第35-36页 |
| ·Conclusion | 第36-38页 |
| Chapter 3 Institutional Background | 第38-46页 |
| ·The Security Markets of China | 第38-41页 |
| ·IPO Mechanisms in China | 第41-44页 |
| ·Pricing Mechanisms | 第41-43页 |
| ·Verification and Approval Mechanisms | 第43-44页 |
| ·Split Equity Structure of Companies in China | 第44-45页 |
| ·Conclusion | 第45-46页 |
| Chapter 4 Empirical Analysis | 第46-71页 |
| ·Data Selection and Research Methods | 第46-49页 |
| ·Data Source | 第46-47页 |
| ·Sample Selection | 第47-48页 |
| ·Research Methods | 第48-49页 |
| ·Descriptive Statistics of Excess Initial Returns:Traditional Definition | 第49-51页 |
| ·Variable Selections | 第51-59页 |
| ·Regression on Excess Initial Returns:Aggregated Analysis | 第59-71页 |
| ·OLS Method | 第59-66页 |
| ·Stepwise Method | 第66-71页 |
| Chapter 5 Conclusions and Suggestions | 第71-80页 |
| ·Why Do Abnormal Initial Returns of IPOs Exist in China's A-share Market | 第71-77页 |
| ·Information Asymmetry | 第72-73页 |
| ·Special Ownership Structures of Chinese Companies | 第73-74页 |
| ·The Time Delay between Issuing and Listing | 第74-75页 |
| ·Absence of Underwriter Functions | 第75页 |
| ·Overheated Secondary Market | 第75-77页 |
| ·Suggestions | 第77-80页 |
| ·Improvement on Information Disclosure | 第78页 |
| ·Enhancement of the Functionality of Underwriters | 第78页 |
| ·Advancement of Investors' Quality | 第78-79页 |
| ·Improvement on Imbalance between Supply and Demand | 第79-80页 |
| Appendix | 第80-83页 |
| Reference | 第83-87页 |
