本研究旨在探討影響中國IPO折價發行之因素。研究樣本為從1995年至2007年3月初止，共計1,031筆IPO之A股公司，試圖提供一個較完整之觀點。研究結果發現相較於已開發地區，甚至其他新興市場，中國之IPO折價幅度是明顯較高的，平均折價幅度為118.7%。本研究發現贏家詛咒以及流行效應是確實造成中國IPO折價發行之主因；此也說明了中國如此高的IPO折價幅度不單是來自於因應嚴重之資訊不對稱所導致的發行價格訂定偏低，同時也來自於投資人非理性之從眾認購行為。另外，本研究將IPO發行機制區分為定價方式與發行方式兩個不同的構面，以探討中國IPO發行機制之演變對於IPO折價幅度之影響。實證結果發現不同的IPO定價方式以及發行方式確實會對IPO折價幅度造成影響。

Using the data of 1,031 A-share initial public offerings (IPOs) between January 1995 and the beginning of March 2007, this study has found that the average underpricing of Chinese IPOs is 118.7 percent, which is higher than the levels of the other emerging markets. Due to the extremely high degree of underpricing in China, a lot of studies have been attracted and have been trying to find out what makes the underpricing in China so severe. This study employs the cross-sectional analysis and find that: (1) The underpricing of IPOs in China is primarily explained by the ex ante uncertainty surrounding the new issues and inequality of supply and demand. (2) The different IPO mechanisms also affect the degree of underpricing in China.

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