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长期以来,我国新股上市首日超额收益率平均高达160%,并一直占据世界第一头衔。为了缩小新股首日抑价幅度,监管当局进行了多轮新股发行体制改革,但其改革的不彻底也广为诟病。然而,进入2011年以来,越来越多的数据表明,我国证券市场正面临着自其诞生以来的第四波也是迄今最为严重的新股破发潮。新股破发频现2011年第一个交易日,安居宝首日上市即较发行价下跌2.65%遂成为2011年首只破发的新股;1月13日,华锐风电开盘
For a long time, the excess return on the first day of listing of new shares in China has averagely reached as high as 160% and has always occupied the first title in the world. In order to reduce the first day IPO underpricing, regulatory authorities conducted several rounds of reform of the IPO system, but its reform is not completely criticized. However, since 2011, more and more data show that China’s securities market is facing the fourth wave since it was born, and the most serious wave of IPO so far. Breakthrough in new shares is now the first trading day in 2011, Anju treasure listed on the first day of the issue price is down 2.65% became the first break-new shares in 2011; January 13, Sinovel opened