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本文研究2006年香港52家新上市公司IPO折价问题。发现IPO折价率约为25.98%。假设IPO折价率与长期回报率,可认购比率,H股类别,认购倍数,发售现有证券比例,行业,保荐人个数,保荐人声誉,和总集资额过10亿港元具有线性关系。H股类别具有显著统计值,表明上市折价率与原有股东结构高度相关。
This paper studies the IPO discount of 52 newly listed companies in Hong Kong in 2006. IPO discount rate of about 25.98% found. Assuming a linear relationship between the IPO discount rate and long-term returns, the ratio of subscriptions, the type of H shares, the subscription multiples, the proportion of existing securities offered for sale, the number of trades, the number of sponsors, the reputation of sponsors and the total proceeds of over HK $ 1 billion. H share class has significant statistics, indicating that the listing discount rate is highly correlated with the original shareholder structure.