一、世界范围的ＩＰＯ折价发行现象公司上市要发行证券,这种证券的初始发售行为在企业理论中被称为“首次公开发行”(简称ＩＰＯ)。从各国的实践看,公司证券的首次公开发行普遍存在着低定价现象。具体地说,就是在ＩＰＯ中,上市公司股份在一级市场上的价格明显低于其在二级市场? First, the worldwide IPO discount phenomenon The company listed to issue securities, the securities of the initial sale behavior in the enterprise theory is called “initial public offering” (referred to as IPO). From the practice of various countries, there is a widespread low-priced phenomenon in initial public offering of corporate securities. Specifically, in the IPO, the price of the listed company’s shares in the primary market is obviously lower than that in the secondary market?