IPO抑价(IPO Underpricing)指的是新股发行上市后市场交易价格远高于发行价格,发行市场与交易市场出现较大价差,导致投资者可以在新股发行上市后获得显著超额收益的现象。统计数据显示,在发达国家的资本市场中,IPO抑价程度通常保持在15%左右,而我国A股市场的IPO抑价率远高于世界平均水平。若A股市场的抑价率长期停留在过高的水平,可能会产生多方面的不良 IPO Underpricing refers to the fact that the market transaction price after the listing of new shares is much higher than the issue price, and there is a big spread between the issuance market and the trading market, resulting in investors having significant excess returns after the IPO. Statistics show that in the capital markets of developed countries, IPO underpricing is usually maintained at about 15%, while the IPO underpricing rate in China’s A-share market is far above the world average. If the underpricing rate of the A-share market stays at a high level for a long time, it may cause various defects