IPO定价的信号模型:信息披露机制有效性检验(1992-2002)

被引：12

作者：

孔爱国

李哲

机构：

[1] 复旦大学管理学院财务金融系

[2] 复旦大学管理学院财务金融系上海

[3] 上海

来源：

复旦学报(自然科学版) | 2003年 / 05期

关键词：

IPO定价; 信号模型; 信息披露机制; 公司价值评估;

D O I：

10.15943/j.cnki.fdxb-jns.2003.05.024

中图分类号：

F830.9 [金融市场];

学科分类号：

1201 ; 020204 ;

摘要：

利用中国A股市场(1992 2002)不同时期信息披露规则条件的数据来检验Leland＆Pyle信号模型(资本结构信号模型),Bhattacharya信号模型(股利信号模型)和多变量信号模型,结果强化了前两种信号在定价过程中的稳健性,同时也显示出公司资产负债比率、市场风险等也对IPO定价产生影响.研究结果表明信息披露越彻底,IPO的定价越合理.

引用

页码：787 / 792

页数：6

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