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1、學(xué)校代碼:10036例矽子薌虧f節(jié)貿(mào)易聲學(xué)碩士學(xué)位論文AnEmpiricalStudyOnTheRelationshipBetweenIPOOverpricingAndTheVentureCapital培養(yǎng)單位:國際經(jīng)濟貿(mào)易學(xué)院專業(yè)名稱:金融學(xué)研究方向:InternationalFinance作者:劉哲指導(dǎo)教師:周攬月論文日期:二。一三年五月簿學(xué)位論文原創(chuàng)性聲明本人鄭重聲明:所呈交的學(xué)位論文,是本人在導(dǎo)師的指導(dǎo)下,獨立進行研究工作所取得的成果。除文中已經(jīng)注明引用的內(nèi)容外,本論文不含任何其他個人或集體已經(jīng)發(fā)表或撰寫過的作品成果。對本文所涉及的研究工作做出重要貢獻的個人和集體,均已在文中以明確
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4、日力7/羅~矽Sr年ABSTRACTWiththerapiddevelopmentoftheeconomyinChina,theChinesestockmarket,alsobecomemorematureforfinancingandinvesting.Amongthem,theShanghaiStockExchangel,asthemostrepresentativestockmarket,had954listedcompaniesbytheendofFebruary,2013.Duringthisprocess,IPOhasplayedavitalrole.Nowadays,theh
5、ighlevelunderpricingandsomefreshconceptsofstockIPOnotonlyhaveattractedmoreattentionandcapital,butalsomoreacademicstudies.Asisknowntoall,therationalIPOpriceisthekeyfactorofsuccesstothestockitselfandthewholecapitalmarket.Underpricingmaybenefittheinitialinvestorsandshareholders,butitwouldoverdmRtheen
6、terpriseintrinsicvalueandblockthehealthydevelopmentoftheStockExchange.Aftertheimprovementofmarketenvironmentandassistanceofeconomyaccelerationthroughalltheseyears,theIPOpriceinSSEbegantoregresstoarationallevel.Althoughtheprogressincludesanincreasingnumberoffallingonthefirstdayofissuing,whichcouldb
7、eseenasafailureoflPOtosomeextent,itisstillanactivesignalforfuturedevelopment,becauseithaschangedthehighlevelunderpricinginthecapitalmarket.TheresultsofsomestudiesonIP0oftheChinesemarketshowthatmoreenterprisesaremakingtheventurecapitalastheirmainshareholders,whichisfirmlyrelatedtotheupdateofoperati
8、ngthoughtandmodeofChineseenterprises.Generally,theventurecapitalwouldnotjoininthedailyoperationandmanagementofenterprise.HoweveLmostofitcouldpushtheIPOpriceupandcashitsshareoutinashorttimeafterIPO.Besidessomebasi