Analysis and Study on IPOs Issuing Methods and Initial Returns
发行方式与初始回报的分析研究

Using the sample data of 296 A-share IPOs issued from January 1,2000 to December 31,2003 in Shanghai Stock Market,the relation between IPOs issuing methods anf initial returns is examined with multivariate regression analysis.Three findings are presented: the issue price of IPOs with file price is lower,the allocation with fixed price to investors in Secondary Stock Market is significantly positive to the initial return,and the initial return of the IPOs with the institutional investors participating in IPO is higher.The farther explanations of three findings are given.