新股“破发”与IPO定价效率:基于股东特征的分析

发布时间：2017-12-28 13:38

本文关键词：新股“破发”与IPO定价效率:基于股东特征的分析　出处：《清华大学学报(自然科学版)》2014年03期 　论文类型：期刊论文

【摘要】：该文以2005—2011年的A股IPO(initial public offerings)为样本,结合新股频繁破发的市场背景,引入定价偏离度的概念,系统地研究了IPO发行公司股东特征对新股定价效率的影响。研究发现,IPO定价效率与外资股份的出现正相关,而与国有股份和创投股份的出现负相关。从股东参与公司治理的角度看,发起人股东或董事的持股份比例与IPO的定价效率正相关。进一步的分析表明,国有股份更容易引起IPO抑价,而创投股份则更容易引起IPO破发。该文的研究从发行人股东特征的角度分析影响IPO定价效率的因素,为了解和提高中国股票市场的IPO定价效率提供了新的视角。
[Abstract]:Taking the A share IPO (initial public offerings) from 2005 to 2011 as a sample, combined with the market background of frequent breaking new shares, this paper introduces the concept of pricing deviation degree, and systematically studies the impact of IPO issuers' characteristics on the pricing efficiency of new shares. It is found that the IPO pricing efficiency is positively related to the emergence of foreign shares, but is negatively related to the emergence of state-owned shares and the emergence of a venture capital stock. From the point of view of shareholders' participation in corporate governance, the share ratio of the shareholders or directors is positively related to the pricing efficiency of IPO. Further analysis shows that the state-owned shares are more likely to cause IPO underpricing, while the venture capital shares are more likely to cause IPO breakout. This paper analyzes the factors that influence the pricing efficiency of IPO from the perspective of issuers' characteristics, and provides a new perspective for understanding and improving the IPO pricing efficiency of China's stock market.
【作者单位】：清华大学经济管理学院;
【分类号】：F832.51;F224
【正文快照】： 传统的IPO(initial public offerings)研究认为,新股发行普遍存在“抑价(IPO underpricing)”,即上市后的二级市场价格高于发行价,产生超额收益。以往的文献大多将抑价率(二级市场的价格比上发行价)作为衡量IPO定价效率的标准。然而,自2010年以来,我国的A股市场频繁地发生新股

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