询价制下公共信息在IPO抑价中的作用

发布时间：2018-05-14 08:33

本文选题：询价制 + 公共信息　；参考：《经济科学》2011年06期

【摘要】：本文利用2005年1月1日-2008年12月31日中小板样本数据,实证分析了询价制度环境下公共信息在IPO抑价形成过程中的作用,发现公共信息对IPO抑价产生了显著影响,原因不是公共信息对初始收益的不对称影响,而是内部协议、价格区间对发行价的约束和窗口指导,对创业板IPO稳健性检验发现,窗口指导的取消并没有改变公共信息对IPO抑价影响的显著性。考虑到定价方式这种制度变迁的影响,本文实证发现,定价方式显著影响了初始收益;然后文章同时考虑了公共信息和定价方式的影响,发现公共信息和定价方式同时对IPO抑价产生了显著影响。并发现,公共信息对IPO抑价的影响会因定价方式的改变而变化,定价方式由两阶段定价变革为初步询价定价,提高了询价期间的公共信息在IPO抑价中的作用,降低了等待上市阶段公共信息在IPO抑价中的作用。最后,文章对研究结论进行了稳健性检验。
[Abstract]:Based on the sample data of small and medium-sized boards from January 1, 2005 to December 31, 2008, this paper empirically analyzes the role of public information in the formation of IPO underpricing in the environment of inquiry system, and finds that public information has a significant impact on the underpricing of IPO. The reason is not the asymmetric effect of public information on the initial income, but the internal agreement, the restriction of the price range on the issue price and the window guidance, and the results of the IPO robustness test on the gem. The cancellation of window guidance does not change the significance of the influence of public information on IPO underpricing. Considering the influence of the institutional change of pricing, this paper finds that pricing significantly affects the initial income, and then the paper considers the influence of public information and pricing methods at the same time. It is found that both public information and pricing methods have a significant impact on IPO underpricing. It is also found that the influence of public information on IPO underpricing will change with the change of pricing mode, and the pricing mode changes from two-stage pricing to initial inquiry pricing, which enhances the role of public information in IPO underpricing during inquiry. It reduces the role of public information in IPO underpricing. Finally, the paper tests the robustness of the conclusions.
【作者单位】：对外经济贸易大学金融学院;
【分类号】：F832.51;F224

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