金融管制、投资风险和新股发行的超额抑价

发布时间：2018-04-02 03:05

本文选题：发行上市　切入点：首日溢价　出处：《金融研究》2010年04期

【摘要】：我国新股发行制度改革正在推进,其成功与否应该建立在对于历史问题的总结。我国股票发行上市首日回报率高达267%,显著高于世界其他各国。本文构建了新股发行的供求理论,实证检验了发行超额抑价的影响因素。我国证券监管部门设立了发行上市额度并且规定了发行定价方式,希望籍此稳健发展股市,但是实际上导致了发行市场的供给和需求出现了扭曲。同时,已发行的股票不一定能够及时上市流通。除信息不对称风险外,新股的认购者还要承担我国特有的投资锁定风险和财富转移风险。通过理论论证和实证检验,本文指出金融管制和投资风险导致了我国股票发行超额抑价。从根本上讲,我国以往的新股发行超额抑价现象是制度性抑价,是政府干预市场的结果。本文认为,当前的新股发行改革是必要和正确的。
[Abstract]:The reform of new issue system in China is advancing, and its success should be based on the summary of historical problems.The return rate on the first day of listing in China is as high as 267%, which is significantly higher than that of other countries in the world.In this paper, the supply and demand theory of new issue is constructed, and the influencing factors of excess underpricing are tested empirically.The securities regulatory department of our country has set up the quota of issuing and listing and stipulated the way of issuing pricing, hoping to develop the stock market steadily, but in fact, it has caused the distortion of the supply and demand of the issuing market.At the same time, issued shares may not be able to be listed in time circulation.In addition to asymmetric information risk, the subscriber of new shares must bear the unique risk of investment locking and wealth transfer in China.Through theoretical demonstration and empirical test, this paper points out that financial regulation and investment risk lead to excess underpricing of stock issuance in China.Fundamentally speaking, the phenomenon of excessive underpricing of new issue in our country is institutional underpricing and the result of government intervention in the market.This paper believes that the current reform of new issue is necessary and correct.
【作者单位】：北京大学光华管理学院;
【基金】：国家自然科学基金“WTO与中国国有商业银行改革与创新”项目(编号70373012)和“企业业绩、公司重组和国家持股”项目(编号70373001)的支持
【分类号】：F832.51

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