承销商地域垄断性与IPO定价——来自中国A股上市公司的经验证据

发布时间：2018-08-25 12:55

【摘要】：从垄断理论的角度出发,采用1994-2010年我国A股上市公司数据,实证考察了承销商地域垄断性对于发行公司IPO定价的影响,研究发现:(1)具有地域垄断性的承销商承销的IPO公司,其股票抑价程度显著高于非地域垄断性承销商承销的IPO公司;(2)地方政府控制的国有企业的IPO受承销商地域垄断性的影响最为显著;(3)中央政府控制的国有企业的IPO不受承销商地域垄断性的影响;(4)民营企业受承销商地域垄断性的影响不显著;(5)在发行制度由行政审批改为自由定价制度后,承销商地域垄断性对于IPO抑价的影响有所减弱。进一步地控制了外地小券商的影响,采用其他指标反映IPO定价水平,研究结论不受影响。研究证实,承销商的地域垄断性是我国上市公司IPO定价的影响因素之一。
[Abstract]:From the perspective of monopoly theory, using the data of A-share listed companies in China from 1994 to 2010, this paper empirically investigates the influence of underwriters' regional monopoly on the IPO pricing of issuing companies. The results show that: (1) the underwriters underwriting IPO companies with regional monopoly; The degree of underpricing of its stock is significantly higher than that of IPO, which is underwritten by non-regional monopoly underwriters; (2) the IPO of state-owned enterprises controlled by local governments is most significantly affected by the regional monopoly of underwriters; (3) the IPO of state-owned enterprises controlled by the central government is the most significant. It is not influenced by the regional monopoly of the underwriters; (4) the private enterprises are not significantly affected by the regional monopoly of the underwriters; (5) after the issuance system is changed from the administrative examination and approval to the free pricing system, The influence of underwriter's regional monopoly on IPO underpricing is weakened. Further control of the impact of small foreign securities firms, using other indicators to reflect the level of IPO pricing, research conclusions are not affected. The research proves that the regional monopoly of underwriters is one of the influencing factors of IPO pricing of listed companies in China.
【作者单位】：北京大学光华管理学院;
【基金】：国家自然科学基金重点项目(71132004) 财政部“会计名家培养工程”(财政部财会[2013]27号)
【分类号】：F832.51;F224

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