国有股权与IPO抑价——政府定价管制视角

发布时间：2018-06-20 21:33

本文选题：国有股权 + 政府定价管制　；参考：《金融研究》2012年09期

【摘要】：国有股权与IPO抑价之间的关系,是实务界和学术界共同关注的重要问题。然而,已有研究关于国有股权和IPO抑价之间关系的结论并不一致,其重要原因在于它们没有关注国有股权影响IPO抑价的具体途径。对政府定价管制的影响是国有股权影响IPO抑价的重要途径。本文研究了国有股权与IPO抑价之间的关系及其在政府定价管制程度不同情况下对国有股权与IPO抑价关系的影响。研究结果显示,国有股权比例与IPO抑价正相关;随着政府定价管制程度的提高,国有股权比例与IPO抑价正相关关系显著减弱,甚至转向负相关关系。本文的研究结论深化了我们对国有股权与IPO抑价之间关系的认识,可以帮助我们理解政府对IPO定价的影响机制。
[Abstract]:The relationship between state-owned equity and IPO underpricing is an important issue of common concern in practice and academia. However, there are different conclusions about the relationship between state-owned equity and IPO underpricing. The main reason is that they do not pay attention to the specific ways that state-owned equity affect IPO underpricing. The influence of government pricing regulation is an important way for state-owned equity to influence IPO underpricing. This paper studies the relationship between state-owned equity and IPO underpricing and its influence on the relationship between state-owned equity and IPO underpricing under different levels of government pricing control. The results show that the proportion of state-owned equity is positively correlated with IPO underpricing, and with the increase of government pricing control, the positive correlation between state-owned equity ratio and IPO underpricing is significantly weakened, even turning to a negative correlation. The conclusion of this paper deepens our understanding of the relationship between state-owned equity and IPO underpricing, and can help us to understand the mechanism of the government's influence on IPO pricing.
【作者单位】：中国人民大学商学院;
【基金】：教育部人文社科基金项目“时空维度下基于价值链管理理论的企业并购问题研究”(批准号:09YJA790195)和教育部人文社科基金项目“政策性负担、市场环境与国有股权的治理效应”(批准号:12YJC630116)的资助
【分类号】：F832.51;F276.1;F224

【参考文献】