询价对象间关系网络的IPO定价后果研究

发布时间：2018-06-01 10:29

本文选题：IPO + 询价对象　；参考：《管理科学学报》2017年07期

【摘要】：本文基于资本市场主体关系网络的研究视角,检验了询价对象间关系网络作用于IPO定价的机理和后果,结果表明询价对象间关系网络的强度和性质通过影响询价对象个体报价行为显著作用于IPO定价.研究发现,询价对象个体间关联程度越高,协同低报价行为越严重;询价对象整体关联程度越高,IPO定价越低;QFII参与询价没有弱化反而强化了询价对象间关系网络强度对询价对象协同低报价行为和IPO低定价的作用效果.本文研究发现IPO定价会受到询价对象间关系网络的影响,拓展了资本市场关系网络研究范围,也为尝试利用市场机制而不是仅依靠行政力量解决我国IPO市场潜在的高定价问题提供理论依据.
[Abstract]:Based on the research perspective of capital market principal relationship network, this paper examines the mechanism and consequences of the effect of inquiry object relationship network on IPO pricing. The results show that the strength and nature of the relational network of inquiry objects have a significant effect on IPO pricing through the influence of individual quotation behavior of inquiry objects. It is found that the higher the degree of correlation between the individuals of inquiry, the more serious the behavior of synergistic low quotation. The higher the overall relevance degree of the inquiry object is, the lower the IPO price is. Instead of weakening the participation of QFII in the inquiry, the effect of the network strength of the relationship between the inquiry objects on the synergistic low price behavior of the inquiry object and the low price of IPO is strengthened. In this paper, we find that IPO pricing will be influenced by the relationship network of inquiry objects, which expands the scope of research on capital market relationship network. It also provides a theoretical basis for trying to use market mechanism instead of relying on administrative power to solve the potential high pricing problem of IPO market in China.
【作者单位】：华东理工大学商学院;中国建设银行上海市分行;
【基金】：国家自然科学基金资助项目(71672057;71302042;71502060)
【分类号】：F832.51

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