IPO定价制度市场化改革:基于询价对象范围、配售比、锁定期的视角

发布时间：2018-07-22 16:55

【摘要】：构建需求理论模型分析询价对象范围、网下配售比例及锁定期变化对IPO抑价的影响,并采用国际IPO数据针对理论结果进行实证检验。理论分析表明,随询价对象范围的增加并超出某一临界值后,抑价率呈现先下降后上升的趋势,而之前并无显著影响;随网下配售比例的增加,抑价率呈现先下降后上升的趋势,在达到某一临界值后影响消失;当参与询价的乐观者网下申购数量超过网下配售数量时,减少锁定期不影响抑价率,但低于该数量时,减少锁定期会导致抑价率下降;当参与询价的乐观者比例与网下配售比例一致时,抑价率最低。随后的实证分析结果与理论分析一致。最后,提出取消网下配售比例等建议,以推进IPO定价制度市场化改革。
[Abstract]:This paper constructs a demand theory model to analyze the scope of inquiry object, the influence of off-net placing ratio and the change of locking time on the IPO underpricing, and uses the international IPO data to test the theoretical results. Theoretical analysis shows that with the increase of the range of inquiry objects and beyond a certain critical value, the underpricing rate decreases first, then increases, but has no significant effect before, and increases with the increase of the proportion of placing under the net. The underpricing rate decreased first and then increased, and the influence disappeared after reaching a certain critical value. When the number of bookings by optimists who participated in the inquiry exceeded the quantity of offline placing, the reduction of locking period did not affect the underpricing rate, but below that amount, Reducing the locking period leads to the decrease of underpricing rate, and the lowest underpricing rate is when the proportion of optimists who participate in inquiry is the same as the proportion of undersea placing. The results of empirical analysis are consistent with the theoretical analysis. Finally, some suggestions are put forward to promote the marketization of IPO pricing system.
【作者单位】：华东理工大学商学院;安徽建筑大学管理学院;
【基金】：国家自然科学基金资助项目(71371073) 上海市浦江人才计划资助项目(13PJC025) 安徽省高校人文社会科学研究重大项目(SK2016SD17)
【分类号】：F832.51

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