摘要
以沪深两市1136家A股上市公司为研究样本,以实行询价制以来其市场化进程的几次重大改革事件为研究时间节点,分析了制度变迁对IPO定价效率的影响。研究发现,询价制市场化是IPO破发的重要原因之一,而且伴随着其市场化程度的提高,IPO破发越来越普遍,日益成为中国资本市场的正常现象,而IPO破发程度并没有随之显著提高。这体现了市场这双"看不见的手"和"赢者诅咒"机制在发挥着作用,让新股市场价格逐渐回归到内在价值水平并围绕其上下波动。
This paper selects 1136 listed companies in Shanghai and Shenzhen Ashare markets as samples,sets study time nodes according to major events of book building market reform,and analyzes the impact of institutional changes on pricing efficiency. The study finds that book building market reform is one of the important reasons for IPO overpricing. With the increase of marketization,IPO overpricing probability is becoming higher and IPO overpricing has become a universal phenomenon in China＇s capital market,but the degree of IPO overpricing does not significantly increase. This reflects that the ＂invisible hands＂for market and the mechanism of ＂winner＇s curse＂play very important roles in making new stock market prices return to the intrinsic value and fluctuate around it.
作者
谢汉昌
XIE Han-chang(Department of Accounting, Fujian Business University, Fuzhou 350012, China)
出处
《福建商学院学报》
2017年第5期10-20,共11页
Journal of Fujian Business University
基金
福建省中青年教师教育科研项目"商业银行在综合经营下的内部控制研究"(JAS14416)
福建省中青年教师教育科研项目"金融集团的综合经营
营销协同与营销绩效研究"(JAS160663)
关键词
询价制
市场化改革
定价效率
IPO破发
book building
market relotto
pricing efficiency
IPO overpricing
