摘要
本文在假定投资者情绪不变的基础上,构建投资者信息结构异化下的IPO定价、抑价模型,分别研究了投资者没有私人信息、部分投资者有私人信息以及投资者都拥有私人信息三种状况对IPO抑价的影响,并进行比较分析,研究结果表明:不论投资者是否拥有私人信息,都会导致IPO抑价,IPO抑价程度随投资者私人信息结构改变而改变;进一步研究表明,机构投资者数量与IPO抑价负相关。此外,无论机构投资者是否拥有私人信息,IPO抑价与投资者的风险规避系数、新股配售比例和发行规模正相关。
Assume that base on investors’ emotion remain the same,this paper constructs the IPO pricing and underpricing under investors’ information structure of alienation,and make comparative analysis. Regardless of whether investors have private information,it will lead to IPO underpricing and IPO underpricing degree changes with the investor’s private information structure changes. At the same time,further research shows that the number of institutional investors is negatively correlated with the IPO underpricing. In addition,regardless of whether the institutional investor has private information, IPO underpricing is also positive correlation between risk aversion coefficient, new share placement ratio and issue size.
作者
张小成
邓杨
于世海
Zhang Xiaocheng,Deng Yang,Yu Shihai(Business School of Guilin University of Technology,GuangxiGuilin 54100)
出处
《金融发展研究》
北大核心
2018年第5期11-19,共9页
Journal Of Financial Development Research
基金
国家自然科学基金"投资者观测性异质对IPO抑价影响机理研究"(71361005)
关键词
投资者信息结构
IPO抑价
信息不对称
investors information structure
IPO underpricing
information asymmetry