摘要
基于双边随机前沿模型的新视角研究IPO的行业效应。构建了双边随机前沿模型对IPO行业效应即竞争效应和关注效应进行定量分解,实证结果表明我国A股市场IPO竞争效应略强于IPO关注效应。从横向和纵向的角度对比了不同行业和不同时期IPO行业效应的分布规律,发现在我国房地产行业、金融行业和商业中IPO关注效应占主导地位,公用事业、工业和综合(农林牧渔)行业中IPO竞争效应占主导地位,并且随着时间的累积,我国A股市场IPO关注效应逐渐增强,IPO竞争效应逐渐减弱。同时,利用行业效应分解结果探究了IPO行业效应的影响因素,实证结果表明IPO竞争效应与上市企业所处行业的竞争强度正相关,IPO关注效应与IPO事件所受关注程度正相关。
This paper studies the industry effect of IPO from a new perspective based on two-tier stochastic frontier model. In this paper,a two-tier stochastic frontier model is constructed to quantitatively decompose the competition effect and attention effect of IPO industry effect,and the empirical results show that IPO competition effect is slightly stronger than IPO attention effect in the A-share market. This paper compares the distribution of IPO industry effects in different industries and different periods from the horizontal and vertical angles,finding that the attention effect dominates in China＇s real estate industry,financial industry and business; competitive effect dominates in public utility,industry and comprehensive industry,and with the accumulation of time,the IPO attention effect of the A-share market in China has gradually increased,and the competitive effect of IPO has gradually weakened. Finally,we use the decomposition results of industry effect to explore the influence factors of the IPO industry effect,the empirical results show that the IPO competition effect is positively related to the competitive intensity of the industry,and the IPO attention effect is positively related to the attention degree of IPO events. This study is helpful to understand the distributing disciplinarian of IPO industry effect.
作者
胡志强
汪可芯
HU Zhi-qiang;WANG Ke-xin(School of Economics and Management,Wuhan University,Hubei 430072,China)
出处
《经济问题》
CSSCI
北大核心
2018年第9期56-62,共7页
On Economic Problems
基金
国家自然科学基金面上项目"多主体交互作用下基于随机微分博弈的IPO决策机理研究"(71471142)
关键词
行业效应
竞争效应
关注效应
industry effect
competition effect
attention effect
