摘要
信息的不确定性会影响资产的价格水平,招股说明书中的文本信息对于IPO抑价率的影响取决于其净语调水平。以2008~2017年的中国A股上市公司为样本,本文使用文本分析方法分析了招股说明书的语调信息对IPO抑价的影响。研究发现,负面语调会加剧IPO的抑价程度,但是没有发现正面语调对IPO抑价的显著影响。我国资本市场上市公司招股说明书净语调的平均水平为负,并且净语调的增加会引致IPO抑价幅度的减小。同时,我们并没有发现创业板上市公司招股说明书的语调信息影响其IPO抑价的可靠证据。我国资本市场IPO过程中的信息披露有待进一步的规范与完善。
Information uncertainty can influence the asset pricing in financial market.Text information in prospectus is one of important sources of uncertainty and weather it has an impact on IPO underpricing in China stock market is unknown.Using a sample of IPO companies between the years of 2008-2017,the language tones in prospectus,which plays an important role in content analysis,are analysed and the negative tones,positive tones and net tones variables are structured and based on textual analysis.It is found that the negative tone of information in prospectus can increase IPO underpricing,while we do not find sufficient evidence to support that positive tones can decrease IPO underpricing.An interesting discovery is that the net tone which is negative in normal level can decrease IPO underpricing.Meanwhile,a further analysis shows that the information of companies in GEM can not influence IPO underpricing. The information disclosure in the IPO process of China’s capital market needs to be further standardized and improved.
作者
呼建光
曹培松
唐瀚
Hu Jianguang;Cao Peisong;Tang Han
出处
《数量经济研究》
2020年第3期147-163,共17页
The Journal of Quantitative Economics
基金
国家自然科学基金青年项目“企业债务违约的生成机理”(71903065)
国家统计局项目“基于网络大数据的宏观经济混频分析与预测”(2017LD01)的联合资助。
关键词
信息披露
IPO抑价
文本分析
语调分析
Information Disclosure
IPO Underpricing
Textual Analysis
Tone Analysis
