摘要
针对注册制下新股发行中机构投资者“抱团压价”现象,监管机构通过加强网下询价监管,以规范询价机构的报价行为。文章以2019—2022年487家科创板上市公司为研究对象,考察询价监管新规前后承销商分析师对机构投资者报价行为的影响。实证结果发现,询价监管新规后承销商分析师对机构投资者报价的影响力显著下降。横截面结果显示,当承销商声誉较低、上市公司信息环境更差时,承销商分析师对机构投资者报价的影响力在询价监管新规后下降更多。进一步研究发现,询价监管新规发布后,承销商分析师预测价格更加乐观,机构投资者报价的离散程度更大。文章拓展了分析师对机构投资者影响的文献,为进一步完善注册制下新股发行定价机制提供了重要的政策启示。
Since the official opening of the STAR Market in July 2019,it has been the first to adopt a registration system and has received great market attention.Under the registration system,the issuance price of new stocks is no longer subject to regulatory guidance,but is determined by investors' offline inquiries.However,due to the implementation of a high price exclusion system during the IPO bidding stage of the STAR Market,institutional investors participating in the IPO bidding have a strong motivation to collude by negotiating low prices,resulting in the interests of the issuer being damaged.In order to alleviate the phenomenon of“group bargaining” between analysts and primary market bidding institutions,the China Securities Association,in conjunction with Shanghai Stock Exchange and Shenzhen Stock Exchange,issued a notice on “Comprehensive Self-inspection of Compliance with Bidding by Offline Investors”on September 24,2020.This paper takes 487 listed companies on the STAR Market from 2019to 2022 as the research object,and examines the impact of underwriter analysts on institutional investors' pricing behavior before and after the new regulations on bidding supervision.The empirical results show that the impact of underwriter analysts on institutional investors' bids significantly decreases after the new regulations on bidding supervision.The cross-sectional results show that when the reputation of underwriter analysts is lower and the information environment of listed companies is worse,the impact of underwriter analysts on institutional investors' bids decreases more after the new regulations on bidding supervision.Further research finds that after the new regulations on bidding supervision,underwriter analysts predict prices to be more optimistic and institutional investors' bids to have a greater degree of dispersion.This paper not only enriches the literature on the impact mechanism of analysts on capital market pricing,but also provides new research perspectives and empirical evidence for the factors
作者
何开刚
秦玉龙
杨庆
He Kaigang;Qin Yulong;Yang Qing(School of Accountancy,Shanghai University of International Business and Economics,Shanghai 201620,China;Economics School,Jilin University,Jilin Changchun 130012,China;School of Accountancy,Zhejiang University of Finance and Economics,Zhejiang Hangzhou 310018,China)
出处
《上海财经大学学报（哲学社会科学版）》
CSSCI
北大核心
2023年第5期3-15,152,共14页
Journal of Shanghai University of Finance and Economics
基金
国家自然科学基金青年项目“我国公募基金地区投资偏好行为的动因和经济后果问题研究”(71802128)和“风险投资机构集聚对企业创新的作用机制及经济后果研究”(71802178)
上海晨光计划项目“区域产业政策与社会资本流动:影响机制与经济后果”(22CGA76)。
关键词
承销商分析师
询价监管
机构投资者报价
科创板
underwriter analysts
bidding supervision
institutional investors'bids
STAR market
