大客户是资源还是风险——基于IPO定价场景的检验

Are Big Customers Resources or Risk——A Test Based on IPO Pricing

基于我国IPO定价和客户信息披露的制度背景及相关数据,探讨了大客户对IPO定价的作用。研究发现:客户集中度作为非财务信息具有价值相关性,整体来看,客户集中度与IPO定价显著正相关;大客户对IPO定价具有价值创造的资源效应,这一效应在创业板上市的IPO企业中更为显著。进一步的分析显示,承销商评级、产品市场竞争程度、宏观货币政策对客户集中度与IPO定价的关系具有调节作用,并且客户集中度高的IPO企业上市后的市场表现更好。

Based on the institutional background and related data of IPO pricing and customer information disclosure,the paper discussed the effect of big customers on IPO pricing.Research showed that,as non-financial information,customer concentration had value relevance.And overall speaking,there was a positive correlation between customer concentration and IPO pricing.Besides,big customers had a resource effect on IPO pricing to create value,which was more significant in the IPO enterprises listed on GEM.Further analysis showed that,underwriter rating,product market competition degree and macro monetary policy all had a moderating effect on above relationship.Furthermore,the enterprises with higher customer concentration had better market performance after listing.