风险披露质量对IPO定价过程的影响研究

The Influence of Risk Disclosure Quality on IPO Pricing Process

我国正在逐步建立和完善注册制上市规则,如何提高IPO企业的信息披露质量以助该制度有效运行是亟待探寻的问题之一。本文以2010~2017年在中小板和创业板发行上市的公司为样本,手工收集招股说明书中的风险披露质量数据,基于IPO定价的具体阶段,研究风险披露质量对IPO过程中一级和二级市场参与者定价决策的影响。分析发现,公司风险披露清晰度越高,在询价阶段一级市场投资者的报价越低,上市首日二级市场投资者的交易价格也越低,意味着清晰的风险披露有利于投资者谨慎定价。机制分析发现,清晰的风险披露使一级和二级市场投资者更容易地识别公司代理成本,从而作出谨慎定价。异质性分析显示,高质量风险披露促使投资者谨慎定价的作用在承销商声誉较低和市场化进程较快的地区更显著。进一步研究发现,风险披露清晰度越高,公司上市后的财务绩效确实越差;但由于风险的提前释放,公司上市后的市场绩效更好。研究结果表明,高质量的风险披露既保护一级市场投资者的利益,也保护二级市场投资者的利益。本文揭示了风险披露质量与IPO定价过程之间的关系,为市场化定价阶段的新股信息披露要求提供参考。

China is promoting the registration-based IPO system.To help the system work effectively,improving IPO firms'information disclosure quality is one of the important measures.Using the companies listed on the SME board and the GEM board from 2010 to 2017 as the sample,we manually collect the risk disclosure data in the prospectus of IPO companies and study the impact of risk disclosure quality on investors’pricing decisions in the primary and secondary markets during the IPO process.We find that the higher the clarity of corporate risk disclosure,the lower the quotation of investors in the primary market during the inquiry stage,and the lower the trading price of investors in the secondary market on the first day of listing,indicating that clear risk disclosure is conducive to investors’prudent pricing.Mechanism analysis shows that clear risk disclosure makes it easier for investors to identify agency costs and make prudent pricing.Heterogeneity analysis shows that the efect of risk disclosure clarity on IPO pricing process mainly exists in regions with fast marketization process and IPOs recommended by underwriters with low reputation.Further investigation shows that the higher the clarity of risk disclosure,the worse the financial performance of the company after going public.However,due to the early release of risks,the company's market performance after listing is better.The results indicate that high-quality risk disclosure protects the interests of both primary market investors and secondary market investors.Our findings reveal the relationship between risk disclosure and IPO pricing process,and have important implications for the IPO information disclosure policies in the stage of market-oriented pricing.