注册制下基金公司IPO合谋报价行为及影响因素

IPO Collusive Quotation Behavior and Influencing Factors of Fund Companies under the Registration System

本文利用2019~2021年注册制下科创板和创业板的IPO网下询价数据,通过构建基金家族层面的重仓持股网络,考察了基金公司的网络中心度对其在IPO网下询价过程中报价决策和报价行为的影响。实证发现,网络中心度越高的基金公司,其在报价过程中提交众数报价的概率越高,提交的报价与众数报价的差距越小,从而获得配售份额的概率就越高。在此基础之上进一步考察了网络中心度对基金公司报价的影响机制,分析得出:IPO的利益动机、询价竞争程度、QFII的参与程度减弱了基金公司网络中心度对众数报价的影响。在异质性检验中,IPO公司为民营企业、募资规模更高、采用战略配售首发发行方式时基金公司网络中心度对众数报价倾向的影响显著。

Using the IPO offline bookbuilding data of Sci-Tech Innovation Board(STAR)and GEM under the 2019~2021 registration system,this paper examines the impact of the network centrality of fund firms on their quoting decisions and quoting behaviors during the IPO offline bookbuilding process by constructing a fund family-level network of long position holdings.It is empirically found that fund companies with higher network centrality have a higher probability of submitting a plurality offer during the quotation process,and a smaller gap between the submitted offer and the plurality offer,thus a higher probability of obtaining the allotment share.On this basis,the mechanism of network centrality on fund companies,quotes is further examined,and the analysis concludes that the profit motive of IPO,the degree of competition in bookbuilding,and the degree of QFII,s participation attenuate the impact of fund companies,network centrality on the plurality quotes.In the heterogeneity test,the effect of network centrality of fund companies on the tendency of plurality quotes is significant when the IPO company is a private company,the fund-raising scale is higher,and the strategic placement initial offering method is adopted.