重大风险提示可以降低IPO抑价吗?——基于文本分析法的经验证据

Can Primary Risk Disclosure Mitigate IPO Underpricing?Evidence from Text Analysis

文章借鉴Hanley和Hoberg(2010)的文本分析法,将重大风险提示信息分为标准风险提示信息与特有风险提示信息,并利用沪深两市733家企业的IPO数据,从IPO抑价的角度实证分析了两类风险提示信息的影响。标准风险提示信息是指后发行企业与已发行企业的风险提示信息中重复或类似的内容,而两者不同的内容则为特有风险提示信息。研究发现,标准风险提示信息对IPO抑价没有影响,特有风险提示信息可以降低IPO抑价,但这种影响仅存在于主板上市公司,而不存在于中小板与创业板公司。因此,在招股说明书的开始部分提示重大风险的披露政策并不是完全无用,只是在中小板与创业板的作用效果尚不理想,亟须改进。

Using text analysis suggested by Hanley and Horberg in 2010,this paper first divides primary risk-disclosure information into standard risk-disclosure information and special risk-disclosure information,and then empirically investigates their effects on initial public offerings(IPO)underpricing based on the data of 733listed companies in China. Standard risk-disclosure information refers to duplicate or similar content of risk-disclosure information between previous and later prospectuses,and special risk-disclosure information different content between previous and later prospectuses.It comes to the results as follows: standard risk-disclosure information has no effect on IPO underpricing,while special riskdisclosure information can mitigate IPO underpricing,which only exists in main board listed companies but not in small board and GEM companies.Therefore,the disclosure policy of primary risk in the beginning of the prospectuses is not completely useless,and only plays an unsatisfactory role in small board and GEM,leaving space for improvement.