信息不对称与IPO筹资成本——来自中国一级市场的经验数据被引量：41

Information Asymmetry and the Costs of IPO—Data from Chinese Market

导出

摘要投资者与 IPO 公司之间的信息不对称影响公司的 IPO 筹资成本。本文利用中国2001年3月15日至2003年12月31日新发行 A 股并上市的175家公司为研究样本,证明了在中国证券市场上投资者与 IPO 公司之间的信息不对称程度分别与公司 IPO 筹资直接成本、间接成本及总成本间存在显著正相关关系,研究结果表明,公司 IPO 前越不透明,越将承担更高的筹资成本。IPO 前提高公司透明度,增加主动披露,有利于降低公司的 IPO 筹资成本。 Information asymmetry between IPO firms and investors influences greatly on the costs of gong public for firms. By employing a sample of 175 firms which issued A share and went to market between Mar.15th 2001 and Dec.31st 2003,we demonstrate the significant positive relation between the degree of information asymmetry and the direct,indirect and total IPO flotation cost respectively in China security market.It indicates firms having lower transparency before IPO pay more to go public. It is favorable for firms to increase voluntary disclosure and improve transparency before IPO to decrease the costs of going public.

作者王华张程睿

机构地区暨南大学管理学院

出处《经济管理》 CSSCI 北大核心 2005年第6期13-20,共8页 Business and Management Journal ( BMJ )

关键词信息不对称不确定性 IPO筹资成本 information asymmetry uncertainty costs of going public

分类号 F23 [经济管理—会计学]

引文网络
相关文献

参考文献15

1Ang, J. S. and Brau, J. C., 2002, Firm Transparency and the Costs of Going Public, The Journal of Financial Research, Spring.
2Beatty, R. P.and Ritter, J. R., 1986, Investment Banking, Reputation, and the Underpricing of Initial Public Offering, Journal of Financial Economics, Vol. 15 .
3Catherine Schrand and Robert E. Verrecchia, 2002, Disclosure Choice and Cost of Capital: Evidence from Underpricing in Initial Public Offerings,Working paper, University of Pennsylvania.
4Dongwei Su,2004, Adverse-Selection Versus Signaling: Evidence from the Pricing of Chinese IPOs, Journal of Economics and Business, Vol. 56.
5Eugene C.M. Cheng, etc., 2005,The Impact of Increased Voluntary Disclosure on Market Information Asymmetry,Informed and Uninformed Trading, Asia-Pacific Journal of Accounting & Economics Symposium.
6Grinblatt, M. and Hwang, C.Y., 1989, Signaling and the Pricing of New Issues , The Journal of Finance,Vol.44.
7Ivo Welch and Jay Ritter, 2002, A Review of IPO Activity, Pricing and Allocations, Yale ICF Working Paper.
8Leuz, C. and Verrecchia, R.E. ,2000,The Economic Consequences of Increased Disclosure, Journal of Accounting Research, 38.
9Lobo, G.J. and Mahmoud, A.A.W., 1989, Relationship between Differential Amounts of Prior Information and Security Return Variability,Journal of Accounting Research, vol. 27.
10Ritter, Jay R., 1987, The Costs of Going Public, Journal of Financial Economics, Vol. 19.

二级参考文献43

1刘力,李文德.中国股市股票首次公开发行首日超额收益研究[J].中国会计与财务研究,2000,2(4):1-53. 被引量：35
2[美]L·亨金著信春鹰等译.权利的时代[M].北京：知识出版社,1995..
3[美]阿尔伯特·O·赫希曼著卢昌崇译.退出、呼吁与忠诚—对企业、组织和国家衰退的回应[M].北京：经济科学出版社,2001..
4[美]埃尔斯特等编潘勤等译.宪政与民主—理性与社会变迁研究[M].北京：三联书店,1997..
5Daniel J. Elazar. Federalism: An Overview. Pretoria : HSRC Publishers, 1995.
6Daniel J. Elazar. ed Federalism and Political Integration. Lanham: University Press of America, 1984.
7George Lihui Tian,Financial Regulations,Investment Risks ,and Determinants of Chinese IPO Underpricing,Peking University Management School and London Business School Working Paper,2003.
8Jay R. Ritter, Ivo Welch. August 2002. A Review of IPO Activity, Pricing,and Allocations. Journal of Fanance 57 : 4,1795- 1828.
9Jing Chi and Carol Padgett,Short-Run Under-pricing and its Characteristics in Chinese IPO Markets. 2002,ISMA Centre Discussion Papers in Finance.
10Richard H. Pettway ,Takashi Kaneko ,The effects of removing price limits and introducing auctions upon short-term IPO returns :The case of Japanese IPOs ,Pacific-Basin Finance Journal, 4 (1996), 241- 258.