我国IPO定价合理性的实证分析

An Empirical Study on the Rationality of IPO Pricing

通过IPO抑价程度以及把抑价程度与成熟市场进行比较来判断IPO价格合理性,这种方法并不适用于我国股票市场。为此,文章利用价值变量提取的主成分因子分析了我国股票IPO定价的合理性,并通过对各阶段的实证分析检验了发行定价制度改革的效果。研究表明,总体而言我国股票IPO发行价格较市场价格更能反映公司内在价值,造成IPO抑价程度过高的主要原因是二级市场价格虚高;市场化定价试行阶段之所以没有得到理想的效果,可能是与市场化选择的时机有关,而不在于市场化定价制度本身。

Domestic and foreign researchers usually use the degree of IPO under-pricing and the comparison with mature market to measure the rationality of IPO pricing. In fact, this method doesn＇t quite suit to the Chinese stock market. In this paper, we analyze the rationality of IPO pricing through the explaining ability of the main components of value variables to prices. Additionally, empirical analysis in each phrase is conducted to test the performance of pricing system reform. The results show that the IPO price in Chinese A-share market generally reflects more corporate intrinsic value than the secondary market price, the main reason of the high degree of IPO under-pricing lies in the over high secondary market price, and the imperfect performance of the market pricing system reform relates more to the timing chosen than to the system itself.