定价机制、承销方式与发行成本:来自中国IPO市场的证据

Pricing Mechanism, Underwriting Contracts and Issue Costs; Evidence from China's IPO Market

本文中,我们基于不同的定价机制和承销方式对中国A股上市公司的直接成本(发行费用)和间接成本(抑价水平)进行了实证检验和理论分析。我们发现,2005年以后实行的询价制度明显地提高了发行上市公司的直接成本,即发行费用增加,但在间接成本方面,却显著地降低了IPO抑价水平,并且总的平均直接和间接成本也显著下降。与此前的定价制度比较,我们认为,虽然现行的询价制度增加了上市公司直接发行费用,但由于抑价水平更大程度的降低,使得上市公司总的发行成本下降,因此,从政策效果看,是有效的。另外,包销方式下的发行费用大于代销方式,但在抑价水平上,两种承销方式对IPO抑价的影响并无显著的区别。

This paper tests the direct and indirect issue costs of all IPOs in China＇s A-share Stock Markets based on different pricing mechanisms and underwriting contracts. We find, in the new book-building period from 2005, the direct issue costs of IPO increase significantly, but under pricing decrease greatly, and the total average direct and indirect issue costs decrease. And the direct issue costs under best-efforts contract is larger than the ones under firm-commitment contract. According to under pricing, there is no difference between above two contracts.