民营企业金字塔控股结构对IPO抑价的影响——两种理论的检验

The Influence of Private Enterprises' Pyramid Sharing Structure to IPO Under-pricing——Test of Two Theories

根据信息不对称理论和委托代理理论,企业的信息披露和公司的代理成本,都会在公司IPO抑价中得到反映。本文以1999年至2004年IPO的84家金字塔控股结构的民营企业为研究样本,研究金字塔型控股结构对民营企业IPO抑价的影响。本文发现,金字塔广度和金字塔层级会影响到IPO抑价的程度,信息不对称理论和委托代理理论在金字塔民营企业IPO的过程中发挥了相辅相成的作用。

According to information asymmetry theory and agency theory, information disclosure and agency cost will show themselves in the IPO under- pricing. On the basis of the sample composing of 84 private pyramidal structure IPO companies, the research on the influence from pyramid characteristics to IPO under- pricing finds that those two theories have mixed effect on IPO under- pricing.