基于事件研究法的我国询价制度实施效果研究

Empirical Study on the Performance of Book-building regime in China

新股发行询价制度实施近两年来,其效果如何是一个值得研究的话题。本文在相关文献综述的基础上,对我国的新股发行定价配售制度的变迁和询价制度的本质进行了剖析,然后利用事件研究法以近两年的数据为样本进行了实证研究,结果表明:询价制度并没有降低我国的IPO折价率,相反还有所增加。本文就此做了相关解释,并对询价制度的修补机制提出了一些政策建议。

It is valuable to study the effect of book - building. This paper, based on the review of literatures related to IPO under - pricing and book - building, analyzes our IPO pricing and allocation system evolution and the nature of our book-building, and then makes an empirical analysis using event study method. The results show that it does not reduce our IPO under - pricing rate and on the contrary, it increases a httle. The authors make some explanations on it and offer some measures of how to mend our book-building.