创业板IPO发行定价合理吗? 被引量：20

Research on Rationality of IPO Issue Prices in China's Growth Enterprises

下载PDF

导出

摘要对主流IPO抑价理论中发行价低于内在价值的假定提出质疑,运用剩余收益估值模型、随机边界定价模型和回归模型,首次检验了我国创业板市场上市公司IPO发行定价合理性。结果表明,我国创业板IPO发行定价偏离内在价值,具有显著的下边界特征,存在价格泡沫。进一步检抑价原因,发现与国外IPO发行定价时的故意抑价不同,二级市场的投机行为是产生抑价的主要原因。 This paper challenges the assumption of IPO issue price below the intrinsic value in the mainstream IPO underpricing theory.We firstly make an empirical test on IPO issue price rationality in China growth enterprise market based on using the residual income valuation model,stochastic frontier model and regression model.The test results show IPO issue price in China growth enterprise market deviates from intrinsic value,having significant the lower frontier characteristics,existing price bubble.Furthermore,we make an empirical test on IPO underpricing causes.We find it is different from deliberate IPO underpricing in the foreign country,speculation behavior in secondary market is the main cause of IPO underpricing.

作者郭海星万迪昉

机构地区西安交通大学管理学院

出处《中国软科学》 CSSCI 北大核心 2011年第9期156-166,共11页 China Soft Science

关键词 IPO 发行定价抑价内在价值 IPO issue price underpricing intrinsic value

分类号 F270 [经济管理—企业管理]

引文网络
相关文献

参考文献33

1Ohlson, James A. Earnings, Book Values, and Dividends in Security Valuation [ J ] . Contemporary Accounting Research, 1995 ( 11 ) :661 - 687.
2Bernard, V. The Fehham - Ohlson Framework : Implications for Empiricists [ J ]. Contemporary Accounting Research, 1995 (11) :733 -747.
3Penman, Stephen H, Theodore Sougiannis. A Comparison of Dividend, Cash Flow, and Earnings Approaches to Equity Valu- ation [ J ]. Contemporary Accounting Research, 1998,15 (3) : 343 - 383.
4Francis J, P Olsson, D Oswald. Comparing the Accuracy and Explainability of Dividend, Free Cash Flow and Abnormal Earnings Equity Valuation Models [ J ]. Journal of Accounting Research ,2000,38 ( 1 ) :45 - 70.
5Frankel, Richard, and Charles M C Lee. Accounting Valua- tion,Market Expectation, and Cross - Sectional Stock Returns [ J ]. Journal of Accounting and Economics ,1998,25:283 -319.
6Charles M C Lee, James Myers, and Bhaskaran Swami- nathan. What Is the Intrinsic Value of the Dow? [ J ] . The Journal of Finance, 1999(5 ) : 1693 - 1741.
7Rock Kevin. Why New Issues Are Underpriced [ J ]. Journal of Financial Economics 1986,15 : 187 - 212.
8Ivo Welch. Seasoned Offerings, Imitation Costs and the Un- derpricing of Initial Public Offerings [ J ]. Journal of Finance, 1989,44:421 - 450.
9Ivo Welch. Sequential Sales, Learning, and Cascades [ J ]. Journal of Finance, 1992,47:695 - 732.
10Ronald J. Balvers, Bill Mcdonald and Roberte. Mill- er. Underpricing of New Issues and the Choice of Auditor as a Signal of Investment Banker Reputation [ J ] . The Accounting Review, 1988,63 : 605 - 622.