IPO抑价和市场化程度——基于中国东西部上市公司的比较研究

IPO Underpricing and the Degree of Marketization——A Comparative Study Based on the Listed Companies in the East and West of China

中国东部和西部地区的市场化程度存在显著差异,这为研究市场化程度对IPO抑价率的影响提供了难得的天然环境。笔者以1998年～2007年间来自于东部和西部地区的580个IPO为研究样本,实证分析了市场化程度在IPO抑价率形成过程中的作用,得出研究结论:市场化程度对IPO抑价率产生了负向的显著影响,该研究结论具有稳健性。依据该结论提出了相应的对策建议。

There is distinct difference in the marketization degree of China＇ s eastern and western regions, and the difference provides a unique natural environment for studying the impact of marketization degree on IPO underpricing rate. Based on the 580 initial public offerings from China＇ s eastern and western regions from 1998 to 2007 as the research sample, the authors made an empirical analysis of the role of marketization degree in the formation process of IPO underpricing rate and drew the conclusions that marketization degree has obvious negative effect on IPO underpricing rate. The conclusion is stable. Based on the conclusion, corresponding countermeasures and suggestions are proposed.