创业板上市公司首发“超募”动因分析与实证检验

Oversubscription in Second Board Listed Companies' IPOs

上市公司首发"超募"属中国证券市场特殊问题。"超募"可能导致公司财务行为异化,影响监管部门形势判断与市场监管。要合理解决首发"超募",探索其成因是解决问题的前提。作为一类特殊企业,创业板上市公司"超募"又有其特殊性。我们以2009年度创业板上市公司为研究样本,通过理论分析并经实证检验,得出"超募"主要是受成长能力等公司内部因素及配售对象数量等外部市场因素的影响。为规范"超募",建议采取改进新股发行制度,抑制机构投资者投机"询价";加大查处力度,防止上市公司对重要财务指标"粉饰";加强投资者教育,引导投资者树立正确价值评估取向;加强"超募"后续监管,适时建立预先评估制度等政策措施。

Oversubscription in Listed Companies＇ IPOs is an issue characteristic of China＇s stock market.It could distort the financial condition of listed companies and impact the judgment and regulatory efforts of relevant government agencies.To address the problem of oversubscription investigating into its cause is necessary.This paper uses the behavior of the Second Board in 2009 as samples.Our analysis reveals that interior factors（such as the company＇s growth capacity） and market factors（such as the number of sales targets） together motivates oversubscription.We recommend changing IPO rules,stronger oversight preventing companies＇ tampering with vital financial statistics,enhanced investor education and strengthened follow-up supervision of IPOs,as policy means to address the problem.