机构热度、IPO超募和股价信息含量

Institutional Investor Hot,IPO Over- financing and Information Content of Stock Market

本文选取2009—2013年所有在创业板上市的公司为样本,从行为金融学的角度实证检验IPO超募的动因和后果。结果表明,机构投资者、券商等机构热度与IPO超募显著正相关。此外,本文创新性地发现超募资金越多,则会导致股价同步性越高,个股崩盘风险越大,进而股价信息含量越低。这表明,巨额超募资金并未及时给企业带来独特资源,有助于提高股价信息含量,反而很可能造成资金不合理使用,产生信息不对称,导致个股崩盘风险。本文的研究结论为监管机构开展IPO核查和加强募集资金监管提供了一定证据。

This paper studies the cause and consequence of over - financing in IPO from the perspective of the passion of institutional investors, using the data from 2009 to 2013. The results show that the passion of institutional investors and underwriter sig- nificant positive correlation with over - financing in IPO. Moreover, this paper finds that the firms with more over - financing in IPO have a higher synchronism of stock price and possibility of stock crash. It shows that over - financing doesn＇ t promptly bring special resources to firms and increase information content of stock price. On the contrary, it may lead to abuse funds and produce asymmetric information problems even cause the possibility of stock crash. Therefore, our conclusion provides some proof and suggestions for regulators to carry out the checking on IPO and strengthen the supervision on the raising money.