推荐类询价机构友情报价了吗?——基于新股询价制度第二阶段改革的研究

Do Recommended Institutions Offer Friendship Quote in the Price Inquiry Process?

新股询价制度第二阶段改革允许承销商自主推荐机构投资者参与询价,冀图通过引入推荐类询价机构,为新股正确定价,解决IPO"三高"问题。本文利用2010年10月新股询价制度第二阶段改革到2012年底询价机构在中小板、创业板的询价数据,实证研究推荐类询价机构在IPO询价配售中的行为。研究发现,推荐类机构作为承销商的"托",为承销商承销的IPO,特别是询价机构较少的低抑价IPO提供友情报价,导致新股高价发行。被承销商累计推荐次数越多,友情报价问题越严重;并且存在只参与某个承销商承销的IPO询价的"御用询价机构"。这与改革意图相违背。但券商声誉机制有助于克服友情报价问题。

The underwriters, as decided in the second-stage book-building reform, are allowed to recommend institutions in the inquiry. By introducing recommended institutions, it is aimed to price the newly issued stocks properly to address the issue of ＂three highs＂ for IPO. Based on the micro quote and purchase data of SMEs and GEMs board during the period from Oct 2010, the period of the second- stage inquiry reform, to the end of 2012, this paper studies the recommended institutions＇ behavior in the IPO inquiry. We find that the recommended institutions are more likely to offer ＂friendship quotes＂ for the IPOs underwritten by the underwriters who recommend them, especially for those of low-grade. This raises the issue price for the new stocks. We also find that the more times recommended by the underwriters, the more likely for the participants to offer ＂friendship quotes＂. What＇s worse, there are ＂imperial institutions＂ who will only make inquiries for a certain underwriter. Obviously, it goes against to the object of the reform. However, the reputation mechanism of underwriters is contributable to the elimination of friendship quote problems.