机构投资者能识别业绩变脸的IPO公司吗?

Can Institutional Investors Identify the IPO Firms Whose Earnings Deteriorate after Listing?

以机构投资者网下认购新股的超额认购倍数衡量机构投资者对IPO新股的需求,研究了机构投资者是否能识别业绩变脸IPO公司的问题。研究发现机构投资者能事前识别上市后业绩变脸的公司,对于上市后营业利润大幅下降的公司,机构投资者网下申购的数量较少,超额认购倍数较小。这表明机构投资者能区分IPO公司质量,激励机构投资者在IPO询价阶段真实报价能达到提高新股定价效率的目的。

This paper investigates whether the institutional investors can distinguish the firms whose earnings will deteriorate when they going public. Using the oversubscription as the proxy for the demand of the institutional investors, it is found that the institutional investors apply to purchase less stocks of the firms whoses earnings decrease significantly after listing. It shows that the institutional investors can judge the quality of the IPO firms, and the regulators should inspire the institutional investors to bid truthfully in order to increase the IPO pricing efficiency.