私募股权声誉对我国TMT行业IPO抑价的影响

Impact of Private Equity Reputation on IPO Underpricing of TMT Industry in China

私募投资机构的“声誉效应”和“认定效应”会对TMT企业的IPO抑价产生双重影响。为此,选用2009年10月至2017年12月三大板块上市的450家TMT公司IPO数据,利用主成分分析法对私募股权声誉的衡量指标重新界定,确定综合排名后利用随机前沿模型(SFA)及多元横截面回归分析模型(STV)分别从一级市场首发定价和二级市场IPO抑价两个层面研究声誉对TMT行业新股IPO抑价的影响。结果表明,一级市场首发定价高估受主承销商声誉影响,而二级市场高IPO抑价现象与私募股权的“认定效应”无关,“逐名效应”和“逆向选择效应”只对中小板与创业板有影响。因此,建议从提高IPO信息披露要求、构建私募股权机构的声誉评价体系、强化私募股权投资前的内部风险控制审核、规范外部股东的退市机制、延伸TMT行业品牌价值链、推动发行注册制和疏通新股供应渠道等方面应对TMT行业的高IPO抑价现象。

The “reputation effect” and “identification effect” of private equity investment institutions will have a dual impact on the IPO underpricing of TMT enterprises. For this reason, this paper uses the IPO data of 450 TMT companies listed in three major sectors from October 2009 to December 2017 to redefine the measurement index of private equity reputation by principal component analysis. After determining the comprehensive ranking, this paper uses stochastic frontier model (SFA) and multivariate cross-sectional regression analysis model(STV) to study initial pricing in primary market and IPO underpricing in secondary market respectively in order to study the impact of reputation on IPO underpricing of new shares in TMT industry. The results show that the overvaluation of initial pricing in primary market is affected by the reputation of the principal underwriter, while the underpricing phenomenon in secondary market is not related to the“identification effect” of private equity, while the “name-by-name effect” and “adverse selection effect” only affect the SME and GEM. Then, this paper suggests that we should deal with the phenomenon of high IPO underpricing in TMT industry from the aspects of improving the disclosure requirements of IPO information, building the reputation evaluation system of private equity institutions, strengthening the internal risk control audit before private equity investment, standardizing the delisting mechanism of external shareholders, extending the brand value chain of TMT industry, promoting the registration system of issuance and dredging the supply channels of new shares.