供给侧改革背景下IPO抑价率的度量与解读

Measurement and Interpretation of IPO Underpricing Rate under the Background of Supply Side Reform

通过梳理中国询价机制实施以来的新股发行市场化改革重要事件,将中国新股发行市场化改革分为三个阶段。在第三阶段,证监会加快了新股发行的节奏,证交所限定了新股上市首日的涨跌幅,以首日涨跌幅为基础计算IPO抑价率的指标就无法体现该阶段个股间IPO抑价水平的差异。基于此提出了供给侧改革背景下IPO抑价率计算的新方法,同时从政策信号效应、投资者预期、改革时机选择等角度对该阶段IPO抑价新特征进行了解读,提出了中国新股发行市场化应坚持减少行政干预、加强顶层设计、加强信息披露监管、加强投资者教育的改革思路。

This paper sorts out the important events of the market-oriented reform of China’s IPO market since the implementation of the inquiry mechanism, and divides the market-oriented reform of China’s IPO market into three stages. In the third stage, the CSRC accelerated the pace of new share issuance. The stock exchange limited the ups and downs of the ROC on the first day of IPO. The IPO underpricing rate based on the first day’s rise and fall is not indicative the difference in IPO underpricing levels of the inter-stocks. Based on the above, a new method for calculating the IPO underpricing rate under the background of supply-side reform is proposed. At the same time, the new characteristics of IPO underpricing are interpreted from the perspectives of policy signal effects, investor expectations, and timing of reform. The marketization of issuance should adhere to the reform ideas of reducing administrative intervention, strengthening top-level design, strengthening information disclosure supervision, and strengthening investor education.