信息不对称对IPO抑价影响机理研究——基于信息披露视角

Research on the Influencing Mechanism of Information Asymmetry on IPO Underpricing:Based on the Perspective of Information Disclosure

我国新股发行规定,拟上市公司在上市前需要向公众发布有资质的承销商撰写的招股说明书。通过分析不同类型的信息披露对IPO抑价的影响因素:叙事前瞻性信息披露、金融前瞻性预测和预测(未来的财务信息)以及风险因素危害公司的竞争地位等,探寻信息不对称对IPO抑价影响机理,以期丰富IPO抑价理论的研究,对于我国完善新股发行体制具有一定的实践意义。

China's new share issuance regulations require listed companies to issue prospectus written by qualified underwriters to the public before listing. By analyzing the influencing factors of different types of information disclosure on IPO underpricing: narrative forward-looking information disclosure, financial forward-looking prediction and prediction (future financial information) and risk factors endangering the company's competitive position, this paper explores the mechanism of information asymmetry on IPO underpricing, in order to enrich the research of IPO underpricing theory. It is of practical significance for China to improve the new share issuance system.