信息披露质量、产权性质与IPO定价效率的关系研究

On the Relationship Between the Information Disclosure Quality,Property Right Nature and IPO Pricing Efficiency

以2015—2018年在我国深交所A股市场上市的270家企业为样本,检验了信息披露质量对IPO定价效率的影响,并且进一步研究产权性质在信息披露质量与IPO定价效率之间的调节作用。研究发现:信息披露质量越高的公司IPO抑价率越低,即IPO定价效率越高;产权性质在信息披露质量对IPO定价效率影响过程中起调节作用。研究结论可为IPO注册制顺利贯彻落实、加强监管信息披露提供参考依据。

A sample of 270 companies listed on the Shenzhen Stock Exchange A-share market from 2015 to 2018 was used to examine the impact of information disclosure quality on IPO pricing efficiency,and to further study the nature of property rights to adjust between information disclosure quality and IPO pricing efficiency effect.The study found that companies with higher information disclosure quality have lower IPO underpricing rates,which means higher IPO pricing efficiency;the nature of property rights plays a regulatory role in the process of information disclosure quality affecting IPO pricing efficiency.The research conclusion provides a reference basis for the smooth implementation of the IPO registration system and the strengthening of regulatory information disclosure.