摘要
在市场化定价方式下,IPO定价调整是一个普遍现象。在理论分析的基础上,以2010年11月1日至2012年4月27日期间采用市场化定价的348家IPO公司为样本,本文考察了IPO定价调整对参与者福利的影响。研究发现,IPO定价绝大多数具有上调倾向,由此而产生的福利效应如下:发行人获得了更高的融资收入;承销商收取了更多的承销佣金;获得配售的机构投资者、战略投资者和中签者虽然收益相对减少,但依然可以获得较高的福利增加;散户是炒新的主体,并遭受了福利损失,但该损失并非源于IPO定价调整。
Under market-oriented pricing mode,the adjustment of IPO pricing is a common phenomenon.Based on theoretical analysis and the samples of 348 IPO companies with market-oriented pricing from November 1,2010 to April 27,2012,this paper examines the impact of IPO pricing adjustment on participant welfare.It is found that the majority of IPO pricing tends to increase,and the welfare effects are as follows.Issuers earn higher financing revenue.Underwriters charge more commissions.Although the earnings are relatively reduced,institutional investors,strategic investors and successful applicants can still get higher welfare increase.Retail investors are the main body of speculation and suffer welfare losses,but the loss is not due to the adjustment of IPO pricing.
作者
黄顺武
王春明
HUANG Shun-wu;WANG Chun-ming(School of Economics,Hefei University of Technology,Hefei,Anhui 230601,China)
出处
《贵州财经大学学报》
CSSCI
北大核心
2020年第6期38-46,共9页
Journal of Guizhou University of Finance and Economics
基金
国家社会科学基金一般项目“机构投资者报价与创业板新股审慎定价研究”(14BJY181)。
关键词
IPO
投资者
定价调整
福利效应
IPO
investor
IPO pricing adjustment
welfare effect
