新股发行制度变迁与A股市场IPO抑价

Changes in The New Share Issuance Systemand A-share IPO Underpricing

文章以1993-2018年3204家A股非金融IPO公司为研究样本,考察新股发行制度变迁对IPO抑价程度的影响。实证结果表明,四次发行审核制度变迁对IPO抑价程度均有显著的降低作用,其中"保荐制"阶段下降幅度最大。从定价制度来看,放开市盈率阶段并没有显著降低IPO抑价程度,只有"询价制"切实缓解了IPO高抑价问题。从上市地点来看,"通道制"改革对深市上市公司IPO抑价程度的降低作用更加显著,其余三次制度变迁对沪深两市上市公司IPO抑价程度的降低作用均无显著差异。从新股实际首日收益率来看,前三次制度变迁显著降低了新股实际首日收益率,而"推进注册制"阶段使新股表现出更高的实际首日收益率。文章梳理新股发行制度改革历程,并基于大样本、长时间的实证研究提出有针对性的政策建议,对进一步推进新股发行注册制改革具有参考意义。

This paper takes 3204 A-share non-financial IPO companies as research samples from 1993-2018 to investigate the impact of changes in the new share issuance system on IPO underpricing.The empirical results show that the four changes in the new share issuance system have a significant effect on IPO underpricing degree,and the "sponsorship system" phase has the largest decline.From the perspective of pricing methods,the stage of releasing P/E ratio doesn’t significantly reduce the IPO underpricing degree,Only the "inquiry system" can effectively alleviate the IPO high underpricing.From the perspective of listing location,the reform of "channel system" can significantly reduce IPO underpricing of listed companies in Shenzhen, and the other three institutional changes have no significant effect on the reduction of IPO underpricing of listed companies in Shanghai and Shenzhen.From the perspective of the actual first-day return rate of new shares, the previous three institutional changes significantly reduce the actual first-day return rate of new shares, while the "promoting registration system" stage makes new shares show higher actual first-day return rate.This paper sorts out the reform process of the new share issuance.Based on large sample and long-term empirical research,this paper puts forward targeted policy recommendations,which has reference significance to further promote the reform of the new share issuance registration system.