董秘财务背景与IPO定价:基于信息沟通的视角

Board Secretary’s Financial Background and IPO Pricing:Based on the Perspective of Information Communication

IPO公司海量信息短时间涌入资本市场,加剧了信息不对称程度,导致IPO折价现象普遍存在。董秘作为IPO公司信息的发布者,在传递公司信息、缓解公司与市场之间信息不对称方面扮演着重要角色。本文选择我国创业板上市公司2009~2019年数据,考察财务背景董秘对IPO折价的影响。研究结果表明:财务背景的董秘显著降低了公司IPO折价率,且在财务背景董秘为女性、没有内部兼职以及未短期内离职情况下这种关系更显著。进一步检验发现,财务背景董秘通过提高分析师关注度来降低IPO折价率,而财务工作背景的董秘对IPO折价率的影响更显著。本文的研究结论对完善董秘选聘制度以实现资本市场配置效率具有一定意义。

The massive inform ation of IPO companies rush into the capital market in a short time,which aggravates the degree of information asymmetry and leads to the widespread phenomenon of IPO underpricing.As a releaser of IPO company information,board secretary plays an im portant role in transm itting information and alleviating information asymmetry between company and market.This paper investigates the impact of financial background of board secretary on IPO underpricing in China’s GEM from 2009 to 2019.The results show that the board secretaries with financial background significantly reduce the IPO underpricing rate,especially when the board secretaries with financial background are female,don’t hold other positions and don’t leave the company for a short time.Further test finds financial background board secretaries reduce IPO underpricing rate by increasing analysts’attention,while financial working background board secretaries have more significant effect on IPO underpricing rate.The conclusion is significant to improve the selection and appointment system of board secretaries to realize the efficiency of capital market allocation.