IPO定价管制与新股短期市场表现

IPO Pricing Regulation and Short-term Market Performance of New Shares

本文选取沪深两市IPO作为研究样本考察IPO定价管制对新股上市后5、20、60、120和150个交易日短期市场表现的影响。实证研究结果表明,IPO定价管制显著影响新股短期市场表现,两者成正相关关系,即IPO定价管制程度越严重,新股短期市场表现越强势;而基于各个市场板块的实证研究结果发现,IPO定价管制对中小板新股短期市场表现的影响最大,其次是创业板,最后是主板。研究结果可以为我国沪深主板IPO定价机制的进一步完善以及沪深主板注册制的推进提供参考。

In this paper,IPO in Shanghai and Shenzhen were selected as the study sample to investigate the impact of IPO pricing regulation on the short-term market performance of new shares in 5,10,20,20,60,120 and 150 trading days after new shares listing.The empirical research results show that the IPO pricing regulation significantly affects the short-term market performance of the new shares,with a positive relationship;the empirical research results based on various market sectors also found that the IPO pricing regulation has the biggest impact on the short-term market performance of the SME board,followed by the GEM market and fi nally the main board market.The research results can provide reference for the further reform of the IPO pricing mechanism on the main board of Shanghai and Shenzhen in China and the implementation of the registration system.