内地企业赴港上市IPO定价效率与破发影响因素研究

Research on the IPO Pricing Efficiency of Mainland Enterprises Listing in Hong Kong and the Influencing Factors of Falling Below the IPO Price

近年来,粤港澳大湾区逐步推进金融市场互联互通,港交所推出“三十年来最重大改革”政策,赴港上市的内地企业越来越多,并出现了较大规模的首日上市破发现象。对内地企业赴港上市IPO定价效率与破发影响因素展开研究。基于随机前沿分析理论,考虑企业基本面、发行特征以及市场与宏观环境等多方面因素,构建了IPO发行定价随机上边界模型和随机下边界模型,对境内企业在香港上市的IPO定价效率进行测量,并与港股市场整体IPO定价效率进行对比。针对中资股破发情况,采用随机边界模型进行了二级市场定价效率的研究,开展了破发程度影响因素分析。研究结果表明:发行价格偏高、二级市场状况低迷、企业规模偏小、资金周转率过低是导致破发的主要原因。研究为我国内地企业赴港上市、合理定价、控制融资风险等的决策提供了依据。

In recent years,Guangdong-Hong Kong-Macao Greater Bay Area has gradually promoted the interconnection of financial markets and Hong Kong Exchanges and Clearing Limited has launched the most significant reform in 30 years.More and more mainland enterprises have listed on Hong Kong stock market,but a large number of them fell below the IPO price on their first day of trading.This paper studies the IPO pricing efficiency and the influencing factors of falling below the IPO price of the mainland enterprises listing in Hong Kong.Based on stochastic frontier analysis theory,a stochastic upper boundary model and a stochastic lower boundary model on IPO pricing are constructed by considering the impact of corporate fundamentals,issuance characteristics,and market environment.The IPO pricing efficiency of the mainland enterprises is measured and compared with the overall IPO pricing efficiency of the Hong Kong stock market.The stochastic frontier model is used to study the pricing efficiency of the secondary market,and the influencing factors of the level of falling below the IPO price are explored.The empirical results show that high issuance prices,market downturns,small enterprise scale and low capital turnover are the main factors of falling below the IPO price.This study provides a basis for the decision-making,reasonable pricing,and financial risk controlling of mainland enterprises in Hong Kong.