A股市场定价效率对企业上市融资的影响研究

Research on Impact of Pricing Efficiency of A-share Market on Enterprise Listing Financing

本文分析中国资本市场定价效率对国内企业境内外上市融资的影响。研究发现:(1)A股市场定价效率的提高显著增加企业境内上市融资额比例及上市数量比例;(2)虽然创业板的开通整体上有利于企业境内上市融资,但显著降低市场定价效率对企业境内上市融资的促进效应,而科创板开通对这一促进效应的影响并不显著;(3)QFII持股显著增加市场定价效率对企业境内上市融资的促进效应,而沪深港通机制的影响并不显著;(4)A股市场定价效率通过影响市场估值水平,进而影响企业境内外上市融资。

This paper analyzes the impact of China’s capital market pricing efficiency on Chinese enterprises’domestic and overseas listing financing.The results show that:(1)the improvement of pricing efficiency in A-share market significantly increases the proportion of domestic listing financing amount and the proportion of domestic listing financing quantity;(2)although the opening of GEM is conducive to the domestic listing financing of Chinese enterprises as a whole,yet it significantly reduces the promotion effect of market pricing efficiency on the domestic listing financing of enterprises,while the opening of STAR market has no significant impact on the above promotion effect;(3)QFII shareholding significantly increases the promotion effect of market pricing efficiency on domestic listing financing,while the impact of Shanghai&Shenzhen-HK stock connect mechanism is not significant;(4)the pricing efficiency of A-share market affects the domestic and overseas listing financing of enterprises by affecting the market valuation level.