“专精特新”企业IPO定价影响因素研究

Research on the Factors Influencing IPO Pricing of"Specialized,Refined and New"Enterprises

我国证券市场存在普遍的新股抑价现象,“专精特新”作为实体经济的重要基石,其抑价程度更为明显。确定合理的IPO价格可以很大程度上帮助企业规避发行后抑价现象带来的损失。基于选取我国A股至2022年10月1日已上市的673家“专精特新”企业研究发现:“专精特新”企业IPO发行数量、发行费用,创新能力、经济效益和经营管理水平对IPO定价具有显著促进作用;而专业化及成长能力对于“专精特新”企业IPO定价并未表现出显著促进影响。基于实证结果对我国“专精特新”企业IPO定价提出相关建议。

There is a common phenomenon of underpricing of new stocks in China's securities market."Specialized,refined and new"pattern is the important cornerstone of the real economy,and its degree of underpricing is more pronounced.Determining a reasonable IPO price can greatly help companies avoid losses caused by underpricing after issuance.Based on the selection of 673"specialized,refined and new"enter-prises that have been listed on China's A-share market until October 1st,2022,the study shows that the number of IPOs issued by"special-ized,refined,and new"enterprises,the issuance cost,innovation ability,economic benefits,and management level have a significant promoting effect on IPO pricing.However,specialization and growth ability do not show a significant promoting effect on the IPO pricing of"specialized,refined and new"enterprises.Based on empirical results,relevant suggestions are proposed for the IPO pricing of"specialized,refined and new"enterprises in China.