我国新股破发原因探究——来自科创板的数据

The Causes of IPO Breakdowns in China:Evidence from the Science and Technology Innovation Board

近年来我国在科创板、创业板试点注册制,提供了一个更加自由的资本市场环境。然而,随着试点的推进尤其是2021年询价新规出台后,我国新股发行上市后破发现象接连出现。本文以2019年以来我国科创板上市公司为研究样本,从承销商、大股东、行业、公司等方面对新股破发的影响因素进行了实证研究。结果表明:在注册制环境下,承销商为赚取高额承销保荐费的动机促使发行价偏高,从而导致新股破发;公司自身的业绩表现及成长能力也是重要因素,体现出注册制环境中市场信息更趋于对称、投资者打新股愈为理性的趋势。因此,应聚焦于规范承销商承销保荐流程,防止承销商定价偏离真实值,保护中小股东利益。

In recent years,China has piloted the registration system on the Science and Technology Innovation Board and the Growth Enterprise Market,providing a more liberal capital market environment.However,with the further introduction of relevant supporting policies,a wave of breakdowns has emerged one after another,with a particular concentration in 2021 after the introduction of the new inquiry rules.Using data from the companies listed on the Science and Technology Innovation Board of China as a research sample,this paper conducts an empirical study on the factors influencing IPO breakdowns in terms of underwriters,major shareholders,industries and companies.The results show that underwriters'motivation to earn high underwriting sponsorship fees will lead to high issue prices and thus IPO breakdowns in the registration system environment.Performances and growth ability of companies are also important factors influencing IPO breakdowns,reflecting the trend that market information becomes more symmetrical and investors are more rational when subscribing new shares.Therefore,what should be focused on in the future is the regulation of the underwriting process with an aim to prevent the pricing from deviating from the real value and to protect the interests of small and medium shareholders.