承销商与发行企业双边匹配决策对IPO抑价的影响研究

Study on the Influence of Bilateral Matching Decision Between Underwriter and Issuer on IPO Underpricing

文章以我国2010年至2019年主板上市的企业数据为研究样本,探讨承销市场的匹配选择及稳定匹配对IPO市场的影响。研究结果表明,承销商与发行企业的合作是承销商的声誉和政治关联关系以及企业的市场竞争力、盈利能力和股权结构等特征偏好互相筛选下的结果;承销商与发行企业越匹配,越能缓解IPO市场的高抑价问题。信息透明度之于承销商和发行企业匹配度对IPO市场抑价的抑制影响起了调节作用,即解决信息披露质量问题对于促进市场稳定运行至关重要。上述结果验证了承销商与发行企业相互选择的内在机理及稳定匹配的市场价值,为双方精准对接符合自身偏好的合作方提供了可供操作的方法,进而为完善IPO市场健康高效的发展政策提供借鉴。

Based on the data of Chinese companies listed on the main board from 2010 to 2019,this paper discusses the influence of matching selection and stable matching in the underwriting market on the IPO market.The results show that the cooperation between underwriters and issuers is the result of mutual screening between underwriters'reputation and political affiliation,and the firm's market competitiveness,profitability and ownership structure.The better match between underwriters and issuers,the better the problem of high under-pricing in IPO market can be alleviated.Further research shows that the information transparency plays a moderating role in the restraining effect of the matching degree between underwriters and issuers on the IPO market under-pricing,that is,to solve the quality of information disclosure is crucial to promote the stable operation of the market.The above results verified the internal mechanism of mutual selection between underwriters and issuers and the market value of stable matching,providing operational methods for both parties to accurately match partners in line with their own preferences,and thus providing reference for improving the healthy and efficient development policies of IPO market.