保荐代表人经验差异、信息不对称与新股发行定价

Information Asymmetry and the Pricing of IPOs

随着我国资本市场的快速发展,新晋保荐代表人的数量迅速增加,保荐行业中跨经验合作的现象愈发普遍。本文以两位保荐代表人之间的博弈关系为研究视角,探究两位签字保荐代表人之间的执业经验差异对于新股发行定价准确性的影响。结果表明,两位保荐代表人的执业经验差异越大,新股发行定价的准确性越低,具体表现为IPO抑价率水平显著提高。本研究为保荐机构统筹人员安排、上市公司提高信息质量和政府机构履行监督职权提供了建议,对于我国资本市场的高质量发展具有意义。

With the rapid development of China's capital market,the number of newly promoted sponsor representatives has increased rapidly,and the phenomenon of cross-experience cooperation in the sponsor industry has become more and more common.This paper takes the competitive relationship between two sponsor representatives as its research perspective to explore the impact of different degrees of practical experience of sponsor representatives on the accuracy of IPO pricing.The results show that the greater the difference in practical experience between sponsor representatives,the lower the accuracy of IPO pricing.This study provides suggestions for enlisting high caliber personnel at sponsor agencies,improving the quality of information of listed companies and enhancing the performance of supervisory capabilities of government agencies.These factors are of considerable significance in promoting high-quality development of China's capital market.