创新文本可读性与科创板上市公司IPO抑价率

Innovative Text Readability and IPO Underpricing of Companies Listed on the STAR Market

科技企业的创新是衡量其价值的重要指标,更是其新股定价的基础。创新信息多以文本定性披露,因此描述性创新信息是投资者关注科技企业的重点。专业、复杂的创新信息可能使文本可读性对信息披露的质量产生影响。文章针对科创板上市公司招股说明书中的描述性创新信息进行文本可读性分析,研究发现文本可读性越低,IPO抑价程度越高,且这种影响在机构投资者持股比例高、公司注册地市场化程度高、股权集中度低、由高声誉承销商进行承销等样本组内更为显著。文章认为,管理层有降低招股说明书可读性进行公司印象管理的动机,通过提高投资者的信息获取成本,加剧其与发行方的信息不对称,使市场难以发挥合理定价功能,最终反映为IPO抑价程度的提升。文章将文本分析聚焦于特征性小范围金融文本,拓宽了中文金融文本分析研究范畴,并从信息披露角度结合印象管理理论,为从创新文本视角研究IPO抑价问题提供了新思路。

Innovation in technology companies serves as a crucial metric for assessing their value and forms the foundation for their initial public offering(IPO)pricing.Innovation information is mostly disclosed in textual qualitative information,making descriptive innovation information is a key focus for investors in technology companies.However,the technical and complex nature of innovative information may impact the quality of information disclosure due to the readability of the text.The authors analyze the readability of descriptive innovation information in prospectuses of companies listed on the Science and Technology Innovation Board(STAR Market).The study finds that the lower the text readability is,the higher the degree of IPO underpricing is.This effect is more significant in the sample groups with a high proportion of institutional investors,high degree of marketization in the company's registration location,low ownership concentration,and underwriting by highly reputable underwriters.The authors suggest that management may have a motive to lower the readability of prospectuses for impression management,by increasing investors'information acquisition costs,enhancing information asymmetry with the issuer,impeding the market's ability to achieve fair pricing,ultimately resulting in increased IPO underpricing.The authors focus on the readability analysis of descriptive financial text for the first time,expanding the scope of Chinese financial text analysis research.By combining impression management theory with information disclosure,the study offers a new insight into examining IPO underpricing issues from the perspective of innovative text analysis.