市场化进程对IPO抑价的影响研究——基于信息不对称理论视角

Analysis on the Impact of Marketization Process on IPO Underpricing——Based on the Information Asymmetry Theory

本文以1997—2016年间中国A股2464家IPO公司为样本,从信息不对称理论视角探索了市场化进程对IPO抑价的影响及其理论解释。研究发现,市场化进程对IPO抑价具有显著负向影响。基于'赢者诅咒'理论、事前不确定性假说以及信号理论这三类信息不对称理论的检验表明,仅有事前不确定性假说解释了市场化进程与IPO抑价的负相关关系。进一步研究表明,市场化进程对IPO抑价的负向影响在询价机制时期表现更为显著,表明市场化进程影响的是IPO发行价格而非首日交易价格。

Taking 2464 A-share IPO companies in China from 1997 to 2016 as samples,this paper explores the impact of regional marketization differentiation on IPO underpricing and its theoretical explanation from the perspective of information asymmetry theory.The study finds that the process of marketization has a significant negative impact on IPO underpricing.Based on the'winner’s curse'theory,the ex-ante uncertainty hypothesis and the signaling theory,the results show that only the ex-ante uncertainty hypothesis explains the negative correlation between the marketization process and IPO underpricing.Further research also finds that the negative impact of marketization on IPO underpricing is only significant in the period of book-building Mechanism,which verifies that the impact of marketization on IPO issuance price is not the first-day transaction price.