The impact of IFRS mandate and institutional governance on underpricing and aftermarket performance of IPO shares in Turkey

Along with the European Union,policymakers in Turkey passed a regulation that mandated all listed companies use the International Financial Reporting Standards(IFRS)starting from January 1,2005.Using a before-after estimation design,this study examines the impact of this policy change and the role of institutional governance quality on the initial trading day and aftermarket trading performance of initial public offerings(IPO)in Turkey from 1998 to 2019.The results show that the IFRS mandate does not affect initial trading day returns but improves the aftermarket trading performance of IPO shares.This finding may imply that Turkey’s secondary market also suffers from information asymmetry and that IFRS-compliant reports help alleviate this problem.Furthermore,none of the six institutional governance quality measures tested loaded significantly against initial trading day or long-term returns.However,when examined together,two institutional measures with a negative value,voice and accountability,and political stability,offset the positive effect of the IFRS-compliant reporting on longterm IPO returns,providing support to the premise that institutional quality matters for realizing the economic benefits of the IFRS mandate.

Researches on the Issue of High IPO Underpricing

Ever since the establishment of C hina's A- share market,whether in the bull or bear market,the IPO price almost surges on the first trading day,though the stock price fluctuates randomly. This phenomenon obviously contradicts Efficient M arket Hypothesis,indicating that IPO underpricing in C hina is severe. This paper investigates the causes for IPO underpricing and probes into the countermeasures for the phenomenon from several aspects such as government's regulation,capital markets,IPO bookbuilding mechanism and pricing mechanism,etc. The severe IPO underpricing is likely to cause massive speculation of newshares in the secondary market and increase volatility. Therefore,it is of great significance to make researches on the issue of high underpricing so as to ensure the sound development of the stock market.

The degree of IPO underpricing in China

This paper studies the IPO underpricing in the emerging stock market of China. The empirical results reveal that in China, the degree of IPO underpricing measured by first-day return is more than 100%, which is a prevailing phenomenon for almost all IPO firms, regardless of the IPO time and the industry of the firm The degree of IPO underpricing in China is larger than the IPO initial returns documented in almost all the other countries. This considerable underpricing in China can hardly be explained by the information asymmetry theory and agency theory.

The Long-Run Performance of IPOs in Italy： A Comparison of Venture and Non-Venture-Backed Companies

The phenomena associated with the performance of newly listed companies has increased the interest of many researchers who have developed a vast literature on long-term underpricing and underperformance, which together with hot and cold issue markets, represent the three anomalies that have always accompanied with Initial Public Offerings （IPOs）. The objective of this work is to investigate the long-run performance of IPOs of venture and non-venture-backed companies. The analysis of a sample of 102 IPOs carried out in Italy in 1998-2005 revealed that both companies （venture-backed and non-venture-backed） showed negative values, thus, confirming the phenomenon of underperformance. During the 36 months following their listing, venture-backed companies seemed to register negative and statistically significant values both with the CARsVB methodology （-93.99%） and the Buy and Hold Abnormal Returns methodology （BHARsVB -88.37%）. Venture-backed companies, unlike non- venture-backed companies, seem to be able to restrain the losses, measured by both methods, in the first 12 months （CARsB - 12.38% -20.15% CARSNNVB; BHARsVB - 10.17%; BHARsNVB - 15.51%）. During the 36 months, however, the IPOs showed negative and statistically significant values regardless of whether they were venture or non-venture-backed. The test on the difference between the average abnormal returns of the two methodologies （CAARS and BHAARs） did not produce statistically significant results. The Wealth Relative was calculated and from the results it would appear that the portfolio of venture-backed IPOs does not register ＂brilliant＂ performances. The portfolio of 102 IPOs does not seem to beat the ＂market portfolio＂. In conclusion, therefore, the phenomenon of underperformance seems to be real in our country and is documented by strongly negative and statistically significant values obtained from the samples of IPOs analyzed.

风险投资异质性对IPO抑价的影响——基于科创板的研究

本文主要从信息不对称角度分析风险投资异质性对IPO抑价的影响。本文选取2019—2022年科创板上市公司作为样本,通过实证研究发现:科创板上市公司中有风险投资机构参与的企业IPO抑价水平会提高;风险投资机构资本背景的差异对IPO抑价率有不同的影响。其中,对IPO抑价水平影响最明显的是政府背景的风险投资机构,公司背景的风险投资机构影响程度中等,独立背景的风险投资机构影响程度最低。基于此,本文认为在解决信息不对称问题上,不同背景风险投资机构的处理能力存在差异。

招股说明书特质信息含量、注册制改革与IPO抑价

全面注册制改革助推资本市场更好服务实体经济,高质量信息披露是注册制的核心。招股说明书是股票发行阶段信息披露的主要载体,能减少公司与投资者间的信息不对称,是注册制改革下提高公司信息披露质量的主要途径。首先选取2016年至2021年A股全部首次公开发行的上市公司作为研究样本,利用文本数据挖掘技术,构建招股说明书特质信息含量指标,接着通过回归分析研究招股说明书特质信息含量对于IPO抑价的影响,再基于公司信息透明度水平进行异质性分析,最后分别从注册制改革和外部监督的视角分析招股说明书特质信息含量对IPO抑价的调节机制。研究发现:招股说明书特质信息含量显著降低IPO抑价率,招股说明书特质信息含量对IPO抑价率的负向作用在无独立董事及发行费用高的企业样本中更强;注册制改革促进了企业的信息披露,会减弱特质信息含量对IPO抑价率的负向作用;风险投资和国有企业会减弱特质信息含量对IPO抑价率的负向作用。基于研究结果,提出增设文本特质信息评估制度,提高特质信息披露增量的政策建议,鼓励企业主动进行特质信息披露;提高市场定价效率,提升资本市场在整体资源配置中的作用。

注册制改革与IPO抑价:基于信号理论视角

注册制改革与定价效率研究对于保护投资者权益、提高市场效率、促进企业发展以及提高资本市场的定价效率都具有重要的意义,已引起了学术界和实务界的广泛关注。利用2019—2021年创业板与主板公司样本,构建DID模型检验注册制改革政策效应对IPO抑价的影响。研究发现,创业板的注册制改革显著提高了IPO抑价。机制检验显示,在涉及创新内容较少的问询函、高报价申购剔除比例较高以及投资者分歧度较高的样本中这一现象尤为突出,为信号理论提供了我国注册制改革背景的新证据。基于这一结论提出改善IPO定价效率的相关建议。

中国证券市场IPO发行抑价成因、本质及应对策略

中国证券市场存在着“炒新股”现象,这是因为新股IPO发行价与二级市场成交价之间存在巨大的套利空间。本文从新股IPO发行制度和定价机制的演变史入手,梳理制度变革对新股定价的影响,并分别从新股IPO发行抑价与二级市场溢价两个视角来深入分析新股上市出现价差的原因,探究新股定价的本质,有针对性地提出对策建议,从而为我国证券市场健康发展提供有益的参考。

创新文本可读性与科创板上市公司IPO抑价率

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。

Do anti-corruption campaigns affect IPO underpricing?Evidence from a central discipline inspection of the CSRC in China

The system of central discipline inspections has become a key anti-corruption governance tool in China since 2013.This paper investigates the impact of a central discipline inspection of the China Securities Regulatory Commission(CSRC)on initial public offering(IPO)underpricing.We find that IPO firms listed during the inspection period exhibit greater IPO underpricing than those listed outside the inspection period.The reason is the increased focus of the CSRC on maintaining capital market stability,which makes it more inclined to approve IPO firms with lower issue prices during the inspection period compared with other periods.We also find that IPO firms listed during the inspection period have better short-term market performance but poorer long-term returns than those listed outside the inspection period.Moreover,the effect of the anti-corruption inspection on IPO underpricing is more pronounced for non-state-owned enterprises,firms with low-quality auditors and firms located in regions with high corruption.Overall,our paper enriches the literature on IPO underpricing and the economic consequences of the central discipline inspection system.

注册制下我国上市公司招股说明书与IPO抑价研究——基于文本分析法

本文运用人工阅读法和计算机文本分析法,探讨注册制下我国上市公司招股说明书中风险披露、文本语调对IP O抑价率的影响,并进一步考察不同板块、询价新规对这种关系的影响。研究结果表明:注册制下招股说明书风险披露越多,IPO抑价率越低;招股说明书文本负面语调与IPO抑价率负相关;文本净语调与IPO抑价率正相关。异质性分析发现,招股说明书风险披露对科创板和创业板IPO抑价率的影响一致,而文本语调对IPO抑价率的影响更多体现在科创板。进一步研究发现,询价新规的实施增强了风险披露对I P O抑价率的影响,同时增强了负面语调作用,减弱了净语调作用。本文建议我国资本市场股票发行制度还可进一步优化与完善,继续加强信息披露,加强投资者教育。

IPO风险因素审核问询的信息价值分析

聚焦注册制下IPO审核问询回复函中风险因素披露的市场影响,从风险因素披露量和披露详细程度刻画审核问询中风险因素披露特征,并从多视角讨论风险因素披露的影响。研究发现:第一,IPO审核问询回复函中风险因素披露越多、越详细,企业的IPO抑价水平越低,其主要作用机制在于风险因素信息披露降低了二级市场投资者情绪及一级市场投资者信念异质性;第二,企业风险因素披露越多、越详细,企业股票呈现出越低风险的特征;第三,审核问询中风险因素披露与IPO抑价之间的关系具有异质性,当企业IPO前负面新闻较少、受到的投资者关注更多并且有分析师进行股价预测时,风险因素披露对IPO抑价的降低作用更为显著。总体而言,IPO审核问询回复函中风险因素披露具有非常重要的信息披露效果,这显著影响了资本市场资金配置效率和信息使用者的行为。

券商背景风险投资、机构声誉与IPO抑价

券商背景风险投资机构兼具承销商和风险投资机构双重身份,在新股发行定价和资本市场运行中发挥了重要作用。选取2009—2020年我国A股市场创业板和科创板939家上市公司作为研究对象,检验了券商背景风险投资与IPO抑价之间的关系以及承销商和风险投资机构声誉对二者关系的调节作用。研究发现,券商背景风险投资会正向影响IPO抑价,但高声誉的承销商和风险投资机构对这种正向影响具有抑制作用。进一步研究表明:券商背景风险投资的投资强度越高,IPO抑价越严重;券商背景风险投资的进入阶段越早,IPO抑价越严重。因此,券商背景风险投资应注重长期声誉的积累,发挥双重认证作用;监管机构应加大对券商背景风险投资的监管力度,明确相关中介机构的连带责任,提高市场参与者的违法成本,进一步提高市场效率。

机构投资者认购网络结构对公司IPO抑价的影响

文章选取2005—2020年沪深主板市场IPO网下配售数据,以共同获配的方式连接构建机构投资者网络和拟上市公司的认购网络,探索网络结构对IPO定价的影响。实证分析发现:认购网络密度对公司IPO抑价率存在显著负向影响;认购网络的平均中心性与偏差中心性均与IPO抑价率显著正相关。进一步分析影响机制发现:各机构投资者之间沟通交流越密切,报价的公允性越高,降低了IPO抑价程度;网络的平均中心性对机构投资者群体的议价能力有强解释力,平均中心性越高则议价能力越强,导致IPO抑价水平提升;在信息交流充分的情况下,网络的偏差中心性与响机构投资者内部的合谋压价行为显著正相关,进而对抑价水平产生正向影响。此外,当IPO市场热度较高时,机构投资者合谋压价动机减弱,中心性对IPO抑价的影响机制失去发挥作用的基础;在发行定价管制阶段存在高价剔除比例限制,中心性的机制发生改变;询价对象中QFII的比例越高,网络密度对IPO抑价率的抑制作用越强。

首次公开募股(IPO)市场表现及破发影响--基于港市中资股的经验证据

以在港上市中资股2013-2019年的数据为研究样本,首先,基于典型事件分析中资股在境外资本市场的整体表现;然后,采用多元回归模型实证检验破发、市场状况及投资者态度等因素对中资股市场表现的影响。研究结果表明:相较于恒生指数,港市中资股IPO上市后两年内的整体市场表现处于劣势;IPO破发不利于后期市场的表现,破发股的整体市场表现差于非破发股;投资者行为是市场表现的重要影响因素之一,投资者意见分歧会对中资股的市场表现产生正向影响;新股上市前的市场环境越好,中资股IPO上市后的市场表现会越好。

证券承销商关系网络对IPO抑价率的影响:基于复杂网络的研究

运用复杂网络方法,创新性地构建了中国证券发行承销商关系网络。通过构造承销商网络来确定承销商的行业地位,诠释网络中心性指标对于IPO首发特点的影响,探索承销商关系网络对于新股发行定价的作用,为解决新股大量破发提供政策建议。

战略投资者对公司IPO抑价的影响——基于科创板的证据

本文在科创板背景下,研究战略投资者对IPO抑价的影响。研究发现,公司引入战略投资者的配售比例与IPO抑价率显著正相关,表明战略投资者在参与科创板IPO过程中存在认证效应。进一步研究发现,该认证效应在引入更多战略投资者和研发强度更高的公司中更为明显。此外,公司引入战略投资者的配售比例还与公司IPO抑价率的后续效应,即上市后的未来市场表现显著正相关,说明战略投资者的认证效应不仅引发上市初期的较高抑价,还会推高新股上市后的价格。本文研究结论为探讨我国注册制市场IPO抑价问题提供了新的视角,也为我国监管机构优化战略配售机制、促进科技创新企业发展提供了经验证据。

Heterogeneous expectations,IPO Underpricing and issuing mechanism

Background:Compared with the fixed-price mechanism,the bookbuilding mechanism has not changed the Chinese IPO high underpricing.How to develop scientific and reasonable IPO pricing,and reduce the high IPO underpricing has become a major challenge for China's securities market.Methods:In this paper,using behavioral finance theory and game theory,we build the Initial public offering(IPO)pricing and underpricing models with investors’heterogeneity based on different issuing mechanisms and provide a comparative analysis.Results:Firstly,our models show that IPO underpricing will not be eliminated by using either fixed-price or bookbuilding mechanisms,but when the investors’heterogeneity expectation is the same,lower IPO underpricing can be obtained by the issuing of bookbuilding compared with that of fixed price.Secondly,the IPO underpricing may be larger than that under fixed price if the heterogeneity of investors under bookbuilding is larger than that under fixed price.Thirdly,the numerical analysis results provide strong support for our model.Conclusions:These findings further explains the cause of the high IPO underpricing long-standing in China.

科创板IPO、企业审计师选择与首发抑价

探究以信息披露为核心的注册制如何影响IPO审计市场质量需求具有重要的学术价值和政策意义。借助科创板根据IPO企业盈利情况提供多个上市标准这一重要场景,本文通过检验以不同盈利标准IPO的企业上市前审计师选择倾向与上市后首发抑价,以探究注册制如何影响IPO审计市场质量需求以及高质量审计对IPO市场定价效率的影响。研究发现:相对于以盈利标准IPO的企业,以非盈利标准IPO的企业更倾向于选择高质量审计师,以降低首发抑价,且这种高质量审计选择倾向与首发抑价降低效果主要表现在研发强度较高的企业。本研究验证了高质量审计师在科创板IPO下发挥的信息鉴证作用,揭示了高质量审计服务在资本市场推行注册制改革中的重要作用。

保荐代表人项目经验与IPO抑价——基于注册制背景的实证分析

保荐代表人作为上市公司与投资者之间的沟通桥梁,在IPO定价中发挥着重要作用。选取注册制下科创板、创业板共计1056个样本作为研究对象,人工手动收集样本数据并进行实证分析。研究发现:保荐代表人有无首发项目经验会影响IPO抑价率,且保荐代表人项目经验越丰富,IPO抑价率越高。在IPO定价中,保荐代表人发挥作用主要取决于第一保荐代表人,而第二保荐代表人的作用在IPO定价中并不显著。保荐代表人其他个人特质,如学历、性别对于IPO抑价率没有显著影响。保荐代表人项目经验对IPO的影响在科创板中更加显著,而在创业板中则不显著。基于所得到的结论,本文就发行人如何选择保荐代表人以及监管部门如何加强对保荐代表人的管理提出建议。