该文以2005-2011年的A股IPO (initial public offerings)为样本,结合新股频繁破发的市场背景,引入定价偏离度的概念,系统地研究了IPO发行公司股东特征对新股定价效率的影响。研究发现,IPO定价效率与外资股份的出现正相关,而与国有股份和创投股份的出现负相关。从股东参与公司治理的角度看,发起人股东或董事的持股份比例与IPO的定价效率正相关。进一步的分析表明,国有股份更容易引起IPO抑价,而创投股份则更容易引起IPO破发。该文的研究从发行人股东特征的角度分析影响IPO定价效率的因素,为了解和提高中国股票市场的IPO定价效率提供了新的视角。
IPO (initial public offerings) overpricing has become an important phenomenon in current Chinese stock market. The concept of pricing deviation ratio was introduced to measure IPO pricing efficiency. The data of A-share IPOs from 2005 to 2011 were used to examine how shareholders' characteristics affect the IPO pricing efficiency. Analyses show that foreign ownership is associated with higher IPO pricing efficiency, with state ownership and venture capital ownership being associated with lower IPO pricing efficiency. The results also show that the IPO pricing efficiency is positively correlated with the founder ownership and the ownership that directors on the board hold. Further analysis indicates that the IPO pricing efficiency reduction caused by the state ownership comes from the conservative pricing strategy, while VC backed companies' pricing strategy is more aggressive. The IPO pricing efficiency is examined from the perspective of ownerships' characteristics in this paper, which provides a new way to understand and enhance the IPO pricing efficiency in China.
Kimbro M B. Managing underpricing? The Case of pre-IPO discretionary accruals in China[J]. Journal of International Financial Management & Accounting, 2005, 16(3): 229-262.
[2]
刘煜辉, 熊鹏. 股权分置、政府管制和中国IPO抑价[J]. 经济研究, 2005, 40(5): 85-95. LIU Yuhui, XIONG Peng. Equity separation, government regulations, and Chinese IPO underpricing puzzle[J]. Economic Research Journal, 2005, 40(5): 85-95.(in Chinese)
[3]
CHEN Zhaohui, Choi J, JIANG Cao. Private benefits in IPOs: Evidence from state-owned firms [C]// AFA San Francisco Meetings. 2008.
[4]
Perotti E C. Credible privatization[J]. The American Economic Review, 1995, 85(4): 847-859.
[5]
Dewenter K L, Malatesta P H. Public offerings of state-owned and privately-owned enterprises: An international comparison[J]. The Journal of Finance, 1997, 52(4): 1659-1679.
[6]
徐浩萍, 陈欣, 陈超. 国有企业IPO发行折价: 基于政策信号理论的解释[J]. 金融研究, 2009(10): 133-149. XU Haoping, CHEN Xin, CHEN Chao. IPO discounts of SOEs in China: Based on the policy signal theory's explanation[J]. Journal of Financial Research, 2009(10): 133-149.(in Chinese)
[7]
Megginson W. Weiss K. Venture capitalist certification in initial public offerings[J]. Journal of Finance, 1991, 46(3): 879-904.
[8]
Brav A, Paul A G. Myth or reality? The long-run performance of initial public offerings: Evidence from venture and non-venture capital-backed companies[J]. Journal of Finance, 1997, 52(5): 1791-1821.
[9]
Gompers P A. Grandstanding in the venture capital industry[J]. Journal of Financial Economics, 1996, 42(1): 133-156.
[10]
Franzke S A. Underpricing of venture-backed and non venture-backed IPOs: Germany's Neuer market [J]. Emerald Group Publishing Limited, 2004, 10: 201-230.
[11]
Nahata R. Venture capital reputation and investment performance[J]. Journal of Financial Economics, 2008, 90(2): 127-151.
[12]
Neus W, Walz U. Exit timing of venture capitalists in the course of an initial public offering[J]. Journal of Financial Intermediation, 2005, 14(2): 253-277.
[13]
Amit R, Glosten L, Muller E. Entrepreneurial ability, venture investments, and risk sharing[J]. Management Science, 1990, 36(10): 1232-1245.
[14]
寇祥河, 潘岚, 丁春乐. 风险投资在中小企业IPO中的功效研究[J]. 证券市场导报, 2009(5): 19-25. KOU Xianghe, PAN Lan, DING Chunle. The efficacy research of venture capital in minor enterprises' IPO[J]. Securities Market Herald, 2009(5): 19-25.(in Chinese)
陈工孟, 俞欣, 寇祥河. 风险投资参与对中资企业首次公开发行折价的影响——不同证券市场的比较[J]. 经济研究, 2011, 46(5): 74-85. CHEN Gongmeng, YU Xin, KOU Xianghe. The underpricing of venture capital backed IPOs: Evidence from Chinese firms listed on different stock markets[J]. Economic Research Journal, 2011, 46(5): 74-85.(in Chinese)
Brennan M J, Franks J. Underpricing, ownership and control in initial public offerings of equity securities in the UK[J]. Journal of Financial Economics, 1997, 45(3): 391-413.
[19]
Booth J R, Chua L. Ownership dispersion, costly information, and IPO underpricing[J]. Journal of Financial Economics, 1996, 41(2): 291-310.
[20]
Stoughton N M, Zechner J. IPO-mechanisms, monitoring and ownership structure[J]. Journal of Financial Economics, 1998, 49(1): 45-77.
[21]
Downes D H, Heinkel R. Signaling and the valuation of unseasoned new issues[J]. The Journal of Finance, 1982, 37(1): 1-10.
[22]
Scott S, Cable D. Network ties, reputation, and the financing of new ventures[J]. Manage Sci, 2002, 48(3): 364-381.
[23]
Prasad D, Bruton G D, Vozikis G. Signaling value to business angels: The proportion of the entrepreneur's net worth invested in a new venture as a decision signal[J]. Venture Capital: An International Journal of Entrepreneurial Finance, 2000, 2(3): 167-182.
[24]
孙自愿. 基于抑价和溢价的IPO初始收益与长期走势问题研究 [D]. 徐州: 中国矿业大学, 2009. SUNZiyuan. Study of IPO initial return and long-term performance based on underpricing and overpricing [D]. Xuzhou: China Mining University, 2009.(in Chinese)
[25]
Amiyatosh K, Purnanandam, Bhaskaran S. Are IPOs really underpriced?[J]. Review of Financial Studies, 2004, 17(3): 811-848.