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Journal of Tsinghua University(Science and Technology)    2014, Vol. 54 Issue (3) : 381-393     DOI:
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IPOoverpricing and IPO pricing efficiency： An analysis on shareholders' characteristics
Yao LU,Minfeng YUAN
School of Economics and Management, Tsinghua University, Beijing 100084, China
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Abstract  

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.
Keywords initial public offerings (IPO)      pricing efficiency      shareholder characteristics     
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Issue Date: 15 March 2014
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Yao LU
Minfeng YUAN
Cite this article:   
Yao LU,Minfeng YUAN. IPOoverpricing and IPO pricing efficiency： An analysis on shareholders' characteristics[J]. Journal of Tsinghua University(Science and Technology), 2014, 54(3): 381-393.
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http://jst.tsinghuajournals.com/EN/     OR     http://jst.tsinghuajournals.com/EN/Y2014/V54/I3/381
Panel A: 按板块分类的上市公司数目
年份 总数 上交所
主板		 深交所
中小板		 深交所
创业板
2005 10 2 8 0
2006 43 11 32 0
2007 112 14 98 0
2008 75 5 70 0
2009 97 7 54 36
2010 340 22 202 116
2011 262 35 107 120
合计 939 96 571 272
Panel B: 按股东特征分类的上市公司数目
年份 存在外
资股份		 存在国
有股份		 存在创
投基金		 在董事会
存在席位
2005 4 5 1 10
2006 7 29 4 39
2007 26 55 16 89
2008 15 26 11 60
2009 12 38 28 72
2010 65 95 81 251
2011 32 43 87 189
合计 939 161 291 710
  
变量名 描述
IPO定价效率
Var#_adj 第#日的收盘价相对于发行价的偏离(经过市场指数调整,见式(3))
Var# 第#日的收盘价相对于发行价的偏离(未经市场指数调整,见式(1))
机构投资者特征
Foreign_dummy 上市公司是否存在外资股份,存在为1, 不存在为0
State_dummy 上市公司是否存在国有股份,存在为1, 不存在为0
VC_dummy 上市公司是否存在创投基金,存在为1, 不存在为0
Foreign_pct 上市公司中外资股份比例
State_pct 上市公司中国有股份比例
VC_pct 上市公司中创投基金持股比例
Founder_pct 上市公司中发起人持股比例
OnBoard_pct 上市公司中在董事会存在股份的股东持股比例,即董事持股比例
企业相关特征
Capital IPO公司注册资本,单位: 10亿元人民币,实证分析时取其对数值
Age 企业注册登记到IPO的时间,单位: 年
ROA 资产净利率(净利润/平均资产总额,平均资产总额=(期初资产总额+期末资产总额)/2, 企业上市前一财政年度)
Statepct 国有股比例(企业上市前一财政年度)
Laverage 资产负债率(负债总额/资产总额,企业上市前一财政年度)
Concentration 股权集中度,第一大股东持股比例
Boardnum 董事会人数
发行相关特征
Outpct 首发流通股占发行股数的比例
Allocationrate 新股发行中签率
Issue_vol 新股发行价值(首发价格´发行股数), 单位: 10亿元人民币,实证分析时取其对数值
Issue_price 首发价格,单位: 元人民币,实证分析时取其对数值
Issuecostpershare 每股发行费用,单位: 元人民币,实证分析时取其对数值
市场与宏观经济
Ipo_popularity 样本企业IPO当月市场上的IPO总数
GDPgr IPO当年GDP增长率
DPEM 上市当天市场市盈率
Drettmv 上市当天市场回报率
Enquiry_dummy 是否在2009年询价制度改革后IPO, 是为1, 否则为0
  
变量名 观测值 均值 标准差 最小值 最大值
IPO定价效率变量
Var1_adj 939 1.050 2.701 0 29.140
Var5_adj 939 0.856 2.188 0 24.737
Var10_adj 939 0.808 2.023 0 22.974
Var1 939 1.086 2.813 0 28.957
Var5 939 0.924 2.490 0 30.095
Var10 939 0.911 2.475 0 33.048
股东特征变量
Foreign_dummy 939 0.171 0.377 0 1
State_dummy 939 0.309 0.462 0 1
VC_dummy 939 0.238 0.426 0 1
Foreign_pct 939 0.062 0.173 0 1
State_pct 939 0.140 0.288 0 1
VC_pct 939 0.025 0.074 0 1
Founder_pct 939 0.446 0.389 0 1
OnBoard_pct 939 0.435 0.376 0 1
  
Var1_adj Var5_adj Var1_adj Var5_adj
(1) (2) (3) (4)
Foreign_dummy -0.370*** -0.250*** — —
(0.05) (0.05) — —
State_dummy 0.455*** 0.399*** — —
(0.07) (0.06) — —
Foreign_pct — — -0.927*** -0.717***
— — (0.07) (0.06)
State_pct — — 0.221 0.543***
— — (0.19) (0.09)
Enquiry_dummy -0.798*** -0.743*** -0.753*** -0.710***
(0.15) (0.09) (0.15) (0.09)
Capital 0.001 -0.034 -0.026 -0.056
(0.15) (0.11) (0.14) (0.10)
Age -0.057*** -0.049*** -0.051*** -0.049***
(0.01) (0.01) (0.01) (0.01)
ROA 1.332*** 1.631** 1.333*** 1.649**
(0.41) (0.56) (0.41) (0.57)
Laverage -0.279 -0.322 -0.299 -0.344*
(0.30) (0.19) (0.27) (0.19)
Concentration -0.333 -0.207 -0.317 -0.245
(0.23) (0.23) (0.26) (0.26)
Boardnum 0.019 0.027 0.031 0.032
(0.03) (0.04) (0.03) (0.04)
Outpct -0.403 -1.795** -0.261 -1.882**
(0.84) (0.72) (0.79) (0.64)
Allocationrate 3.588*** 2.858*** 3.391*** 2.825***
(0.54) (0.38) (0.56) (0.38)
Issue_vol -0.508** -0.321** -0.460** -0.313**
(0.17) (0.13) (0.16) (0.12)
Issue_price -0.798*** -0.584** -0.879*** -0.610***
(0.22) (0.20) (0.23) (0.20)
Issuecostpershare 0.396* 0.258 0.388* 0.261*
(0.21) (0.15) (0.20) (0.14)
Ipo_popularity 0.006 0.009** 0.005 0.009**
(0.00) (0.00) (0.00) (0.00)
GDPgr -19.553* -14.004 -18.676* -13.763
(10.75) (10.67) (10.11) (10.52)
DPEM 14.953*** 12.502*** 15.214*** 12.671***
(1.79) (1.34) (1.79) (1.32)
Drettmv 1.719 -1.339 1.797 -1.166
(2.31) (1.30) (2.52) (1.30)
Constant 10.857*** 6.503** 9.927** 6.308**
(3.46) (2.68) (3.23) (2.64)
Year/Industry/List Location FE Y Y Y Y
Observations 934 934 934 934
Adj-Rsquare 0.36 0.37 0.36 0.37
  
Var1_adj Var5_adj Var1_adj Var5_adj
(1) (2) (3) (4)
VC_dummy 0.323*** 0.312** — —
(0.09) (0.12) — —
VC_pct — — 1.204** 1.029**
— — (0.42) (0.41)
Enquiry_dummy -0.737*** -0.698*** -0.741*** -0.701***
(0.17) (0.10) (0.16) (0.10)
Capital -0.006 -0.039 -0.016 -0.05
(0.14) (0.11) (0.15) (0.11)
Age -0.041*** -0.036** -0.045*** -0.040**
(0.01) (0.01) (0.01) (0.01)
ROA 1.260*** 1.559** 1.257*** 1.559**
(0.37) (0.53) (0.38) (0.54)
Laverage -0.163 -0.229 -0.206 -0.268
(0.28) (0.18) (0.29) (0.19)
Concentration -0.35 -0.216 -0.333 -0.202
(0.26) (0.24) (0.27) (0.25)
Boardnum 0.024 0.032 0.029 0.037
(0.03) (0.04) (0.03) (0.04)
Outpct 0.042 -1.448* -0.071 -1.560*
(0.84) (0.72) (0.83) (0.74)
Allocationrate 3.320*** 2.612*** 3.230*** 2.536***
(0.49) (0.34) (0.50) (0.35)
Issue_vol -0.472** -0.295** -0.451** -0.273*
(0.17) (0.12) (0.17) (0.13)
Issue_price -0.880*** -0.648*** -0.899*** -0.667***
(0.22) (0.19) (0.22) (0.20)
Issuecostpershare 0.382* 0.237 0.395* 0.251
(0.20) (0.13) (0.21) (0.15)
Ipo_popularity 0.004 0.008* 0.004 0.007*
(0.00) (0.00) (0.00) (0.00)
GDPgr -18.14 -12.571 -18.584 -13.037
(10.31) (10.17) (10.60) (10.51)
DPEM 15.264*** 12.765*** 15.223*** 12.725***
(1.83) (1.39) (1.81) (1.37)
Drettmv 1.539 -1.52 1.724 -1.322
(2.55) (1.54) (2.56) (1.39)
Constant 10.171** 5.979** 9.856** 5.646*
(3.35) (2.59) (3.43) (2.67)
Year/Industry/List Location FE Y Y Y Y
Observations 934 934 934 934
Adj-Rsquare 0.36 0.37 0.36 0.36
  
Var1_adj Var5_adj Var1_adj Var5_adj
(1) (2) (3) (4)
Founder_pct -0.347*** -0.192*** — —
(0.09) (0.04) — —
OnBoard_pct — — -0.279** -0.098*
— — (0.11) (0.05)
Equiry_dummy -0.727*** -0.678*** -0.722*** -0.675***
(0.16) (0.11) (0.16) (0.11)
Capital -0.022 -0.056 -0.025 -0.057
(0.15) (0.10) (0.14) (0.10)
Age -0.050*** -0.044*** -0.045*** -0.042***
(0.01) (0.01) (0.01) (0.01)
ROA 1.342** 1.645** 1.351*** 1.644**
(0.44) (0.58) (0.43) (0.57)
Statepct 0.495** 0.562*** 0.462* 0.522***
(0.22) (0.12) (0.22) (0.12)
Laverage -0.147 -0.226 -0.131 -0.227
(0.29) (0.21) (0.31) (0.22)
Concentration -0.291 -0.232 -0.309 -0.261
(0.25) (0.27) (0.24) (0.26)
Boardnum 0.033 0.037 0.032 0.036
(0.03) (0.04) (0.04) (0.04)
Outpct -0.507 -2.036*** -0.474 -1.989**
(0.81) (0.64) (0.79) (0.65)
Allocationrate 3.404*** 2.750*** 3.380*** 2.747***
(0.57) (0.37) (0.54) (0.36)
Issue_vol -0.468** -0.302** -0.462** -0.300**
(0.18) (0.13) (0.17) (0.12)
Issue_price -0.851*** -0.613*** -0.862*** -0.621***
(0.24) (0.19) (0.23) (0.19)
Issuecostpershare 0.365* 0.239 0.382* 0.255*
(0.19) (0.14) (0.19) (0.14)
Ipo_popularity 0.005 0.008** 0.004 0.008**
(0.00) (0.00) (0.00) (0.00)
GDPgr -17.435* -12.368 -17.904* -12.802
(9.64) (9.98) (9.86) (10.16)
DPEM 15.009*** 12.524*** 15.060*** 12.568***
(1.77) (1.31) (1.79) (1.32)
Drettmv 1.848 -1.164 1.886 -1.122
(2.48) (1.34) (2.47) (1.34)
Constant 9.199** 5.237* 9.089** 5.205*
(3.24) (2.53) (3.10) (2.47)
Year/Industry/List Location FE Y Y Y Y
Observations 933 933 933 933
Adj-Rsquare 0.37 0.37 0.37 0.37
  
Panel A
State N P/V based on P/S P/V based on P/OP P/V based on P/NI
Mean Std.Dev P-Value Mean Std.Dev P-Value Mean Std.Dev P-Value
State=0 408 1.676 1.257 Mean(0)>
Mean(1)		 1.256 0.891 Mean(0)>
Mean(1)		 1.676 1.257 Mean(0)>
Mean(1)
State=1 143 1.372 0.945 0.001*** 1.163 0.827 0.129 1.372 0.945 0.032**
Panel B
VC N P/V based on P/S P/V based on P/OP P/V based on P/NI
Mean Std.Dev P-Value Mean Std.Dev P-Value Mean Std.Dev P-Value
VC=0 411 1.528 1.160 Mean(0)<
Mean(1)		 1.198 0.872 Mean(0)<
Mean(1)		 1.249 0.875 Mean(0)<
Mean(1)
VC=1 140 1.802 1.258 0.012** 1.332 0.877 0.059* 1.327 0.814 0.168
  
Pofa1 Pofa5 Pofa1 Pofa5
(1) (2) (3) (4)
State_dummy -0.133** -0.230*** — —
(0.06) (0.08) — —
VC_dummy — — 0.256*** 0.289***
— — (0.07) (0.05)
Equiry_dummy — -0.038 — -0.03
— (0.22) — (0.22)
Capital -1.38 — -2.035 0.088
(2.12) — (2.26) (0.13)
Age -0.007 -0.012 -0.009 -0.013
(0.01) (0.01) (0.01) (0.01)
ROA -0.858 -0.238 -0.977 -0.228
(0.66) (0.76) (0.62) (0.81)
Laverage 0.13 0.48 0.056 0.428
(0.29) (0.35) (0.35) (0.33)
Concentration -0.272 -0.396* -0.218 -0.365
(0.28) (0.21) (0.27) (0.23)
Boardnum -0.016 -0.014 -0.018 -0.031
(0.03) (0.02) (0.03) (0.02)
Outpct -7.421 -2.418*** -10.949 -1.75
(12.06) (0.93) (12.39) (1.56)
Allocationrate 12.001*** 11.375*** 8.757*** 11.961***
(3.43) (1.10) (2.44) (1.09)
Issue_vol 1.898 0.491*** 2.641 0.359**
(2.13) (0.11) (2.26) (0.16)
Issue_price -1.091 0.434*** -1.612 0.543***
(2.12) (0.09) (2.26) (0.13)
Issuecostpershare 0.106 0.085 0.002 0.083
(0.07) (0.09) (0.07) (0.10)
Ipo_popularity 0.011 0.018** 0.025** 0.016*
(0.01) (0.01) (0.01) (0.01)
GDPgr -10.697*** -11.009*** -10.141*** -10.952***
(1.75) (1.77) (2.06) (1.78)
DPEM 8.153** -1.83 8.291** -2.385
(3.24) (2.46) (3.43) (2.37)
Drettmv — -21.538** -65.150*** -17.913*
— (10.39) (11.26) (9.99)
Constant -35.376 -7.137*** -43.835 -4.982
(38.26) (2.14) (40.71) (3.57)
Year/Industry/List Location FE Y Y Y Y
Observations 670 908 670 908
Adj-Rsquare 0.27 0.27 0.27 0.27
  
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