股权分置改革与IPO配置效率的实证研究  

Empirical Study on the Relationship between the Equity Division Reform and IPO Efficiency in China

作　　者：胡志强[1] 璩潞[2] 

机构地区：[1]武汉大学经济与管理学院金融系,湖北武汉430072 [2]中信证券股份有限公司投资银行部,北京100004

出　　处：《经济管理》2008年第16期26-32,共7页Business and Management Journal ( BMJ )

基　　金：教育部人文社会科学基金规划项目“我国首次公开股票发行(IPO)的价格行为与发行制度改革研究”(06JA790086)的阶段性研究成果。

摘　　要：本文采用规范研究和实证研究相结合的方法,对股权分置改革对我国A股市场IPO效率的影响进行了深入的研究。本文发现,股权分置下新股供给限制、流通股的流动性溢价、二级市场价格控制,使得新股二级市场价格系统性偏离了发行公司的内在价值。对股权分置改革前后IPO样本的回归分析显示,股权分置改革前我国新股发行定价反映的公司内在价值信息相对有限,而股权分置改革后新股发行定价更加合理,因而股权分置改革有效地提高了IPO配置效率。With the combination of theoretic and empirical approaches, this dissertation has analyzed the effect on IPO efficiency which is brought about from the equity division reform. This dissertation finds that limited new stock supply, liquidity premium of circulating stock, price control of trading market which are brought about because of equity division, produces a systematic deviation between trading market price and the internal value of the issuing company. Further empirical investigation shows that the issuing price prior to the equity division reform contains relatively limited market information compared with samples afterwards. Therefore, the equity division reform has signifi-cantly improved the IPO allocation efficiency.

关 键 词：IPO效率 新股发行方式 股权分置改革 

分 类 号：F830.91[经济管理—金融学]