我国股票发行通道制与保荐制下IPO定价效率的比较研究  

Comparative Research about the Efficiency of IPO Pricing Between the Channel System and Sponsors System

作　　者：翟立宏[1] 徐志高[1] 

机构地区：[1]西南财经大学金融学院,成都610074

出　　处：《经济问题》2009年第5期109-113,共5页On Economic Problems

摘　　要：采用2001～2008年沪深股市的IPO数据，对通道制与保荐制下的IFO发行效率进行了比较研究。结果表明：通道制下只有公司的发行量、盈利性因素在IPO定价中得到体现，发行效率有限。而保荐制下包括公司规模、成长性、盈利性、偿债能力、经营效率在内的内部因素在定价中得到了有效的体现，同时承销商声誉对公司的IPO定价效率具有显著影响。这说明通道制下IPO定价效率有限，保荐制下IPO定价效率更高，定价更趋于合理。When an enterprise belongs to an industry value chain, the nexus between the suppliers and the enterprise and the nexus between the enterprise and their customers may play an important role in the trade credit. This paper chooses some enterprise from the stock market to formulate an industry value chain and divides the sample enterprises into four groups. Then this paper use the regression model to test the influence factors to the trade credit from the four groups. At last the paper conclude that the influence factors may be different to various enterprises due to their different status in the industry value chain.

关 键 词：通道制 保荐制 IPO 定价效率 

分 类 号：F830.91[经济管理—金融学]