IPO抑价发行与公司治理机制——基于小微型企业的实证研究  

IPO under-pricing and corporate governance mechanism:empirical evidence based on small-sized and micro-sized enterprises

作　　者：李作奎[1] 王溢涵[2] 

机构地区：[1]东北财经大学实验教学中心,辽宁大连116025 [2]东北财经大学工商管理学院,辽宁大连116025

出　　处：《科技与管理》2013年第1期79-86,共8页Science-Technology and Management

摘　　要：利用2004年6月至2011年9月深圳证券交易所上市的小微型企业首次公开发行的数据,运用加权最小二乘法,分析抑价率(IPO期间公司价值替代变量)与公司治理机制的关系。通过实证研究发现:在董事会结构与公司价值关系中,董事会规模、董事会组成与公司价值存在显著的"倒U形"关系,领导权结构与公司价值存在正相关关系;在所有权结构与公司价值关系中,与目前大多数研究不同,在计量模型设立上,公司价值与管理层股权进行了立方关系的设计,因"利益趋同"和"利益侵占"效应的共同作用,公司价值随着管理层股权的增加先增加,然后减少,最后又增加的曲线关系。The paper examines the relationship between under-pricing rate （alternative variable of corporate value during IPO） and corporate governance mechanism by using the weighted least squares method based on data of initial public offerings of small-sized and micro-sized enterprises, which listed on the Shenzhen Stock Exchange （SZSE） from June 2004 to September 2011. Through empirical study,conclusions are drawn that there is a significant inverted U-shaped relationship between the size and the composition of the board of directors and corporate value;the structure of leadership and corporate value has a positive correlation. In terms of the relationship between ownership structure and corporate value, different from the other researches,the paper establishes the econometric model designing a cubic relationship for corporate value and management ownership. Because of ＂convergence of interest＂ effect and ＂encroachment of interest＂ effect, corporate value increases firstly,then decreases,and finally increases with the increase of management ownership.

关 键 词：IPO 抑价 公司治理机制 小微型企业 公司价值 

分 类 号：F275.5[经济管理—企业管理]