新股发行:渐进式市场化改革是否可行  

Extreme IPO Underpricing: Can the Market-oriented Incremental Reform Work in China

作　　者：田利辉[1] 张伟 王冠英[1] 

机构地区：[1]南开大学金融发展研究院

出　　处：《南开管理评论》2013年第2期116-132,共17页Nankai Business Review

基　　金：教育部人文社会科学研究规划基金(12YJA790124);南开大学中央高校基本科研业务费专项资金项目(NKZXYY1115)资助

摘　　要：证券市场改革是我国经济体制转轨重要组成部分。我国证券市场存在着一定程度的扭曲,譬如新股发行抑价20年来平均高达181.6%。通过供求理论分析和实证计量检验,本文发现,我国政府主导的发行制度渐进式改革能够显著减少新股发行超额抑价程度。而这一有所成效的改革核心在于放松对于新股供给和定价的管制,亦即市场化。制度变迁能够推动金融发展。The reform of stock markets is important to the success of transition from a planning economy to a market economy. The Chinese stock market is somehow twisted with government intervention and administrative regulations. It consequently brings about the ex- treme Chinese IPO underpricing, which is up to 181.6% on average during the past two decades. We review the Chinese IPO reforms in details and classify the regulations into four periods of supply con- trol and five periods of pricing control. We then examine whether the size of this problem can be reduced with different institutional setting-ups under the market-oriented incremental reform. In our theoretical analysis of supply and demand, we argue that the seri- ousness of IPO underpricing is progressively reduced by the changes of regulation rules. Examining the 1970 news issues from 1993 to 2010 empirically, we find that the institutional variables in different periods significantly help to reduce the sizes of IPO underpricing, which suggests that the incremental IPO reform is so far successful. If excluding the effects of market cycles, the degrees of IPO under- pricing decrease significantly year by year, from 491% in 1993 to 42% in 2010. Indeed, the underpricing sizes are reduced stepwise with relaxing the controls of IPO pricing and share supplies in a gradual manner. This market-oriented IPO reform has not yet been completed, though. Deepening the regulation reform with reducing political control can correct the problems of the Chinese stock market. Actually, the breadth and depth of the Chinese stock market are better than the rest in transition economies. We argue that the Chinese increment financial reform works and institutional changes can promote financial development.

关 键 词：监管市场化 渐进转轨 制度变迁 IPO抑价 

分 类 号：F832.51[经济管理—金融学]