基于随机边界方法的创投支持企业的IPO真实发行抑价  

The Real Underpricing of Venture Capital Backed IPOs:A Stochastic Frontier Approach

作　　者：邹高峰[1] 张维[1] 熊熊[1] 李刚[2] 

机构地区：[1]天津大学管理与经济学部,天津300072 [2]天津海泰科技投资管理有限公司,天津300384

出　　处：《系统工程》2013年第4期27-31,共5页Systems Engineering

基　　金：国家自然科学基金资助项目(71001077;71101004);国家科技支撑计划项目(2012BAH31F04);天津市教委社科重大项目(2011ZD008)

摘　　要：选取2005年实施询价制度以来至2012年6月在中小板和创业板的975只IPO样本,采用随机边界方法考察创投支持企业的IPO"真实发行抑价",其克服了以往依据首日收盘价为基础计算IPO抑价率来衡量发行价格低于公允价值程度这一方法的缺陷。实证结果表明:创投支持企业相比非创投支持企业的IPO"真实发行抑价"程度更低,创业投资机构在新股发行定价过程中具有一定的"认证"作用。The stochastic frontier approach is used to measure the deliberate underpricing of venture capital backed IPOs,which going public during between January 2005 and June 2012 on SME and ChiNext stock market.This method has overcome the shortage of the previous methods effectively,which calculate the IPO underpricing based on closing price in order to measure the degree of IPO issuing price lower to the fair value.The empirical results show that the deliberate underpricing of venture capital backed IPOs is lower than that of the non-venture capital backed IPOs,and the venture capitalist has a certain ＂certification＂ role during the process of IPO pricing.

关 键 词：创业投资 新股发行 真实发行抑价 随机边界方法 

分 类 号：F830[经济管理—金融学]