IPO高抑价之谜:“租金分配观”还是“定价效率观”?——基于2005—2012年数据  

The Puzzle of High IPO Underpricing: “Rent Allocation Theory” or “Pricing Efficiency Theory”: Based on the Data from 2005 to 2012?

作　　者：彭文平[1] 刘健强[1] 

机构地区：[1]华南师范大学经济与管理学院,广东广州510631

出　　处：《南京审计学院学报》2014年第5期44-54,共11页journal of nanjing audit university

基　　金：国家自然科学基金项目(71002087);国家社会科学基金后期资助项目(14FSS016);广东省学科建设项目(2013WYXM0013)

摘　　要：对中国IPO极高的抑价现象存在两种不同的解释——"定价效率观"和"租金分配观"。以2005—2012年A股IPO公司作为样本,对这两种观点进行检验,结果表明:"租金分配观"只在2005—2008年成立,在2009—2012年不成立;"定价效率观"则能更好地解释2005年实施询价配售制度以来中国IPO抑价率的变化。There are two distinctly different theories that could explain high IPO underpricing phenomenon in China stock market. One is pricing efficiency theory and the other is rent allocation theory. This paper selects IPO samples of A-share market from 2005 to 2012 to test two kinds of views above. Our findings indicate that the rent allocation theory was convincing only from 2005 to 2008. In comparison with the former view, the theory of pricing efficiency could better explain the changes of IPO underpricing since 2005 when the book-building allotment system was implemented.

关 键 词：IPO抑价 定价效率观 租金分配观 股票市场 股权结构 股权分置改革 IPO询价定价制度 网上申购改革 

分 类 号：F830.59[经济管理—金融学]