承销费用、政府定价管制与IPO抑价——来自中国首次公开发行公司的经验证据  

Underwriting Fees,Government Pricing Regulations and IPO Underpricing——Empirical Evidence from China's Initial Public Offerings Companies

作　　者：王成方[1] 宋夏云[1,2] 蒋巍[3] 

机构地区：[1]浙江财经大学会计学院,浙江杭州310018 [2]南京大学商学院,江苏南京210093 [3]杭州电子科技大学会计学院,浙江杭州310018

出　　处：《财经论丛》2015年第7期33-40,共8页Collected Essays on Finance and Economics

基　　金：浙江省哲学社会科学规划课题(15NDJC119YB);中国博士后科学基金第54批面上资助项目(2013M541649);审计署审计科研所协作课题(2013002)

摘　　要：选择2001年11月1日至2012年12月31日的中国A股IPO公司为研究样本,分析承销费用与IPO抑价之间的关系及其在政府定价管制程度不同情况下对承销费用与IPO抑价关系的影响。结果显示,承销费用与IPO抑价呈正相关关系;而政府定价管制程度的提高会削弱承销费用与IPO抑价之间的正相关关系,甚至会使其转向负相关关系。This paper selects the data of A-share IPO companies from November 1, 2001 to 31 December 2012 as sample examine the relationship between underwriting fees and IPO underpricing , and degree of government pricing regulations on the relationship between underwriting fees and IPO underpricing .OLS and 2SLS regression results show that underwriting fees and IPO underpricing are significantly positive correlat .the improvement of government pricing regulations , underwriting fees and IPO underpricing and even turn negative correlation relationship .

关 键 词：承销费用 政府定价管制 IPO抑价 

分 类 号：F830.9[经济管理—金融学]