询价次数变更对IPO定价效率的影响研究  

The Impact of Inquiry Phases Reduction on IPO Pricing Efficiency

作　　者：彭家生[1] 毛颖 刘昌胜[3] 

机构地区：[1]云南财经大学继续教育学院,云南昆明650221 [2]华润电力新能源事业部财务部,云南昆明530022 [3]云南财经大学商学院,云南昆明650221

出　　处：《学术探索》2015年第9期56-62,共7页Academic Exploration

基　　金：云南省社科规划项目(YB201130);(HZ201118);云南财经大学人才引进项目"会计信息质量的一般均衡理论研究"

摘　　要：我国资本市场的IPO定价问题一直是学术界关注的热点，同时也是证监会管制的重点。本文通过对相关文献的梳理，选取2009—2012年在创业板上市的355家公司作为研究样本，以2010年11月1日询价次数变更作为大背景，分析不同询价次数安排下机构投资者报价行为对IPO定价效率的影响。研究发现：（1）询价次数的减少有利于提高IPO定价效率；（2）网下配售率与IPO定价效率呈现正相关关系；（3）在一阶询价制度下，机构投资者的报价家数与IPO定价效率呈现倒“U”形关系。最后，本文根据研究结论提出了相关的建议。The IPO pricing efficiency in China＇s capital market has always been a hot topic in academic studies as well as a fo- cus of the CSRC regulation. Based on the review of relevant literature, this paper tests the impact of an inquiry procedure shift which happened November 1,2010 on the IPO pricing efficiency. To investigate the impact, we employ a sample of 355 compa- nies listed on the GEM between 2009 and 2012. It shows that： （1） By changing from two -phase procedure to one -phase pro- cedure in the inquiry procedure, the efficiency of IPO pricingh was improved; （2） the offline placement rate is positively corre- lated with the efficiency of IPO pricing; （3） under one - phase procedure, the count of inquired institutional investors and IPO pricing efficiency present inverted U - type relationship. Finally, some suggestions are put forward according to the research con- clusion.

关 键 词：询价次数 机构投资者 网下配售率 IPO定价效率 

分 类 号：F014.31[经济管理—政治经济学]