盈余管理、公司质量与IPO定价效率  

Earnings Management, Corporate Quality and IPO Pricing Efficiency

作　　者：王文召[1] Wang Wenzhao

机构地区：[1]中国人民大学经济学院

出　　处：《财经科学》2017年第1期37-46,共10页Finance & Economics

摘　　要：新股发行价格高估公司基本价值的同时,还伴随着公司上市后异常高的首日收益率。这一现象的逻辑起点就是新股高折价发行,即首日收益率偏高。在定价被压低的情况下,发行主体通过盈余管理来寻求发行的高估值动机十分明显。本文通过对股票市场首日收益率、盈余管理分析以及基于公司质量主成分分析方法建模分析发行定价效率,对上述现象予以了阐释。并认为我国股票市场的IPO定价应继续坚持市场化的改革方向。The issue of new shares that overestimate the fundamental values of companies always comes along with abnormally high first-day return with the company going public. The logic starting point of this phenomenon is the highdiscount of new shares, that is, there is the high yield at the first day. In the ease of pricing is depressed, the motivation of the issuer which is to seek the high valuation through the earnings management is very obvious. This paper explains the above phenomenon by analyzing the return rate at the first day, the earnings management analysis and the model based on the company quality principal component analysis method to analyze the issue pricing efficiency. And IPO pricing in China＇s stock market should continue to adhere to market-oriented reform direction.

关 键 词：首日收益率 盈余管理 公司质量 定价效率 

分 类 号：F832.51[经济管理—金融学] F275