股票发行定价与发行后股东减持——基于中国股权分置改革后股票发行的经验证据  

Stock Issue Pricing and the Decision of Selling Stocks by Shareholders

作　　者：李翔[1] 张一璇 周梦雅 陈浩 

机构地区：[1]南京大学会计与财务研究院,江苏南京210093 [2]南京广播电视集团,江苏南京210001

出　　处：《经济问题》2018年第1期82-90,共9页On Economic Problems

基　　金：国家自然科学基金项目"法律环境;行政裁量与公司价值"(71272102)的阶段性成果

摘　　要：实证分析了上市公司股票首次公开发行定价是否会影响发行后股东减持股票的决策行为,结论发现:(1)股票发行溢价越高,发起人股东越可能在股票上市流通后减持股份;(2)股东减持股票的决策具有溢出效应,发起人股东减持股票会促进非发起人股东减持股票;(3)股票发行溢价与公司上市支付的承销费用正相关。基于此,公司支付高额承销费、获得超额发行定价机会、发行后减持股份以收回上市成本之间存在着潜在的关联。This paper explores the relationship between the stock issue pricing and the shareholders＇ decision of selling stocks after IPO. The pricing premium of IPO stocks may lead to the shareholders ＇ decision of selling stocks. There is spillover effect from the behavior of selling stocks by shareholders. The pricing premium is positively correlated with the listing fee which is paid to underwriters. The empirical results imply that the sponsor shareholders may pay more issue fee to gain higher issue pricing premium and reduce the cost of capital by selling stocks after IPO.

关 键 词：股票发行定价 股票减持 限售股 

分 类 号：F830.91[经济管理—金融学]