“制度绑定”还是“技术溢出”?——外资参股承销商与IPO定价效率  

“Institutional Bonding Effect”or “Technology Spillover Effect”?——Foreign-holding Underwriter and IPO Pricing Efficiency

作　　者：郑建明[1] 白霄[1] 赵文耀 Zheng Jianming

机构地区：[1]对外经济贸易大学国际商学院,100029 [2]对外经济贸易大学金融学院,100029

出　　处：《会计研究》2018年第6期62-69,共8页Accounting Research

基　　金：国家自然科学基金项目(71502034)阶段性成果

摘　　要：我国加入WTO后,逐步履行证券市场对外开放的承诺,外资参股证券公司成为外资金融机构进入中国资本市场的主要途径。基于1995-2016年A股IPO公司,本文研究了外资参股承销商对IPO定价效率的影响。研究发现,外资参股承销商所承销IPO公司的定价溢价和抑价率均显著小于境内承销商,且较完善的外资来源国制度环境进一步增强了外资参股承销商对IPO定价效率的提升作用,符合制度绑定假说。进一步研究发现,承销商的外资参股比例、发行公司的股权结构对外资参股承销商的IPO定价效率产生了差异化影响。本文从承销商国际化的视角拓展了相关研究,同时从IPO定价效率的角度为放松证券市场管制提供了依据。After China＇s accession to WTO, the security market has gradually fulfilled its commitment to opening to the world. Setting up foreignholding securities company is an important way for foreign investment banks＇ access to Chinese capital market. Based on the IPO firms listed on A-share market from 1995 to 2016, this paper studies the impact of foreign-holding underwriters on pricing efficiency of IPO market. We find that the IPO pricing premium in primary market and underpricing in secondary market underwritten by f6reign-holding underwriters are significantly lower than local underwrit- ers. In the meanwhile, the good governance environment of foreign institutions＇ host country enhances the negative impact of the foreign-holding under- writers on the IPO pricing premium and underpricing, which means institution bond-effect comes into effect. Further study shows the share proportion of foreign equity participation and the ownership structure of IPO firms have differential effect on IPO pricing efficiency of foreign-holding underwriters. This paper extends the related research from the perspective of underwriter＇s internationalization, as well as provides basis for deregulation of security market from the oersoective of IPO orieing efficiency.

关 键 词：外资参股承销商 IPO定价效率 制度绑定 技术溢出 

分 类 号：F832.51[经济管理—金融学]