询价制有效识别IPO信息披露质量的实证检验  

Empirical Test on Effective Identification of IPO Information Disclosure Quality by Inquiry System

作　　者：谢升峰[1] 尤瑞[1] Xie Shengfeng;You Rui(Business School,Hubei University,Wuhan 430062,China)

机构地区：[1]湖北大学商学院

出　　处：《统计与决策》2019年第24期149-152,共4页Statistics & Decision

摘　　要："讲真话"的信息提取模型揭示询价制下的抑价机制、股份差别分配机制是保证信息提取效率的关键。文章采用因子分析法测算出2011-2016年我国中小创公司IPO询价效率后,对信息披露质量进行Logistic回归,结果显示:只有少部分询价效率高的IPO能有效地反映信息披露质量;机构配售股份增加能一定程度上引诱信息暴露,但询价群体尚有待优化。The information extraction model of "telling the truth" reveals that the mechanism of price suppression and differential allocation of shares under inquiry system is the key to ensure the efficiency of information extraction. This paper uses factor analysis method to calculate the IPO inquiry efficiency of small and medium-sized innovation companies in China in 2016, and then carries out Logistic regression to the quality of information disclosure. The results show that only a small number of IPOs with high inquiry efficiency can effectively reflect the quality of information disclosure, and that the increase of institutional allotment shares can induce information exposure to a certain extent, but the inquiry group needs to be optimized.

关 键 词：IPO信息披露质量 询价制 询价效率 股份差别配售 

分 类 号：F830.91[经济管理—金融学]