机构投资者与券商协同对IPO定价效率的影响——基于中国创业板市场的数据分析  

The Impact of Synergy Between Institutional Investors and Brokers on IPO Pricing Efficiency——Based on the Data Analysis of the Chinese Second-board Market

作　　者：狄为[1] 白晓童 DI Wei;BAI Xiaotong(School of Economics and Management, Jiangsu University of Science and Technology, Zhenjiang Jiangsu 212100, China)

机构地区：[1]江苏科技大学经济管理学院,江苏镇江212100

出　　处：《江苏科技大学学报（社会科学版）》2020年第3期97-104,共8页Journal of Jiangsu University of Science and Technology(Social Science Edition)

基　　金：江苏省社科应用研究精品工程财经发展专项课题(19SCC-021);镇江市科技创新资金(政策引导计划——软科学研究)项目(RK2019012)。

摘　　要：当前中国股票市场IPO定价效率低下问题普遍存在。以2009年10月30日至2018年12月31日创业板市场IPO企业为样本数据,运用相关回归分析与博弈论建模研究机构投资者与券商协同对IPO定价效率的影响。结果表明:机构投资者与券商协同下的协作对IPO定价效率具有正面影响,协同下的合谋对IPO定价效率具有负面影响。正面影响占主导地位,机构投资者与券商合作次数和IPO定价效率正相关,券商声誉在IPO定价效率正面影响方面居主导地位,对机构投资者与券商合作次数和IPO定价效率的关系具有增强型调节作用。根据研究结论,应从机构投资者、券商、IPO企业与监管机构4个角度提出对策建议,以丰富相关文献理论研究,推动股票市场健康发展。The problem of low IPO pricing efficiency in China′s stock market is of far-reaching significance and the situation is serious.Taking 2009.10.30—2018.12.31 IPO companies as sample data,this paper uses correlation regression analysis and game theory modeling to study the impact of institutional investors and brokers on the efficiency of IPO pricing.The results show that the collaboration between institutional investors and brokers has a positive impact on the IPO pricing efficiency,and the collaboration under the coordination has a negative impact on the IPO pricing efficiency.The positive impact is dominant.The number of cooperation between institutional investors and brokers is positively correlated with IPO pricing efficiency.The reputation of brokers has a positive impact on the IPO pricing efficiency,exerting an enhanced regulatory effect on the relationship between the number of institutional investors and brokerage firms′cooperation and IPO pricing efficiency.This paper puts forward countermeasures and suggestions from four perspectives as institutional investors,brokers,IPO companies and regulatory agencies,in order to enrich the theoretical research of relevant literature and promote the healthy development of the stock market.

关 键 词：IPO定价效率 机构投资者 券商 创业板市场 

分 类 号：F275[经济管理—企业管理]