经济政策不确定性对A股IPO抑价的影响研究  

The influence of economic policy uncertainty on IPO underpricing in Chinese A-share market

作　　者：朱宏泉[1,2] 刘晓倩 李亚静 ZHU Hongquan;LIU Xiaoqian;LI Yajing(School of Economics and Management,Southwest Jiaotong University,Chengdu 610031,China;Service Science and Innovation Key Laboratory of Sichuan Province,Chengdu 610031,China;School of Economics and Management,University of Electronic Science and Technology of China,Chengdu 610054,China)

机构地区：[1]西南交通大学经济管理学院,成都610031 [2]服务科学与创新四川省重点实验室,成都610031 [3]电子科技大学经济与管理学院,成都610054

出　　处：《系统工程理论与实践》2021年第5期1197-1210,共14页Systems Engineering-Theory & Practice

基　　金：国家自然科学基金面上项目(71773100,91746109,72073109);教育部人文社科基金项目(18YJA790048,17XJC790009)。

摘　　要：作为外部环境,经济政策不确定性是否会影响新股定价?本文探讨经济政策不确定性对A股IPO抑价的影响,发现经济政策不确定性与IPO抑价显著负相关;路径分析结果显示经济政策不确定性虽然会降低股票的发行价、带来IPO抑价率的增加,但也会降低投资者对公司的价值认可度,导致IPO抑价降低,且投资者对公司价值认可的作用更大;进一步,企业股权性质、有无风险投资在一定程度上能够调节经济政策不确定性对IPO抑价率的影响,且经济政策不确定性通过影响机构投资者的价值认可而导致的IPO抑价率的降低,较个体投资者的作用更大.因此,政府应考虑政策的连续性,降低不确定性对企业,投资者的负面影响.Will IPO pricing be biased by the external environment,such as economic policy uncertainty?This article explores the impact of economic policy uncertainty on A-share IPO underpricing,and finds that economic policy uncertainty is significantly negatively correlated with IPO underpricing;Second,path analysis shows that economic policy uncertainty will lower the offer price(measured by price earnings ratios),which leads an increase in IPO underpricing.At the same time,it will decrease significantly investors’evaluation of firm’s value(measured by the higher subscription ratios and the lower first day turnover ratio),which leads a reduction sharply of IPO underpricing.Moreover,investors’recognition of firms’value will offset the effect of the lower offer price on IPO underpricing;Third,further analysis show that the state-owned characteristics and venture capital can weaken the impact of economic policy uncertainty on IPO underpricing,and the impact of economic policy uncertainty on firm’s evaluation is more severe for institutional investors than individual investors,which leads to further decrease of IPO underpricing.Therefore,the government should consider the continuity of policies and reduce the negative impact of uncertainty on enterprises and investors.

关 键 词：经济政策不确定性 IPO抑价率 市盈率倍数 投资者认可度 

分 类 号：F830[经济管理—金融学]