我国科创板上市公司股票发行与上市折溢价研究  

Research on Stock Issuance,the Discount and Premium of Share Price of Listed Companies on the STAR Market

作　　者：杨咸月[1] 应成 YANG Xianyue;YING Cheng(Institute of Applied Economics,Shanghai Academy of Social Science,Shanghai 200030)

机构地区：[1]上海社会科学院应用经济所,上海200030

出　　处：《贵州商学院学报》2021年第2期23-37,共15页Journal of Guizhou University Of Commerce

基　　金：国家自然科学基金青年项目“中国网贷市场逆向选择、道德风险与信贷配给”(71773022);国家社会科学基金一般项目“我国P2P市场借款与违约研究”(14BJL033)。

摘　　要：研究运用OLS模型和双边随机前沿模型分析科创板IPO和二级市场的定价效率及其影响因素,探讨股票价格一、二级市场存在价差的原因。我国科创板IPO和二级市场定价机制重视企业研发水平,充分体现了科创板的科技属性,两个市场不同之处在于IPO定价关注企业盈利,二级市场定价则受股票市场供需影响更大。总体上,科创板IPO定价并不低,新股上市后出现较大的首日超额收益率也主要由二级市场股票溢价引致。研究还为进一步完善我国IPO定价制度和推进注册制改革提供依据。In this paper,the OLS Model and the Bilateral Stochastic Frontier Model were used to analyze the pricing efficiency and its influencing factors of the IPO and the secondary market of the Science and Technology Innovation Board(STAR Market),and to explore the reasons for the price difference between the primary or secondary markets.The IPO and secondary market pricing mechanism of STAR Market both value the R&D level of enterprises,reflecting the technological attributes of the STAR Market.The difference between the two markets is that the IPO pricing focuses on corporate profits,while the pricing of the secondary market is more affected by the supply and demand of the stock market.In general,the IPO pricing on the STAR Market is not low,and the large first-day excess return after the listing of new stocks is mainly caused by the premium of the secondary market stocks.The research also provides a reference for further improving China′s IPO pricing system and advancing the reform of the registration system.

关 键 词：科创板 IPO定价 二级市场定价 双边随机前沿模型 

分 类 号：F832.5[经济管理—金融学]