主承销商网络中心度与IPO报价修订--影响机制、询价扩容及异质效应  

Lead underwriter network centrality and IPO offer price revision:Influence mechanism,inquiry expansion and heterogeneous effect

作　　者：刘井建[1] 徐一琪 吕禾雨 赵革新 LIU Jingjian;XU Yiqi;LV Heyu;ZHAO Gexin(College of Management and Economics,Dalian University of Technology,Dalian 116024,China)

机构地区：[1]大连理工大学经济管理学院,辽宁大连116024

出　　处：《管理工程学报》2021年第5期117-130,共14页Journal of Industrial Engineering and Engineering Management

基　　金：国家社会科学基金重大项目(18ZDA095);教育部人文社科规划青年基金项目(19YJC790082);中央高校基本科研业务费项目(DUT19RW119)。

摘　　要：本文基于社会网络关系的视角,揭示了主承销商对IPO报价修订的影响机制与效应。以2010年报价信息披露后的沪深A股IPO公司为研究对象,实证结果发现:主承销商网络中心度越高,IPO报价修订概率及程度越低,并存在向上修订的倾向。影响机制分析得出:网络中心度高的主承销商,具有较强的信息获取和传递能力,提高了IPO报价的准确性;主承销商通过向上修订来获取更多承销费用,但出于维护声誉的约束,网络中心度越高,IPO报价向上修订的幅度降低。进一步研究发现:我国2014年IPO询价对象扩容使市场化水平提高,政策效应减弱了主承销商网络中心度和IPO报价修订之间的关系,降低了IPO定价对主承销商的依赖程度;在民营企业以及意见分歧大、承销能力弱、市场情绪高时主承销商网络中心度对IPO报价修订的影响显著。研究结论对提高IPO信息披露与定价机制、规范承销商行为具有借鉴意义。Capital market is the main channel for direct financing of a company.The gradual normalization of IPO in China,especially the Sci-Tech innovation board and its pilot registration system formally established in November 2018,promotes the process of direct financing of capital market.At present,China′s IPO pricing adopts the inquiry system of liberalized price-to-earnings ratio.Due to the distortion of pricing guidance rules,the capital market exists“three high”phenomena,that is,high P/E,high issue price and high over-raised funds.In this context,IPO offer-price revisions and upward revisions are particularly important.Although the inquiry object declaration and the analyst′s analysis and prediction of the IPO company are quite important,the lead underwriter plays a more central role in the IPO pricing process.According to the inquiry information,it will weigh the interests of investors,issuers and itself,and finally determine the revised direction and degree of IPO offer price.In the perspective of social network relationship,we reveal the mechanism and effect of the influence of social network relationship of the lead underwriter.This paper clarifies the mechanism and effect of the lead underwriter′s social network relationship,which is particularly important for clarifying the pricing rules of China′s IPO market and optimizing the pricing mechanism.This paper,pays attention to the decision-making mechanism of IPO price before listing,and clarifies the inquiry process of the lead underwriter from providing“new stock value analysis report”,determining the inquiry interval of the declared price to determining the final issue price.Based on the theory of social network relationship,and the information acquisition and transmission function of the lead underwriters,we explain the influence mechanism of the network of the lead underwriters on the IPO offer-price revision.In combination with recent trends in China of enthusiasm for“new”IPO market,from the acquisition of excess underwriting cost of in

关 键 词：主承销商 网络中心度 IPO报价修订 询价机制 

分 类 号：F273[经济管理—企业管理]