政府补助在IPO新股定价中的角色:折价还是溢价效应?  

Role of Government Subsidies in IPO Pricing:Discount or Premium Effect?

作　　者：徐辉[1] 周兵[1] 周孝华[2] XU Hui;ZHOU Bing;ZHOU XiaoHua(Chongqing Technology and Business University,Chongqing 400067;Chongqing University,Chongqing 400044)

机构地区：[1]重庆工商大学会计学院,重庆400067 [2]重庆大学经济与工商管理学院,重庆400044

出　　处：《财贸研究》2022年第10期75-88,共14页Finance and Trade Research

基　　金：重庆市社会科学规划项目“制度视角下的企业生态创新行为与绩效研究”(2017PY41);重庆市自然科学基金博士后科学基金项目“实体企业金融化的地区同群效应研究:生成机制、经济后果及治理”(cstc2021jcyj-bshX0186);重庆工商大学高层次人才科研启动项目“‘实业+金融’的产融结合模式下企业创新投资行为及其经济后果研究”(2055015)。

摘　　要：以IPO定价为切入点,从一、二级市场两个维度综合考察政府补助对IPO定价的影响,结果发现:政府补助加剧了IPO新股发行溢价,也刺激了二级市场交易溢价,且这一现象在国有企业中更明显。进一步地,基于双边随机边界模型的IPO抑价分解结果表明:政府补助会促使IPO抑价提升,且折价效应和溢价效应是IPO高抑价的主要诱因,但溢价效应占主导地位。此外,项目补助、税收返还以及创新支持类政府补助会导致IPO新股定价被高估,但在信誉奖类补助中未发现这一现象。Taking IPO pricing as the starting point,this paper comprehensively investigates the impact of government subsidies on IPO pricing from the two dimensions of primary and secondary markets.The results show that government subsidies aggravate the IPO new shares premium,and stimulates the secondary market transaction premium,and this phenomenon is more obvious in state-owned enterprises.Furthermore,the decomposition results of IPO underpricing based on the bilateral stochastic boundary model shows that government subsidies will promote the increase of IPO underpricing,and the discount effect and premium effect are the main causes of the high IPO underpricing,but the premium effect is dominant.In addition,government subsidies such as project subsidies,tax rebates and innovation support can lead to overpricing of IPO shares,but this phenomenon is not found in the credit award subsidies.

关 键 词：政府补助 产权性质 IPO定价 溢价 抑价分解 

分 类 号：F832[经济管理—金融学]