绿色企业IPO市场表现  

IPO Market Performance of Green Enterprises

作　　者：吴瑶 Wu Yao(China University Of Petroleum,Beijing 102249)

机构地区：[1]中国石油大学(北京)经济管理学院,北京102249

出　　处：《现代工业经济和信息化》2023年第1期259-261,266,共4页Modern Industrial Economy and Informationization

摘　　要：随着环境污染问题日益突出,在“双碳”大环境下,环保产业得到人们更多的关注。基于2014年6月—2019年12月沪深A股212家上市公司IPO市场表现数据,运用PSM及OLS回归等方法,实证研究绿色企业IPO市场表现。研究发现,绿色企业IPO长期市场表现呈弱势趋势,IPO抑价程度与企业是否绿色无关,投资者在筛选新股时很少考虑企业社会责任问题。进一步研究发现,不同发行审核制度会影响企业上市表现,注册制下绿色企业IPO抑价程度有明显降低。The problem of environmental pollution is becoming more and more prominent.In the"carbon peaking and carbon neutrality goals"background,the environmental protection industry has received more attention.Based on the IPO market performance data of 212A-share listed companies in Shanghai and Shenzhen from June 2014 to December 2019,this paper uses PSM and OLS regression methods to empirically study the IPO market performance of green companies.The study found that the long-term market performance of green companies’IPO showed a weak trend,the degree of IPO underpricing has nothing to do with whether the companies are green or not,and investors rarely consider corporate social responsibility when screening new stocks.Further research found that different issuance review systems will affect the listing performance of companies,and the underpricing degree of green companies’IPOs under the registration system is significantly reduced.

关 键 词：绿色企业 IPO长期市场表现 IPO抑价 发行审核制度 

分 类 号：F832.5[经济管理—金融学] X324[环境科学与工程—环境工程]