科创板券商跟投能降低IPO询价意见分歧吗?  

Can Broker Co-investment Reduce the Divergence of Bids on IPO in the STAR Market?

作　　者：杨李娟 蒋尧明[2] 熊凌云[1] YANG Li-juan;JIANG Yao-ming;XIONG Ling-yun(School of Accounting,Jiangxi University of Finance and Economics,Nanchang 330013,China;Accounting Development Research Center,Jiangxi University of Finance and Economics,Nanchang 330013,China)

机构地区：[1]江西财经大学会计学院,江西南昌330013 [2]江西财经大学会计发展研究中心,江西南昌330013

出　　处：《现代财经（天津财经大学学报）》2023年第4期64-80,共17页Modern Finance and Economics：Journal of Tianjin University of Finance and Economics

基　　金：江西省高校人文社会科学基金项目(JJ21222);江西省社会科学基金项目(22GL13)。

摘　　要：券商跟投是科创板IPO的创新性制度安排。本文基于2019—2021年科创板上市公司数据,实证检验了券商跟投对询价意见分歧的影响。研究发现,科创板券商跟投比例越高,机构投资者询价意见分歧越小。从影响机制来看,券商跟投有效激励券商加大信息披露,降低了一级市场的信息不对称程度,从而降低了询价意见分歧。异质性分析表明,券商跟投对询价意见分歧的降低作用主要在内外部信息环境较差的发行人中显著,即跟投券商有效提高了企业的信息环境质量,发挥了认证作用。此外,券商跟投降低询价意见分歧后,还提高了新股上市首日收益率。因此,建议监管部门放开券商跟投比例的最高限制,在A股市场全面推行跟投制度,进一步完善券商跟投信息披露配套机制,充分发挥券商跟投的积极作用。Broker co-investment system is an innovative institutional for the STAR market.Based on the data of listed companies on the STAR market from 2019 to 2021,this paper empirically tests the impact of broker co-investment on the divergence of bids.The study finds that the higher the proportion of broker co-investment on the STAR market,the lower the divergence of institutional investors'bids.From the perspective of impact mechanism,broker co-investment effectively encourages brokerage to increase information disclosure,which reduces the degree of information asymmetry in the IPO,thus reduces the divergence of bids.Heterogeneity analysis shows that the reduction of divergence of bids between brokerages and investors is mainly significant in issuers with poor internal and external information environments,that is,brokerages effectively improve the information environment quality of issuers and play a certification role.In addition,with the reducing divergence of bids,brokerages also improve the first day yield of the IPO.Therefore,it is suggested that the regulatory authorities should lift the maximum limit on the proportion of broker co-investment,fully implement the broker co-investment system in the A-share market,further improve the supporting mechanism for information disclosure,and give full play to the positive role of broker co-investment.

关 键 词：科创板 券商跟投 IPO 询价意见分歧 信息不对称 

分 类 号：F832.5[经济管理—金融学]