发行市盈率管制的溢出效应研究——基于IPO抑价与溢价的视角  

Spillover Effect of P/E Ratio Regulation:Based on the Perspective of IPO Underpricing and Overpricing

作　　者：刘霞 LIU Xia(School of Chinese Auditing,Nanjing Audit University,Nanjing 211800,China)

机构地区：[1]南京审计大学中审学院,江苏南京211800

出　　处：《山东财经大学学报》2023年第4期12-23,共12页Journal of Shandong University of Finance and Economics

基　　金：国家自然科学基金地区项目“核心员工股权激励与企业创新质量:模式、途径及经济后果”(71962023)。

摘　　要：注册制前IPO定价多受到发行市盈率管制约束,随着注册制的实施该管制被全面放开。现有相关研究大都关注于高发行市盈率公司,鲜有学者注意该管制对低发行市盈率公司的影响。以注册制实施前主板与创业板低发行市盈率IPO公司为样本,从IPO抑价与溢价影响视角对发行市盈率管制潜在负面经济后果进行探讨。采用OLS方法,发现市盈率管制存在溢出效应,市盈率管制期间未受到直接限制的低发行市盈率公司IPO定价更低即存在抑价,上市后股价更高即存在溢价;市盈率管制期间,低发行市盈率公司短期、中期和长期市场表现弱于非市盈率管制期间;市盈率管制对低发行市盈率公司IPO抑价程度的影响在融资约束较强产权性质为国企时较弱。研究结果表明市盈率管制导致IPO定价与上市后的股价更大程度偏离内在价值,表明该管制政策存在较大负面效应,取消发行市盈率管制具有合理性,同时提示该管制取消后应警惕IPO定价过高带来的新股破发问题。IPO pricing was often constrained by the P/E ratio regulation prior to the registration system,which is fully relaxed with the implementation of the registration system.Most existing research has focused on the companies with high P/E ratio with few scholars paying attention to the impact of this regulation on the companies with low P/E ratio.With the main board and ChiNext board IPO companies with low P/E ratio before the implementation of the registration system as samples,this study explores the potential negative economic consequences of the P/E ratio regulation from the perspective of IPO underpricing and overpricing effect.It is found by adopting the OLS method that there exists a spillover effect in P/E ratio regulation,and during the period of P/E ratio regulation,the IPO pricing of the low P/E ratio companies that are not directly restricted is even lower,i.e.,underpricing exists,while their stock price is even higher after going listed,i.e.,overpricing exists;the short-term,medium-term and long-term market performance of the companies with low P/E ratio is weaker during the period of P/E ratio regulation than that during no P/E ratio regulation;and that the influence of P/E ratio regulation on the IPO underpricing degree of the companies with low P/E ratio is weaker when the financing constraints are strong and the property nature is state-owned enterprises.The research results of this study show that P/E ratio regulation makes IPO pricing and post-listed stock price more significantly deviated from the intrinsic value,indicating that this regulatory policy has significant negative effects,and therefore it is reasonable to cancel P/E ratio regulation.Meanwhile,this study warns that it is necessary to be vigilant against new stock breakdowns caused by excessively high IPO pricing after this regulation is lifted.

关 键 词：发行市盈率管制 IPO抑价 IPO溢价 市场表现 

分 类 号：F275[经济管理—企业管理]