经济政策不确定性对科创板IPO抑价率的影响研究  

The Influence of Economic Policy Uncertainty on IPO Underpricing in the STAR Market

作　　者：赵毅 牟丹 李正辉 马菊敏 Zhao Yi;Mu Dan;Li Zhenghui;Ma Jumin

机构地区：[1]河北工业大学经济管理学院京津冀发展研究中心 [2]河北工业大学经济管理学院 [3]中国证监会中证金融研究院 [4]河北工业大学科学技术研究院

出　　处：《投资研究》2024年第4期120-144,共25页Review of Investment Studies

基　　金：河北省社会科学基金专题项目“创新资本支持河北高水平科技自立自强的政策协同研究”(HB23ZT017)。

摘　　要：从投资者情绪视角探究经济政策不确定性对科创板IPO抑价率的影响。研究发现:经济政策不确定性对科创板IPO抑价存在显著的负向影响,且通过上市前的市场情绪和投资者情绪两条路径传导,其中,上市前的市场情绪也影响上市时投资者情绪。进一步研究发现:经济政策不确定性中的财政和贸易政策不确定性对科创板IPO抑价影响不显著,而货币和外汇政策不确定性对科创板IPO抑价存在显著的负向影响,且投资者情绪在其中发挥中介作用。From the perspective of investor sentiment,this paper explores the impact of economic policy uncertainty on the IPO underpricing rate of the Science and Technology Innovation Board.It finds that economic policy'uncertainty has a significant negative impact on IPO underpricing on the Science and Technology Innovation Board,and it is transmitted through two paths of prelisting market sentiment and investor sentiment,among which pre-listing market sentiment also affects investor sentiment.Further research shows that the financial and trade policy uncertainty in the economic policy uncertainty has no significant impact on the IPO underpricing of the Science and Technology Innovation Board,while the monetary and foreign exchange policy uncertainty has a significant negative impact on the IPO underpricing of the Science and Technology Innovation Board,and investor sentiment plays an intermediaryrole.

关 键 词：经济政策不确定性 IPO抑价 投资者情绪 

分 类 号：F832.51[经济管理—金融学]