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	新股“破发”与IPO定价效率:基于股东特征的分析
	陆瑶 ; 袁敏峰 ; LU Yao ; YUAN Minfeng
	2016-03-30 ; 2016-03-30
关键词	IPO 定价效率 股东特征 initial public offerings(IPO) pricing efficiency shareholder characteristics F832.51 F224
其他题名	IPOoverpricing and IPO pricing efficiency: An analysis on shareholders' characteristics
中文摘要	该文以2005—2011年的A股IPO(initial public offerings)为样本,结合新股频繁破发的市场背景,引入定价偏离度的概念,系统地研究了IPO发行公司股东特征对新股定价效率的影响。研究发现,IPO定价效率与外资股份的出现正相关,而与国有股份和创投股份的出现负相关。从股东参与公司治理的角度看,发起人股东或董事的持股份比例与IPO的定价效率正相关。进一步的分析表明,国有股份更容易引起IPO抑价,而创投股份则更容易引起IPO破发。该文的研究从发行人股东特征的角度分析影响IPO定价效率的因素,为了解和提高中国股票市场的IPO定价效率提供了新的视角。; IPO(initial public offerings)overpricing has become an important phenomenon in current Chinese stock market.The concept of pricing deviation ratio was introduced to measure IPO pricing efficiency. The data of A-share IPOs from 2005to 2011were used to examine how shareholders'characteristics affect the IPO pricing efficiency.Analyses show that foreign ownership is associated with higher IPO pricing efficiency,with state ownership and venture capital ownership being associated with lower IPO pricing efficiency.The results also show that the IPO pricing efficiency is positively correlated with the founder ownership and the ownership that directors on the board hold.Further analysis indicates that the IPO pricing efficiency reduction caused by the state ownership comes from the conservative pricing strategy,while VC backed companies'pricing strategy is more aggressive.The IPO pricing efficiency is examined from the perspective of ownerships'characteristics in this paper,which provides a new way to understand and enhance the IPO pricing efficiency in China.
语种	中文 ; 中文
内容类型	期刊论文
源URL	[http://ir.lib.tsinghua.edu.cn/ir/item.do?handle=123456789/145605]
专题	清华大学
推荐引用方式 GB/T 7714	陆瑶,袁敏峰,LU Yao,等. 新股“破发”与IPO定价效率:基于股东特征的分析[J],2016, 2016.
APA	陆瑶,袁敏峰,LU Yao,&YUAN Minfeng.(2016).新股“破发”与IPO定价效率:基于股东特征的分析..
MLA	陆瑶,et al."新股“破发”与IPO定价效率:基于股东特征的分析".(2016).

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