询价对象间关系网络的IPO定价后果研究

本文基于资本市场主体关系网络的研究视角,检验了询价对象间关系网络作用于IPO定价的机理和后果,结果表明询价对象间关系网络的强度和性质通过影响询价对象个体报价行为显著作用于IPO定价.研究发现,询价对象个体间关联程度越高,协同低报价行为越严重;询价对象整体关联程度越高,IPO定价越低;QFII参与询价没有弱化反而强化了询价对象间关系网络强度对询价对象协同低报价行为和IPO低定价的作用效果.本文研究发现IPO定价会受到询价对象间关系网络的影响,拓展了资本市场关系网络研究范围,也为尝试利用市场机制而不是仅依靠行政力量解决我国IPO市场潜在的高定价问题提供理论依据.

The effect of inquiry objects'relationship networks on IPO pricing

The study empirically investigates the effect and mechanism of inquiry objects''relationship networks on IPO pricing, from the perspective of relationship network of capital market''s subject.The results show that the strength and character of inquiry objects''relationship networks play an important role in IPO pricing through affecting individual inquiry objects'' offer behaviors.Specifically, collaboratively low price of inquiry objects is more serious when the relationship between the inquiry objects is stronger;IPO pricing is lower when the relationship between the inquiry objects is stronger;participation of QFII aggravates rather than weakens the effect of relationship between the inquiry objects on behaviors of inquiry objects''collaborative low price and IPO pricing.The study expands researches on relationship networks of capital markets by finding the effect of the strength of the inquiry objects''relationship networks on IPO pricing, as well as provides a theoretical basis for solving''high pricing''questions in IPO markets through market forces instead of only administrative powers.