我国新股发行制度变迁与IPO高抑价的实证研究

中国IPO抑价率远远高出世界其他国家和地区的平均抑价率水平,难以从传统的IPO抑价理论中得到解释。中国A股发行制度的变化,无论是发行审核制度的演进,还是发行方式的创新,以及发行定价机制的反复,都直接影响了IPO抑价率。ANOVA分析结果表明,发行制度的变化是影响我国A股IPO抑价率的主要因素,而且随着相关制度的逐步完善,监管层通过降低IPO抑价率,提高我国股票市场资源配置效率的政策目标正在逐步实现。

A Positive Study of Under-pricing of Chinese IPOs and Its Offering System

The average under-pricing of Chinese IPOs is much higher than that of other countries in the world, and it keeps going down by years. Such a phenomenon can hardly be explained by the traditional theories about IPO under-pricing. This article ventures to illustrate that the constitutional development of the Chinese IPO systems, including the evolution of approval regulations, the innovation of offering modes and the transformation of IPO pricing mechanisms have all exerted direct influence on IPOs under-pricing. The result of ANOVA analysis also lends strong support to the hypothesis as such. Nevertheless, with the gradual improvement of the related rules, and the lowering of IPO under-pricing by the supervision management, the policy goal to improve shares market efficiency on resources allocation has been approximated step by step.