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1.
日本IPO发售机制的演变   总被引:1,自引:0,他引:1  
本文概述了IPO发售机制的种类及在各国的具体变化,介绍了美国式累计订单询价机制的特点.从各国新股发售机制的演变来看,日本采用过几乎所有的发售机制,具有着鲜明的特点.在对日本新股发售机制的发展演变过程进行了较为详细的分析后,本文对我国新股发行询价制提出了相应的建议.  相似文献   

2.
在美式累计订单询价发售机制中,如何分配新发行的股票是一个关键问题.从国外新股发行的具体实践来看,主承销商在分配股票时主要基于以下几个方面的考虑:通过分配股票收集有关新股定价方面的信息;将股票分配给能够长期持有的投资者以稳定新股价格;将行情好与不好时的IPO股票搭配分配以更好地分销股票;从自身牟利角度分配IPO股票等.本文对我国的新股发行提出了相应的改进建议.  相似文献   

3.
IPO发售机制研究进展:一个评论   总被引:1,自引:0,他引:1  
20世纪80年代以来,全球IPO发售机制演变的基本趋势是累计投标询价机制正日益取代固定价格与拍卖发售机制。这种现象的原因,是由于美国承销商霸权地位,还是三种IPO发售机制本身经济效率差异所致?本文首先基于微观经济效率差异性角度评述了IPO发售机制的研究进展,然后提出了IPO发售机制未来研究的三个方向。  相似文献   

4.
在世界范围内,具有较高效率和风险规避优势的累计投标询价正日益取代固定价格发售成为股票发行的一种趋势,但相当一部分国家仍沿用传统的固定价格发售机制.本文通过数据的收集和计量检验,分析效率与风险之外各国选择股票发售机制考虑的主要因素.研究表明,政府的管制和机构投资者的实力对发售机制的选择具有实质性影响;累计投标询价机制效率与风险优势的发挥是以机构投资者的充分发展和股票发行的市场化运作为前提的,一国股票发售制度的选择和演进必须切合现实国情.  相似文献   

5.
固定价格、累计投标询价和拍卖发行机制下的IPO抑价模型可解释我国新股发行市场长期存在的高抑价现象:散户投资者对新股发行的乐观情绪会推高二级市场的IPO交易价格,但却不能在IPO发行定价中得到完全体现。单纯通过变革新股发行机制并不能够从根本上抑制IPO高抑价产生,只有疏导散户投资者的乐观情绪才能彻底解决IPO高抑价问题,权宜之策是将散户投资者的乐观情绪嵌入IPO发行定价之中以消除IPO高抑价现象,允许散户投资者参与询价可以有效缓解这一现象,且具有可操作性。  相似文献   

6.
IPOs发售机制的演进趋势及比较分析   总被引:2,自引:0,他引:2  
从动态角度看,全球范围内累计订单询价的发售机制日趋流行,而固定价格机制和拍卖机制的应用日益减少,这一演进趋势在发达国家尤为明显,在新兴市场国家则并不显。  相似文献   

7.
固定价格、累计投标询价和拍卖发行机制下的IPO抑价模型可解释我国新股发行市场长期存在的高抑价现象:散户投资者对新股发行的乐观情绪会推高二级市场的IPO交易价格,但却不能在IPO发行定价中得到完全体现。单纯通过变革新股发行机制并不能够从根本上抑制IPO高抑价产生,只有疏导散户投资者的乐观情绪才能彻底解决IPO高抑价问题,权宜之策是将散户投资者的乐观情绪嵌入IPO发行定价之中以消除IPO高抑价现象,允许散户投资者参与询价可以有效缓解这一现象,且具有可操作性。  相似文献   

8.
各国(地区)IPO制度向美式累计投标询价方法的融合基本已经成为一个世界性的趋势。我国的资本市场效率在新股发行方式的不断变换中得到改善,但是新股的发行定价还没有真正实现市场化,应找出适合于现阶段我国股市的发行定价方式,逐步实现市场化的发行和定价方式,提高资本市场的资源配置效率。  相似文献   

9.
累计投标询价机制下的IPOs定价及实证分析   总被引:1,自引:0,他引:1  
通过回顾累计投标询价机制下IPOs定价的相关文献,并对IPOs发行过程中发行公司与机构投资者、中小投资者三方在利益最大化之间进行博弈,求解发行公司的IPOs策略及价格确定过程,在此基础上,进行实证分析。结果表明:我国在累计投标询价机制下发行股票的发行价格除了反映了发行公司股票的内在价值外,还反应了二级市场实际供求关系等外部综合影响因素。  相似文献   

10.
我国IPO询价制度实施效果研究   总被引:10,自引:0,他引:10  
本文运用均值检验与逐步回归等实证分析工具,对我国IPO询价制度的实施效果进行了检验与研究.结果显示,目前我国的IPO询价制度并未使IPO效率获得大幅提升,IPO的首日与首周平均收益率仍处于较高水平.询价过程缺乏信息激励与甄别是影响询价制度实施效果的主要因素.IPO发行改革的方向是正确的,但询价制度仍需要进一步完善.  相似文献   

11.
Book building has become a popular method of selling new shares. Although previous models suggest that book building is an efficient method for price discovery in initial public offering (IPO) issuance, empirical evidence provides mixed results. Previous empirical findings on IPO methods have been obtained from markets that allow issuers to choose the IPO method, and this setting is not free from endogeneity issues. We investigate the effect of IPO method (fixed price vs book building) in Indonesia, which is an emerging market that offers an exogenous setting for IPO methods. More specifically, Indonesia used the fixed price method for IPOs before October 2000 and used the book building method thereafter following the introduction of new IPO regulations. Using estimation methods that consider clustering phenomena, we find that book building yields larger underpricing and greater volatility than the fixed price method. Moreover, a positive relationship is observed between underpricing and aftermarket volatility for the book building method and book building IPOs underperform fixed price IPOs. No relationship was observed between underpricing and long-term performance for book building IPOs. Compared with previous models, our findings suggest that book building does not represent a quality IPO method and suffers from agency conflict; thus, this method needs improvement.  相似文献   

12.
Discretionary current accruals of Chinese initial public offering (IPO) firms decreased after the abolition of fixed‐price offering systems that directly linked offering price to reported earnings. Results suggest IPO firms that decrease managerial ownership manage earnings upward during the fixed‐price offering period, but this relationship disappeared after the introduction of a book‐building system. We also find that bank debt is negatively related to discretionary current accruals during the fixed‐price offering period, but no relation exists for the book‐building period. Leverage has a significant positive relationship with earnings management. However, this finding is potentially attributable to nonoffering price objectives or endogeneity biases.  相似文献   

13.
This paper estimates the underpricing cost associated with new shares issued and sold when firms go public in a traditional British-style IPO market in contrast to prior work which focussed on the underpricing cost to pre-IPO investors. Secondly, the estimates account for interest income on application funds received by issuing firms. Using data from the Hong Kong IPO market, the results show that the issuer underpricing cost of new share issues is on average only 14% of headline underpricing. When interest on application funds is taken into account, net issuer underpricing cost reduces to just around 7% of headline underpricing. This finding provides a compelling explanation of why issuing companies may not be concerned about underpricing in traditional British-style IPO markets. Thirdly, we also find that pre-IPO investors take steps to minimise wealth transfer to new investors either by selling a very small proportion or none of their pre-IPO shares. These findings suggest that explanations of IPO underpricing to the various parties involved in the process should, in part, be sought in the institutional structures and investment banking practices of the relevant primary capital market.  相似文献   

14.
While ESG initiation and disclosure may help newly listed companies maintain a social license to operate, mitigate information asymmetry, and attract investor attention, it may impose significant costs on initial public offering (IPO) firms and magnify agency problems. Using a sample of 1102 IPOs issued in the U.S and the ESG data from MSCI between 1999 and 2016, the paper empirically tests the competing hypotheses and examines the influence of ESG disclosure and performance on the survivability of IPOs. We document that (1) voluntary ESG disclosure reduces IPO failure risks and improves long-run performance of IPO; (2) the sooner ESG information is disclosed after the IPO, the greater the likelihood of survival and better long-run performance; and (3) IPOs with better ESG score are less likely to fail, with the impact largely attributable to the company's social and governance performance. Our findings identify new failure risks for IPOs, supply evidence of value-relevance of ESG, and provide practical guidance for managers.  相似文献   

15.
创业投资IPO偏低定价与退出绩效实证研究   总被引:1,自引:0,他引:1  
本文以1993~2006年在香港主板和创业板上市的133家H股公司为研究对象,对其偏低定价和短长期绩效情况进行了实证分析。研究表明,创业投资支持的公司的IPO偏低定价程度低于非创业投资支持的公司。创业投资支持的公司在香港主板市场的IPO偏低定价程度、长短期绩效均低于香港创业板市场,且在香港主板上市后的长期绩效呈不断下降趋势。在香港主板市场上,退出绩效与IPO偏低定价显著负相关。对创业投资支持的公司来说,在热发行期退出将获得更好的绩效。  相似文献   

16.
机构投资者对IPO定价效率的影响分析   总被引:2,自引:0,他引:2  
本文通过对沪深两地1996~2006年A股市场IPO样本的研究发现:IPO抑价率与IPO政策变量及机构投资者参与程度显著负相关。机构投资者参与询价和发行配售,对IPO抑价率的降低起到了显著作用,有利于提高市场发行定价效率。总体上看,现阶段中国A股发行市场定价效率仍然偏低。高抑价率的主要原因在于行政管制使股票发行人和承销商的议价能力发挥不足,根本原因还在于发行制度市场化程度不高。  相似文献   

17.
我国A股市场IPO定价影响因素的实证分析   总被引:1,自引:0,他引:1  
本文以实行询价制后沪深两市首次公开发行的A股为研究对象.选取2005年1月到2007年8月的144家发行新股的公司作为样本,搜集了它们新股上市前披露的公开信息、大盘运行状况以及行业特性等资料,建立起较为完整的指标体系,使用因子分析、逐步回归等方法构建了IPO定价的多因素模型,并据之判断IPO定价的影响因素。研究发现.财务状况、经营成果、新股发行数量、行业特性以及大盘风险等因素对IPO定价有较为重要的影响。  相似文献   

18.
We study bidding by anchor investors in a two‐stage initial public offering (IPO) process and document a negative, causal relation between allocation to anchor investors and underpricing. We find that anchor investors are likely to invest in hard‐to‐place offerings characterized by valuation uncertainty. We also document a positive relation between allocation to reputed anchor investors and returns up to lock‐up expiration. Our evidence provides support for information revelation and targeting specific investors’ theories of book building. Anchor‐backed IPOs earn superior returns mainly due to monitoring. Who bids in an IPO seems to matter just as particular types of bids do.  相似文献   

19.
We test the pecking order model of capital structure by examining the financing of firms that went public in 1983. We estimate a logit to predict external financing, and a multinomial logit to predict the type of financing using data on the IPO firms' security offerings during 1984–1992. Our results indicate that the probability of obtaining external funds is unrelated to the shortfall in internally generated funds, although firms with cash surpluses avoid external financing. Firms that access the capital markets do not follow the pecking order when choosing the type of security to offer.  相似文献   

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