零杠杆现象演变趋势与公司财务特征

零杠杆现象在我国上市公司中普遍存在,零杠杆公司占比逐年增长。研究发现, IPO重启、股票市场层次以及行业效应有助于解释逐年递增的零杠杆趋势。从财务特征来看,零杠杆公司规模小、年龄小、非债务税盾大、成长机会大、资产有形性低、现金流充裕、盈利性高、留存收益多、资本支出少;同时,零杠杆公司普遍受到融资约束,这意味着融资难的局面尚未改善,中小企业自身以及外部资本市场需要继续努力。     

技术创新与企业IPO后绩效表现

企业技术创新一直以来都是学术界研究的热点,对企业生产经营、行业竞争以及发展战略发挥着重要作用。传统企业技术创新衡量方法研究在IPO后绩效表现方面存在不足。研究发现,企业IPO决策过程中IPO时机与特征可以反映其技术创新动机,进而可基于技术创新角度对企业IPO后绩效表现作出合理解释。通过构建技术创新评价指标,对比分析了技术创新企业与非技术创新企业在IPO后长期绩效表现的异同点。结果表明：①技术创新动机与企业IPO后财务绩效正相关,技术创新强的企业在后市仍能保持良好业绩;②技术创新企业的长期市场表现看涨,而非技术创新企业则呈现波动;③技术创新企业存活质量明显高于非技术创新企业。     

The institutional determinants of private equity involvement in business groups—The case of Africa

This study examines the governance attributes of post-IPO (initial public offering) retained ownership of private equity in business group constituent firms in contrast to their unaffiliated counterparts, in 202 newly listed firms in 22 emerging African economies. We adopt an actor centered institutional-theoretic perspective in rationalizing institutional voids and the advantages of maintained governance by both business angels (BA) and venture capital (VC) private equity. Our findings reveal private equity retain higher post-IPO ownership in business group constituents compared to unaffiliated firms and that this is inversely moderated in the context of improving institutional quality – where this is particularly strong in case of foreign VC as opposed to domestic VC or BA. Our result adds to the literature on multifocal corporate governance mechanisms and the institutional determinants of private equity investment.     

风险投资IPO退出方式的抑价分析

在"热发行"时期会伴随相对较多的资金寻找投资机会,而IPO是风险投资机构退出所投资公司并寻找其他投资机会的有效工具.通过风险投资机构定价决策模型建立首次公开发行价格、出售比例、公司价值、新项目受益这四者之间的函数关系,可以说明,风险投资机构退出原来企业的主要原因是在"热发行"时期市场上高利润的新项目较多,收益相对较大,使得这一时期的风险投资机构急于以低于公司价值的价格出售大部分股票以筹措更多资金投资新的项目,获得利益的最大化.     

IPO抑价与证券市场制度变迁

IPO抑价是股票市场一个普遍存在的一个现象,我国也不例外。国外的理论重在研究IPO抑价的原因,且这些理论都是建立在市场有效的前提条件之上的,用这些理论解释我国IPO抑价率过高的情况不是特别合适。本文就我国证券市场各个阶段定价方式和发行制度的特征及各阶段IPO抑价率的情况做一简要分析,并针对IPO抑价存在的问题提出对策建议。     

刍议上市公司IPO市场化定价方式

本文通过对我国上市公司IPO市场化定价方式及其存在问题的分析,提出了改进我国IPO现行定价方式的市场方向。     

从股票发行与上市价格的影响因素看我国股市IPO抑价现象的原因

目前,在我国股票市场上一直存在着新股发行价低于上市价格的抑价现象,其主要原因是股市发行与交易市场参与者之间信息不对称。应加速完善上市公司信息披露机制,提高信息的真实性、及时性以及投资行为的理性化程度,借助信息和资金优势带动股票市场价格保持在合理且相对平稳的范围内。只有这样,股票市场价格才会更加清晰的反映出公司实际投资价值,发行价与上市价间的差距也会逐步降低。     

Firm value and its relation to equity retention levels, forecast earnings disclosures and underpricing in initial public offerings in Hong Kong

This study helps extend our understanding of the factors underlying the valuation of initial public offering (IPO) firms within the Hong Kong market context. The issues investigated are all the more important given Hong Kong's unique position in China, where free and unfettered capital markets entice global institutions wishing to partake in the ‘China investment story’. We find support for three signals of initial firm value: the fraction of equity retained by pre-listing stakeholders [Leland, H., & Pyle, D. (1977). Information asymmetries, financial structure and financial intermediation. Journal of Finance, 32, 371–387], the voluntary disclosure of a prospectus earnings forecast [Trueman, B. (1986). Why do managers voluntarily release earnings forecasts. Journal of Accounting and Economics, 53–71] and the amount of funds ‘given-up’ through IPO underpricing [see Allen, F., & Faulhaber, G. R. (1989). Signalling by underpricing in the IPO market. Journal of Financial Economics, 23, 303–323; Grinblatt, M., & Hwang, C. Y. (1989). Signalling and the pricing of new issues. Journal of Finance, 44, 393–420; Welch, I. (1989). Seasoned offerings, imitation costs, and the underpricing of initial public offerings. Journal of Finance, 44, 421–449]. Moreover, the signals appear robust to different firm valuation measures (i.e., market-to-book and Tobin's Q) and to the inclusion/exclusion of PRC state-owned H-share issuers.A number of other important contributions also emerge. First, we develop a new measurement form for the pre-listing shareholders’ equity retention level (α) by decomposing it to reflect differential effects from primary and (‘voluntary’ and ‘involuntary’) secondary offers. We further show that after accounting for listing rule effects—which partially drive the choice of the retained equity level in the Hong Kong setting—the equity retention-firm value relation is seen with much greater clarity.In a later stage of analysis we deepen the signal-firm value findings by relating the three signals to post-IPO earnings. We note a positive association between the fraction of equity retained by pre-listing owners and earnings growth. However, this association weakens somewhat beyond the first two accounting year-ends post-listing. Significantly, earnings appreciation appears markedly weaker for issuers going to market with a secondary offer component within their overall IPO. Finally, consistent with Jain and Kini's [1994. The post-operating performance of IPO firms. Journal of Finance, 49(5), 1699–1726] US evidence, IPO underpricing appears to have little or no association with post-listing earnings.     

我国证券公司上市路径探讨

本文介绍了我国证券公司的上市情况，通过对IPO和买壳上市的比较分析，认为目前对多数证券公司而言，买壳更能满足其上市需求。     

An Empirical Analysis of the Bias and Rationality of Profit Forecasts Published in New Issue Prospectuses

Our study sets out to assess the accuracy of profit forecasts made by IPOs in Hong Kong. We use a variety of measures and tests to examine the accuracy, bias, rationality, and superiority of earnings estimates. The results show that forecast accuracy compares favourably with the findings from the developed economies of Australia, Britain, Canada, and New Zealand. Forecasts are shown to be superior to the predictions from time series models. IPOs tend to underforecast in the sense that actual profits exceed the forecasts. The rationality tests show mixed results. Cross-sectional analyses of forecast accuracy have poor explanatory power although the Big Six reporting accountants are associated with smaller forecast errors.