IPO高抑价之谜：“租金分配观”还是“定价效率观”？——基于2005-2012年数据

对中国IPO极高的抑价现象存在两种不同的解释——“定价效率观”和“租金分配观”。以2005—2012年A股IPO公司作为样本,对这两种观点进行检验,结果表明：“租金分配观”只在2005-2008年成立,在2009-2012年不成立;“定价效率观”则能更好地解释2005年实施询价配售制度以来中国IPO抑价率的变化。     

Socioemotional wealth and IPO underpricing of family firms

Socioemotional wealth (SEW), i.e., the noneconomic utility a family derives from its ownership position in a firm, is the primary reference point for family firms. Family firms are willing to sacrifice economic gains in order to preserve their noneconomic utility. Thus, we argue that family firms sacrifice IPO proceeds by choosing higher IPO underpricing than nonfamily firms if underpricing helps them protect their SEW. Our empirical results, based on a sample of 153 German IPOs, support our hypothesis. On average, family firms have 10 percentage points more IPO underpricing than nonfamily firms. Copyright © 2014 John Wiley & Sons, Ltd.     

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.     

我国新股IPO高定价发行原因及对策——新股IPO定价模型研究初探

新股IPO三高现象一直是困扰我国证券市场健康发展的问题之一,2010年11月,中国证监会有针对性地实施了新股发行体制第二轮改革。笔者认为,此次改革之所以没有达到预期效果,主要是对三高产生的根本原因缺乏必要的研究。文章通过构建新股定价模型,从一个全新的角度探究新股IPO三高背后的根本原因,并提出了解决三高的思路与对策,丰富与创新了相关的理论。     

股权分置改革——由市场走势引发的思考

股权分置改革后,沪深两市也走出了振荡中稳步攀升的走势,上证指数上涨幅度超过40％。这意味着,经过股权分置改革,资本市场“晴雨表”功能正在逐步发挥、资产定价标准趋于合理、价值投资理念逐步形成、管理层激励机制开始发挥作用以及我国的资本市场开始与国际接轨。然而现在毕竟处于股权分置改革初期,许多历史遗留问题还没有解决,因此还要通过完善新股发行的制度安排、切实解决上市公司大股东占款问题以及遏制更强烈的虚假信息披露冲动,来巩固股权分置改革的成果。     

Empirical Study on New Issue Long-term Pricing Performance ——Subject to the Hypothesis and Proof of Shell Resource Value

This paper calculates the long-term return of the IPOs in China＇s stock market, we find that the positive abnormal return of new issues lasts for 7 months after adjusted by the market return. The author explains the long-term market performance of IPOs with the concept of ＂Shell Resource＂ and supplies the related proofs.     

IPO定价机制与中国的现实选择

IPO定价机制一般分为固定价格、拍卖以及累计投标三种基本类型。中国目前实施的询价制,属于广义上的累计投标定价机制。这种定价机制中,承销商拥有的股票差别分配权利,降低了IPO抑价水平。研究表明,询价制是目前为止现实可行的定价机制。     

IPO、公司治理与企业价值——资本成本视角的理论综述

本文认为,首次公开发行上市(IPO)是企业生命周期中的里程碑。企业IPO行为改变了公司资本结构,通过资本结构对公司治理发生积极作用(融资机制、价格机制和并购机制),使得公司治理在经营者激励、信息披露、投资者保护等方面得到改善将提升企业价值,进而实现企业价值最大化的理财目标。     

上市公司与非上市公司的绩效对比:一个产业视角的分析

产业结构决定着一国经济增长方式和国际竞争力。不同要素密集型产业的绩效如何？上市作为一种制度因素是否影响企业绩效，对企业绩效的影响是否存在产业差异？本文通过实证研究得出的结论是，上市与非上市企业的绩效具有产业差异，资本密集型企业的上市绩效好于劳动密集型、技术密集型企业。但同一企业上市后的绩效并没有比其上市前有明显提升。这一结论的政策含义在于，要提升股票市场的产业结构优化效应，一方面需要在上市公司的增量选择上进行有效的产业分布，更为重要的是强化股票市场的规制功能，提高上市公司绩效。     

The growth dynamics of the Internet and the long wave theory

The phenomenal growth of Internet users is slowing down and we expect to approach a world limit in the next decade of about 14% of the world population. On the basis of a historical analysis this basic innovation is placed in the context of the Kondratieff cycles (K-waves) and the associated Generational-Learning model. A quantitative analysis using logistic growth curves allows us to evaluate its growth dynamics and to assert that the Internet is coming to the end of the 4th K-wave downswing or innovation structural phase and will then embark on the 5th K-wave upswing or consolidation structural phase. The debate about the future of the K-wave pattern is considered, specifically the factors bearing on the continuation or alteration of the pattern and the trajectory.