研发信息披露与IPO定价效率

本文采用人工阅读招股书并打分的模式构建研发信息披露得分指标,并从一级市场定价效率与首次公开募股(initial public offering,IPO)抑价2个维度解释研发信息披露对IPO定价效率的影响.对2012—2018年间459只创业板IPO新股样本进行研究,双边随机前沿模型的检验结果表明:一级市场上股票发行定价明显偏高,研发信息披露提高了一级市场定价效率;而股票上市后,研发信息披露与IPO抑价率无显著关系,这显示了中国二级市场大部分投资者尚不具备能合理利用研发信息的专业知识,不能有效利用企业在招股书中披露的研发信息.本文的研究结论为监管部门完善研发信息披露制度,培养理性投资者提供了理论支持.

R&D Information Disclosure and IPO Pricing Efficiency

The scoring index of R&D information disclosure is constructed by reading and scoring the prospectus manually, in order to explain the impact of R&D information disclosure on the pricing efficiency of IPO from 2 dimensions: the pricing efficiency of primary market and IPO underpricing. By using 459 IPO samples of Growth Enterprise Market from 2012 to 2018, the results of the two-tier stochastic frontier model show that: In the primary market, the issue price is obviously high, and the disclosure of R&D information improves the pricing efficiency of the primary market; After the listing, the R&D information disclosure is not significantly related to IPO underpricing rate, which shows that most investors in China''s secondary market do not have professional knowledge to make reasonable use of the R&D information, and can not make effective use of the R&D information disclosed in the prospectus. The conclusion provides theoretical support for the regulatory authorities to improve the R&D information disclosure system and cultivate rational investors.