| 机构投资者对IPO定价效率的影响分析 |
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| 引用本文： | 毕子男,孙珏.机构投资者对IPO定价效率的影响分析[J].证券市场导报,2007,0(4):23-27. |
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| 作者姓名： | 毕子男 孙珏 |
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| 作者单位： | [1]东北证券金融与产业研究所,上海200002 [2]上海师范大学,上海200234 |
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| 摘 要： | 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。
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| 关 键 词： | 机构投资者 定价效率 IPO抑价 |
| 文章编号： | 24359715 |
An Empirical Study on How Institutional Investors Affect IPO Pricing Efficiency |
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| Bi Zinan,Sun Jue.An Empirical Study on How Institutional Investors Affect IPO Pricing Efficiency[J].Securities Market Herald,2007,0(4):23-27. |
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| Authors: | Bi Zinan Sun Jue |
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| Abstract: | A survey of IPOs in China market 1996-2006 reveals that IPO underpricing rate has a significant negative correlation with relevant policies as well as institutional investor participation. Institutional investors involvement in book building and placement substantially decreases the IPO underpricing and promotes the IPO pricing efficiency. Basically, IPO pricing efficiency remains low in China, a result of inadequate bargaining power of enterprises and underwriters under strong administrative control in the first hand, and, fundamentally, the low level of free market development. |
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| Keywords: | institutional investors pricing efficiency IPO underpricing |
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