新股发行机制、投资者乐观情绪与IPO高抑价

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。

New Stock Issue Mechanism, Optimistic Sentiment of Investors And High IPO Underpricing

By modeling IPO under-pricing under fixed-price,accumulative bidding and auction mechanism,this paper interprets the high IPO under-pricing phenomenon which exists in Chinese new stock issuance market at all times.We believe that this phenomenon is caused by the retail investors' optimistic sentiment for new issuing stocks,which boosts the IPO trading price in the secondary market but is not fully reflected in the IPO offering price.It is impossible to restrain the high IPO under-pricing fundamentally by transforming the new stock issuance mechanism alone,and it is only by leading and curbing the retail investors' optimistic sentiment can the issue of high IPO under-pricing be solved completely.A simple way is to put investors' optimistic sentiment into the IPO offering price to eliminate the IPO under-pricing.Permission of retail investors to participate in bidding can mitigate the phenomenon and is operational.