管理科学
管理科學
관이과학
Management Sciences in China
2011年
1期
63~71
,共null页
公共信息 首次公开发行 询价制 效率
公共信息 首次公開髮行 詢價製 效率
공공신식 수차공개발행 순개제 효솔
public information; initial public offering; inquiry system; efficiency
基于公共信息来评价IPO询价制效率是IPO领域的理论研究前沿。把IPO询价过程分为初步询价阶段和累计投标询价阶段,以2005年1月1日至2008年12月31日在沪深A股市场依据累计投标结果确定发行价的80只IPO为样本,通过考察询价前、询价期间和询价后的公共信息对询价各阶段生成的价格指标的影响,实证分析公共信息与IPO询价制效率的关系。研究结果表明,中国询价制具有较强的信息揭示能力,价格区间和价格调整反映公共信息的能力强,IPO询价制具有一定的效率;中国初步询价阶段的信息揭示能力强,而累计投标询价阶段信息揭示能力弱;中国IPO询价制效率并不完全有效,价格区间确定时已知的公共信息对价格调整产生显著影响,发行价确定时已知的公共信息对初始收益产生显著影响。
基于公共信息來評價IPO詢價製效率是IPO領域的理論研究前沿。把IPO詢價過程分為初步詢價階段和纍計投標詢價階段,以2005年1月1日至2008年12月31日在滬深A股市場依據纍計投標結果確定髮行價的80隻IPO為樣本,通過攷察詢價前、詢價期間和詢價後的公共信息對詢價各階段生成的價格指標的影響,實證分析公共信息與IPO詢價製效率的關繫。研究結果錶明,中國詢價製具有較彊的信息揭示能力,價格區間和價格調整反映公共信息的能力彊,IPO詢價製具有一定的效率;中國初步詢價階段的信息揭示能力彊,而纍計投標詢價階段信息揭示能力弱;中國IPO詢價製效率併不完全有效,價格區間確定時已知的公共信息對價格調整產生顯著影響,髮行價確定時已知的公共信息對初始收益產生顯著影響。
기우공공신식래평개IPO순개제효솔시IPO영역적이론연구전연。파IPO순개과정분위초보순개계단화루계투표순개계단,이2005년1월1일지2008년12월31일재호심A고시장의거루계투표결과학정발행개적80지IPO위양본,통과고찰순개전、순개기간화순개후적공공신식대순개각계단생성적개격지표적영향,실증분석공공신식여IPO순개제효솔적관계。연구결과표명,중국순개제구유교강적신식게시능력,개격구간화개격조정반영공공신식적능력강,IPO순개제구유일정적효솔;중국초보순개계단적신식게시능력강,이루계투표순개계단신식게시능력약;중국IPO순개제효솔병불완전유효,개격구간학정시이지적공공신식대개격조정산생현저영향,발행개학정시이지적공공신식대초시수익산생현저영향。
In the field of IPO,one of the theory research front is that the efficiency of IPO inquiry system was evaluated based on public information.IPO inquiry process was divided into preliminary inquiry stage and cumulative bidding inquiry stage.80 IPO were used as sample which were priced by the result of cumulative bidding inquiry in Shanghai and Shenzhen A-share market from January 1,2005 to December 31,2008.The impact of public information before inquiry,during inquiry and after inquiry on the price indeices during various stages in the IPO inquiry process were investigated.Relationship between public information and the efficiency of IPO inquiry system was empirically analyzed,and obtained some new empirical conclusions with Chinese characteristics which were different from foreign.These conclusions include that our inquiry system has strong ability to reveal information,and public information is strongly reflected by price range and price update,therefore IPO inquiry system has a certain efficiency.The information revelation ability during preliminary inquiry stage is stronger than during accumulated bidding inquiry stage.The efficiency of China′s IPO inquiry system is not fully effective,and public information has a significant effect on price update which is known when price range is determined,and public information has a significant effect on initial return which is known when offering price is determined.
