金融研究
金融研究
금융연구
Journal of Financial Research
2012年
3期
193~206
,共null页
双重上市 IPO抑价 大规模融资 随机边界分析
雙重上市 IPO抑價 大規模融資 隨機邊界分析
쌍중상시 IPO억개 대규모융자 수궤변계분석
Dual-listings;IPO under pricing;Large volume financing;Stochastic frontier approach
本文以中国1993—2009年期间的1158家IPO（其中A＋H公司36家）为样本，实证检验了A＋H双重上市与公司IPO行为之间的关系。研究发现：A＋H双重上市与单位权益发行价、IPO定价效率、融资规模效率均显著负相关，表明A＋H双重上市非但没有给公司带来IPO溢价，反而导致更高的IPO抑价。进一步分析表明，A＋H公司的更高IPO抑价与其大规模的股票发行数量显著正相关，正是A＋H公司的大规模股票发行迫使发行人和承销商采取低价策略以保证成功IPO，并导致A＋H公司具有偏好在热市期上市的择时行为。
本文以中國1993—2009年期間的1158傢IPO（其中A＋H公司36傢）為樣本，實證檢驗瞭A＋H雙重上市與公司IPO行為之間的關繫。研究髮現：A＋H雙重上市與單位權益髮行價、IPO定價效率、融資規模效率均顯著負相關，錶明A＋H雙重上市非但沒有給公司帶來IPO溢價，反而導緻更高的IPO抑價。進一步分析錶明，A＋H公司的更高IPO抑價與其大規模的股票髮行數量顯著正相關，正是A＋H公司的大規模股票髮行迫使髮行人和承銷商採取低價策略以保證成功IPO，併導緻A＋H公司具有偏好在熱市期上市的擇時行為。
본문이중국1993—2009년기간적1158가IPO（기중A＋H공사36가）위양본，실증검험료A＋H쌍중상시여공사IPO행위지간적관계。연구발현：A＋H쌍중상시여단위권익발행개、IPO정개효솔、융자규모효솔균현저부상관，표명A＋H쌍중상시비단몰유급공사대래IPO일개，반이도치경고적IPO억개。진일보분석표명，A＋H공사적경고IPO억개여기대규모적고표발행수량현저정상관，정시A＋H공사적대규모고표발행박사발행인화승소상채취저개책략이보증성공IPO，병도치A＋H공사구유편호재열시기상시적택시행위。
In this paper, we use 1158 IPO examples ; including 36 A ＋ H companieS, to empirically examine the relationship＇ between A ＋ H dual listings and IPO behavior. We find that A ＋ H dual listing has significantly negative relationship with the offering price of unit equity, IPO pricing efficiency and financing scale efficiency, which indicates that A ＋ H dual listing not only fails to bring IPO premium, but leads to higher IPO underpric- ing. Further analysis shows that A ＋ H company＇s higher underpricing has a significantly positive correlation with the large volume of issuing. It＇s the large volume issuing that force the issuers and underwriters to adopt lower offering price strategy, and lead to A ＋ H companies＇ market timing behavior.
