CAJ | 학술논문

IPO定价效率是IPO市场的一个研究热点。本文以沪深A股市场首次公开发行并上市的新股为样本，通过IPO抑价率和EFF值指标比较分析了IPO定价效率的行业特征和定价制度特征。研究表明：EFF均值在行业之间的差异不显著，而侬均值在行业之间差异显著；我国IPO定价效率未随时间推移而不断提高，EFF值和IR值呈现出无趋势的特征。在此基础上，本文认为我国IPO定价效率不高的主要原因不是一级市场低价发行，而是二级市场投资者的追捧和半市场化性质的改革，提高IPO定价效率的根本途径在于回归市场化改革。
IPO정개효솔시IPO시장적일개연구열점。본문이호심A고시장수차공개발행병상시적신고위양본，통과IPO억개솔화EFF치지표비교분석료IPO정개효솔적행업특정화정개제도특정。연구표명：EFF균치재행업지간적차이불현저，이농균치재행업지간차이현저；아국IPO정개효솔미수시간추이이불단제고，EFF치화IR치정현출무추세적특정。재차기출상，본문인위아국IPO정개효솔불고적주요원인불시일급시장저개발행，이시이급시장투자자적추봉화반시장화성질적개혁，제고IPO정개효솔적근본도경재우회귀시장화개혁。
IPO pricing efficiency is a research focus in the IPO market. This paper comparatively ana- lyzes industry characteristics and institutional characteristics of the IPO pricing efficiency in China by using the IPO underpricing rate, the EFF value indicators and the sample of new shares issued and listed for the first time in the Shanghai and Shenzhen A-share market. The main conclusions include that the industry difference is not significant of the mean EFF value and is significant of the mean IPO underpricing rate, China＇s IPO pricing efficiency is not increasing over time, EFF and IR value don＇t show any characteristics of trend. On this basis, this paper argues that the main reason of China＇s high IPO pricing efficiency is not the low issue price on primary market, hut investors＇ irrational investments on secondary market and the semi-market-oriented reforms. The fundamental way to improve the pricing efficiency of IPO lies to mar- ket-oriented reforms.