IPO定价管制与信息披露机制的有效性

In the background of upcoming registration system reform and reversed IPO pricing reform, investigating the economic consequences of IPO pricing regulation is important and timely. However, the literature on the issue of IPO regulations is surprisingly rare. In this project, we firstly study the consequences of IPO pricing regulation from the perspective of the effectiveness of information disclosure mechanism. Our main contents are as follows. First, we study the effect of IPO pricing regulation on information disclosure behaviors of issuers. Second, we study the effect of IPO pricing regulation on new share price forecast behaviors of securities analysts. Third, we investigate how IPO pricing regulation influences investors’ information acquisition behavior. Finally, we investigate how IPO pricing regulation influences the value discovery role of new share issue market. Because the mechanism of information disclosure is the soul and core of market mechanism, this project will enrich our understanding of the effect of pricing regulation on the effectiveness of market discipline mechanism. For enhancing the credibility of our results, we use creative research setting and cutting-edge method to conduct our empirical analysis. We expect this project can enrich the literature of IPO, information disclosure, investor behavior and securities analysts, and provide important implications for the current reform of IPO pricing regulation and registration system.

在注册制改革箭在弦上、新股定价市场化改革“开倒车”的制度背景下，研究新股定价管制的经济后果具有重要而及时的现实意义。然而，颇感意外的是，鲜有文献关注IPO定价管制问题。本项目首次从信息披露机制有效性的视角研究IPO定价管制的经济后果，主要研究内容包括：第一，定价管制对发行人信息披露行为的影响；第二，定价管制对分析师新股定位行为的影响；第三，定价管制如何影响投资者的信息获取行为；第四，定制管制如何影响一级市场的价值发现功能。由于信息披露机制是市场机制的灵魂和核心，对以上四个方面内容的研究有助于我们理解定价管制对市场机制的影响。为增强研究结果的严谨性，我们研究场景（管制——放开管制——管制）选择和模型设计（双重差分模型）方面都力求创新。预期本项目可以拓展IPO、信息披露、投资者行为和分析师等方面的文献，并为IPO定价市场化改革和注册制改革提供重要启示。

研究背景：在新股进一步市场化改革迫在眉睫、新股定价市场化改革“开倒车”的制度背景下，研究新股定价管制的经济后果具有重要而及时的现实意义。..研究内容：IPO定价管制的经济后果。具体地，定制管制如何影响市场的价值发现功能。..重要结果：（1）中国的IPO首日回报率可以分为IPO抑价（IPO Underpricing，发行定价过低）和IPO溢价（IPO Overvaluation，首日收盘价过高）两部分，并且IPO溢价占主要部分。（2）定价管制导致新股发行价过低，而散户主导的“次新股”市场导致新股首日收盘价过高。（3）二级市场的投资者情绪能够传递到新股定价。市场化定价阶段发行价过高的根源在于投资者“炒新”导致的新股二级市场价格高估。（4）定价管制导致新股价值不确定性提高，进一步导致股价高估。（5）首日价格管制也会导致新股价值不确定性提高，助长了投资者“炒新”，导致新股上市后股价严重高估、换手率攀升、股价波动加剧。..研究意义：本课题的相关研究丰富了IPO管制和IPO定价的相关研究，并且对目前的IPO市场化改革有重要的启示。