投资银行竞争结构、IPO定价准确性与“新股破发”风险

Investment banks are the most important value certification intermediaries during the IPO process. Studies on IPO pricing accuracy from the perspective of competition structure of investment banking industry have been gaining significance in recent years. This project testified whether China's investment banking industry proved to be local oligopoly or perfect competition given its institutional background of extensive government intervention. A theoretical model embodying the structure was then established to exposit the main factors and mechanism behind IPO pricing accuracy in equilibrium. Finally, a series of market phenomena were explained based on the theoretical analysis, including whether large number of companies going down on debut since the end of 2009 is related to inaccurate IPO prices. The project is meaningful in the following ways. Firstly, it used a common theoretical framework to analyze different kinds of phenomena related to IPO pricing accuracy. Secondly, it extended the representative Liu and Ritter (2011) study on IPO pricing accuracy based on the competition structure of investment banking industry. Lastly, it provided policy advice on facilitating and normalizing orderly competition among investment banks in China, so as to consolidate the achievements of marketization reform in stock issuance system.

投资银行是IPO过程中最重要的价值认证中介，从投资银行竞争结构角度研究IPO定价准确性问题近几年成为学术界极为重要的研究方向。本项目首先结合我国存在广泛政府干预的制度背景，论证并检验我国投资银行市场具有何种竞争结构，是完全竞争市场还是局部垄断市场；然后建立考虑上述投资银行竞争结构的IPO定价准确性理论模型，并揭示均衡状态下影响IPO定价准确性的因素及其作用机理；最后运用上述理论分析结果对一系列重要现象加以解释，包括探讨2010年以来二级市场备受关注的"新股破发"潮与IPO定价准确性存在何种联系。本项目的研究意义在于：可以在同一理论框架下对与我国IPO定价准确性有关的多种现象加以分析；可以拓展国外从投资银行竞争结构角度考察IPO定价准确性的最新理论研究；并可以为我国监管当局促进和规范投资银行有序竞争提供政策建议，从而保障新股发行制度市场化改革的成效。

投资银行是IPO过程中最重要的价值认证中介，从投资银行竞争结构角度研究IPO定价准确性问题是近几年学术界极为重要的研究方向。本项目结合我国存在广泛政府干预的制度背景，首先结合股票发行权管制、股票发行询价制度、投资银行政治联系等多个因素，论证并检验了我国投资银行市场的局部垄断竞争结构；然后基于上述分析对我国IPO定价过程中的定价准确性问题展开了深入研究，解释了IPO定价中突出的“三高”现象，分析了IPO重启对市场价格的冲击效应；最后探讨了二级市场“新股破发”潮与IPO定价准确性的关联。本项目的贡献在于：在同一框架下对与我国IPO定价准确性有关的多种现象做出了分析；拓展了国外从投资银行竞争结构角度考察IPO定价准确性的最新研究；为我国监管当局促进和规范投资银行有序竞争、保障新股发行制度市场化改革的成效提供了政策建议。本项目共出版专著1部，发表论文14篇，含国际一流SSCI期刊、基金委认定的国内A类期刊论文多篇，相关观点得到了国际、国内同行认可，达到了同类研究的前沿水平。