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基于中小板IPO询价薄记数据,从公开信息角度和询价对象整体层面,分多个维度研究了它们在IPO定价市场化时期的报价行为,并检验了其报价策略的合理性。结果表明,询价对象的报价水平、需求量、参与度、“搭便车”报价意愿显著与公司规模负相关,与询价前二级市场指数回报和前期已上市IPOs短期后市回报正相关,询价对象表现出小公司偏好和回报追逐行为;同时,它们也加强报价串谋以规避非理性竞价风险,但作用有限,受乐观情绪驱动的报价仍预示着IPO短期后市回报弱势。此外,当二级市场风险较大时,询价对象更热衷于“打新”。
Based on the small-scale IPO inquiry bookkeeping data, this paper studies the pricing behavior of IPO pricing market-oriented from the perspective of public information and the overall inquiry object, and examines the rationality of its pricing strategy. The results show that the quotation level, demand, participation, willingness to offer of “free-riding” quotes are significantly negatively correlated with the scale of the company, positively correlated with the return of the former secondary market index and the short-term future market returns of the previously listed IPOs , The inquiry object shows small company preference and return chase behavior; At the same time, they also strengthen the price conspiracy to avoid the risk of irrational bidding, but its function is limited. Optimistic sentiment-driven quotation still indicates the short-term IPO market returns vulnerable. In addition, when the secondary market risk is greater, the inquiry object is more interested in “hit new ”.