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该文以2005—2011年的A股IPO(initial public offerings)为样本,结合新股频繁破发的市场背景,引入定价偏离度的概念,系统地研究了IPO发行公司股东特征对新股定价效率的影响。研究发现,IPO定价效率与外资股份的出现正相关,而与国有股份和创投股份的出现负相关。从股东参与公司治理的角度看,发起人股东或董事的持股份比例与IPO的定价效率正相关。进一步的分析表明,国有股份更容易引起IPO抑价,而创投股份则更容易引起IPO破发。该文的研究从发行人股东特征的角度分析影响IPO定价效率的因素,为了解和提高中国股票市场的IPO定价效率提供了新的视角。
This paper takes the initial public offerings of 2005-2011 as a sample and introduces the concept of pricing deviation according to the frequently broken market background of new shares, and systematically studies the impact of IPO shareholders’ characteristics on the pricing efficiency of new shares. The study finds that IPO pricing efficiency is positively correlated with the emergence of foreign shares, but negatively with the appearance of state-owned shares and venture capital shares. From the perspective of shareholders participating in corporate governance, the proportion of shares held by sponsor shareholders or directors is positively related to IPO pricing efficiency. Further analysis shows that state-owned shares more likely to cause IPO underpricing, while venture capital shares are more likely to cause IPO break. This paper analyzes the factors that affect IPO pricing efficiency from the perspective of the characteristics of the issuer’s shareholders, and provides a new perspective for understanding and improving IPO pricing efficiency in China’s stock market.