分析师在IPO市场化定价中的作用——来自科创板公司的证据
The Role of Analysts in IPO Market Pricing:Evidence from the STAR Market
官峰 1徐玉芳 2何开刚3
作者信息
- 1. 上海财经大学会计与财务研究院,上海 200433
- 2. 上海财经大学浙江学院,浙江金华 321013
- 3. 上海对外经贸大学会计学院,上海 201620
- 折叠
摘要
科创板采用注册制,旨在发挥市场在发行定价中的作用.文章从分析师视角,以科创板公司为研究对象,考察分析师对IPO定价效率的影响.研究发现,分析师与IPO公司的关联并未增强其对机构投资者报价的影响力,而分析师与机构投资者的关联度越高,其对机构投资者报价的影响力越强;特别是在关联机构中,参与新股发行价格预测的分析师数量和媒体关注较少时,这一影响力更为显著;然而,当分析师来自承销商时,其影响力显著减弱.进一步分析表明,分析师的影响力主要源自其与机构投资者的合谋,而并非提供了更多公司价值相关信息.研究还发现,随着参与新股发行价格预测的分析师数量以及媒体关注度的提高,合谋对公司IPO发行定价的负向影响减弱;禁止非承销商分析师参与新股发行价格预测在实际操作中并未显著改善IPO定价效率,特别是对于研发投入或供应商集中度较高的公司,这一现象更为明显.因此,发挥信息中介的市场竞争和参与作用,有助于抑制部分利益相关者的合谋,提高市场化定价效率.
Abstract
The Science and Technology Innovation Board market(STAR market)has implemented a registration-based system with the aim of allowing the market to play a role in the price determining mechanism.Using listed companies from the STAR mar-ket as samples,we investigate the impact of analysts on initial public offering(IPO)pri-cing efficiency in the market-oriented pricing mechanisms.The findings indicate that dir-ect associations between analysts and IPO companies do not significantly enhance their effect on institutional quotes;however stronger connections between analysts and institu-tional investors lead to greater influences on such quotes.For institutional investors re-lated with analysts,this effect becomes notably pronounced in conditions of fewer fore-casters involved or less media coverage.However,the presence of underwriter-affiliated forecasters diminishes analysts'impact.Further analysis suggests that analyst influence primarily arises from their collusion with institutional investors,rather than providing ad-ditional information related to firm value.Additionally,our study reveals that increasing analyst participation in price forecasting and media attention can mitigate the negative ef-fects of collusion between analysts and institutional investors on IPO pricing.Even so,in reality,prohibiting non-underwriter analysts from participating in price forecasting does not substantially enhance IPO pricing efficiency,in particular for companies with high R&D investments and supplier concentration.Hence,playing the competitive and parti-cipatory role of information intermediaries in the market helps to restrain the collusion of some stakeholders and improve the efficiency of market-driven pricing.
关键词
科创板/注册制/分析师/IPO市场化定价/机构投资者Key words
the Science and Technology Innovation Board market(STAR market)/registration-based system/analysts/IPO market pricing/institutional investors引用本文复制引用
出版年
2024
NETL
NSTL
万方数据