IPO公司风险信息披露及其对IPO抑价的影响——基于中国赴美上市公司和国内A股的经验证据

管理评论 ›› 2021, Vol. 33 ›› Issue (7): 29-42.

IPO公司风险信息披露及其对IPO抑价的影响——基于中国赴美上市公司和国内A股的经验证据

李璇¹, 白云霞²

1. 贵州大学管理学院, 贵阳 550025;
2. 同济大学经济与管理学院, 上海 200029

收稿日期:2018-05-07 出版日期:2021-07-28 发布日期:2021-08-02
通讯作者: 白云霞(通讯作者),同济大学经济与管理学院教授,博士生导师,博士
作者简介:李璇,贵州大学管理学院讲师,博士。
基金资助:
国家自然科学基金面上项目（71472138）；贵州大学人文社会科学青年项目（GDQN2020006）；贵州大学管理学院引进人才科研项目（20GLR004）。

Risk Factor Disclosure of IPO Firms and Its Impact on IPO Underpricing——Empirical Evidence from U.S. Listed Chinese Firms and Domestic A-shares

Li Xuan¹, Bai Yunxia²

1. School of Management, Guizhou University, Guiyang 550025;
2. School of Economics and Management, Tongji University, Shanghai 200092

Received:2018-05-07 Online:2021-07-28 Published:2021-08-02

摘要/Abstract

摘要： 本文从制度和公司实务两个层面比较了中美两国IPO公司的风险信息披露，并在此基础上检验了风险信息披露对IPO抑价的影响。本文发现，与赴美上市公司相比，国内上市公司风险信息披露的整体水平更低，且不同公司的风险信息披露更具有趋同性，在披露内容上更加注重风险信息的完整性以及对财务风险的披露，体现出国内上市公司为应付监管要求而进行合规性披露的特征。实证发现，赴美上市公司的风险信息披露显著降低了IPO抑价，而国内上市公司披露的风险信息总体上对IPO抑价没有显著影响。但是，在我国信息不对称程度更高的创业板市场，风险信息披露具有降低IPO抑价的作用。进一步研究表明，赴美上市公司的风险信息披露降低了上市后的买卖价差，而国内上市公司的风险信息披露对买卖价差没有显著影响。本文研究结论对规范我国公司风险信息披露和证监会进一步推进新股发行制度改革具有重要启示。

关键词: 风险信息披露, IPO抑价, 信息不对称, 赴美上市

Abstract: This paper compares the risk factors disclosure of IPO firms between China and America from two levels which are institution and company practice. On this basis, this paper tests whether the disclosure of risk factors reduces IPO underpricing. We firstly find that compared with U.S. listed Chinese firms, domstic A-share listed companies generally display a lower level of risk factors disclosure, tend to be more homogeneous in the disclosure of risk factors and pay more attention to risk information integrity and financial risk. This means that the motivation of domestic A-share listed A-share companies that disclose their information is to meet regulatory requirements. Secondly, the risk disclosure of U.S. listed Chinese firms significantly reduces IPO underpricing, whereas the risk disclosure of domestic firms has no significant influence on IPO underpricing. Thirdly, in Chinese Growth Enterprise Market with higher degree of information asymmetry, the risk disclosure has the effect of reducing IPO underpricing. Lastly, the risk disclosure of U.S. listed Chinese firms significantly reduces spread, whereas the risk disclosure of domestic firms has no significant influence on spread. The conclusions of this paper can help improve risk factor disclosure level and the further reform China's IPO system.

Key words: risk factor disclosure, IPO underpricing, information asymmetry, U.S. listed Chinese firms

李璇, 白云霞. IPO公司风险信息披露及其对IPO抑价的影响——基于中国赴美上市公司和国内A股的经验证据[J]. 管理评论, 2021, 33(7): 29-42.

Li Xuan, Bai Yunxia. Risk Factor Disclosure of IPO Firms and Its Impact on IPO Underpricing——Empirical Evidence from U.S. Listed Chinese Firms and Domestic A-shares[J]. Management Review, 2021, 33(7): 29-42.

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