IPO审核严格程度和过会公告的行业效应研究

管理评论 ›› 2021, Vol. 33 ›› Issue (8): 278-289.

IPO审核严格程度和过会公告的行业效应研究

汤晓燕¹, 黄亮华²

1. 上海外国语大学国际金融贸易学院, 上海 200083;
2. 首都经济贸易大学会计学院, 北京 100070

收稿日期:2018-07-16 出版日期:2021-08-28 发布日期:2021-09-04
通讯作者: 黄亮华(通讯作者),首都经济贸易大学会计学院副教授,硕士生导师,博士
作者简介:汤晓燕,上海外国语大学国际金融贸易学院讲师,硕士生导师,博士。
基金资助:
教育部人文社会科学研究项目（16YJC630039）；国家自然科学基金青年项目（71602131）；上海市哲学社会科学规划青年项目（2017EJB001）；中央高校基本科研业务费资助项目（2015114055）。

A Study on the Strictness of IPO Application Examination and the Industry Effect of IPO Approval Announcements

Tang Xiaoyan¹, Huang Lianghua²

1. School of Economics and Finance, Shanghai International Studies University, Shanghai 200083;
2. School of Accounting, Capital University of Economics and Business, Beijing 100070

Received:2018-07-16 Online:2021-08-28 Published:2021-09-04

摘要/Abstract

摘要： 本文以2006—2012年间我国A股上市公司为样本，研究了IPO公司的过会公告对同行业已上市公司股价的影响。实证检验的结果表明，IPO核准公告存在显著为负的行业效应，在公司IPO申请过会的公告日，同行业的已上市公司平均取得了-0.37%的超额收益，而且股票发行审核委员会对IPO申请审核得越严格，IPO过会公告的行业效应越明显。进一步地，行业的竞争程度越高时，IPO申请公告的行业效应受IPO审核严格程度的影响也更为明显。本文的结论支持了市场监管层在市场低迷时暂停IPO申请审核的举措，对IPO审核行为的影响范围等领域的研究也有所拓展。

关键词: IPO审核, 发行审核委员会, 过会公告, 行业效应

Abstract: A-share market implements the IPO approval system in China. Before IPO, the company needs to undergo a strict examination by the issuance examination committee (IEC) and a series of procedures by CSRC. Therefore, after the investors know that the IPO application of a company has been approved, there will be several months that the company can issue its new shares to the investors. By using the listing companies' data on Chinese A-share market from 2006 to 2012, we study the industry effect of the IPO approval announcements. The empirical test result shows that there is a significant negative industry effect of IPO application approval announcements. At the day of IPO approval announcements, the listing companies in the same industry will get -0.37% abnormal return on average. When the IPO application is exanimated more strictly, the industry effect of IPO approval announcements is more significant. Especially for the high competitive industry, no matter whether the IPO application is examined strictly, there is more significant industry effect of IPO approval announcements than for the monopolized industry. The results support CSRC's decision to suspend IPO application when the market is in a bear situation and also expand the influence range of IPO application examination.

Key words: IPO application examination, issuance examination committee, IPO approval announcement, industry effect

汤晓燕, 黄亮华. IPO审核严格程度和过会公告的行业效应研究[J]. 管理评论, 2021, 33(8): 278-289.

Tang Xiaoyan, Huang Lianghua. A Study on the Strictness of IPO Application Examination and the Industry Effect of IPO Approval Announcements[J]. Management Review, 2021, 33(8): 278-289.

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