注册制新股发行定价改革与IPO质量——基于技术创新的视角

管理评论 ›› 2023, Vol. 35 ›› Issue (2): 70-78.

注册制新股发行定价改革与IPO质量——基于技术创新的视角

祝文达¹, 胡洁², 董银红³

1. 湖北经济学院金融学院/湖北金融发展与金融安全研究中心, 武汉 430205;
2. 中国社会科学院数量经济与技术经济研究所, 北京 100732;
3. 海南大学公共管理学院, 海口 570228

收稿日期:2021-01-18 出版日期:2023-02-28 发布日期:2023-03-27
通讯作者: 董银红(通讯作者),海南大学公共管理学院教授,博士
作者简介:祝文达,湖北经济学院金融学院副教授,博士;胡洁,中国社会科学院数量经济与技术经济研究所教授,博士。
基金资助:
国家社会科学基金面上项目（20BGL259）。

The Pricing Reform of Registered New Shares and IPO Quality: Based on the Perspective of Technological Innovation

Zhu Wenda¹, Hu Jie², Dong Yinhong³

1. Finance School, Hubei University of Economics/Research Center of Hubei Financial Development and Financial Security, Wuhan 430205;
2. Institute of Quantitative & Technological Economics, Chinese Academy of Social Sciences, Beijing 100732;
3. School of Public Administration, Hainan University, Haikou 570228

Received:2021-01-18 Online:2023-02-28 Published:2023-03-27

摘要/Abstract

摘要： 文章考虑我国注册制新股发行定价改革构建实物期权模型，得到“窗口指导期”和注册制市场化定价两种情形下创新型企业的最优上市时机和企业价值，探究新股发行定价改革对IPO质量的影响。研究结果表明：注册制新股发行定价改革提高优质创新企业IPO估值，提升优质创新企业的上市积极性，并通过降低优质创新企业等待上市期权成本和上市阈值，激励其较早上市。本文的结论为我国全面推进注册制，提高上市企业质量提供了有益的理论参考。

关键词: 注册制, 最优IPO时机选择, 实物期权, 技术创新

Abstract: A specific real options model is proposed through adding IPO pricing cap and innovation, and the optimal IPO timing and the market value of innovative enterprises are justified under regulatory and non-regulatory regime. Our results show that the IPO pricing reform of the registration system can 1) improve the IPO valuation of high-quality innovative enterprises, 2) enhance the listing enthusiasm of high-quality innovative enterprises, and 3) encourage high-quality innovative enterprises to be listed earlier by reducing the option cost and listing threshold. The conclusions can help the understanding for promoting the registration reform and improving the quality of listed enterprises in China from a theoretical perspective.

Key words: registration system, IPO timing, real options, innovation

祝文达, 胡洁, 董银红. 注册制新股发行定价改革与IPO质量——基于技术创新的视角[J]. 管理评论, 2023, 35(2): 70-78.

Zhu Wenda, Hu Jie, Dong Yinhong. The Pricing Reform of Registered New Shares and IPO Quality: Based on the Perspective of Technological Innovation[J]. Management Review, 2023, 35(2): 70-78.

参考文献

[1] 王冰辉. 价格管制与IPO时机选择[J]. 经济学(季刊), 2013,12(2):407-428
[2] Batnini F., Hammami M. IPO Waves:How Market Performances Influence the Market Timing of IPO?[J]. Journal of Applied Business Research, 2015,31(5):1679-1692
[3] Çolak G., Durnev A., Qian Y. Political Uncertainty and IPO Activity:Evidence from U.S. Gubernatorial Elections[J]. Journal of Financial & Quantitative Analysis, 2017,52(6):2523-2564
[4] Piotroski J. D., Zhang T. Politicians and the IPO Decision:The Impact of Impending Political Promotions on IPO Activity in China[J]. Journal of Financial Economics, 2014,111(1):111-136
[5] Banerjee S., Ufuk G., Pawlina G. Leaders and Followers in Hot IPO Markets[J]. Journal of Corporate Finance, 2016,37:309-334
[6] Fan P., Uchida K. Credit Crunch and Timing of Initial Public Offerings[J]. Pacific-Basin Finance Journal, 2019,53:22-39
[7] Thanh B. N. Macroeconomic Uncertainty, the Option to Wait and IPO Issue Cycles[J]. Finance Research Letters, 2020,32:101100
[8] Draho J. The Timing of Initial Public Offerings:A Real Option Approach[R]. Yale University, 2000
[9] Pástor L., Pietro Veronesi. Rational IPO Waves[J]. The Journal of Finance, 2005,60(4):1713-1757
[10] 张利兵,王楚明,张云. 行业景气循环与最优IPO时机[J]. 中国管理科学, 2009,17(4):185-192
[11] Bustamante M. C. The Dynamics of Going Public[J]. Review of Finance, 2011,16(2):577-618
[12] 甘联君,王峻慧. 风险资本最优IPO时机选择模型研究[J]. 系统工程理论与实践, 2007,27(6):43-48
[13] Nishihara M. Selling out or Going Public? A Real Options Signaling Approach[J]. Finance Research Letters, 2017,22:146-152
[14] Santos F. IPO Market Timing with Uncertain Aftermarket Retail Demand[J]. Journal of Corporate Finance, 2017,42:247-266
[15] Tomas M., Marek Z., Natalja L., et al. Going Public:Key Factors to Consider by IPO Candidates on Emerging Markets of Poland and the Czech Republic[J]. Engineering Economics, 2016,27(4):392-404
[16] Hsu H. Technology Timing of IPOs and Venture Capital Incubation[J]. Journal of Corporate Finance, 2013,19:36-55
[17] Wadhwa K., Reddy V. N., Goyal A., et al. IPOs and SEOs, Real Investments, and Market Timing:Emerging Market Evidence[J]. Journal of International Financial Markets, Institutions and Money, 2016,45:21-41
[18] Lee C., Qu Y., Shen T. Going Public in China:Reverse Mergers versus IPOs[J]. Journal of Corporate Finance, 2019,58:92-111
[19] 郭杰,张英博. 企业择时还是政府择时?——中国特定制度背景下IPO市场时机选择对资本结构的影响[J]. 金融研究, 2012,(7):141-157
[20] 邵新建,巫和懋,覃家琦,等. 中国IPO市场周期:基于投资者情绪与政府择时发行的分析[J]. 金融研究, 2010,(11):127-147
[21] Bouis R. The Short-Term Timing of Initial Public Offerings[J]. Journal of Corporate Finance, 2009,15(5):587-601
[22] Busaba W. Y., Yun L., Yang G. Market Volatility and IPO Filing Activity[J]. Quarterly Journal of Finance, 2015,5(4):1550017
[23] 徐光伟,孙铮,刘星. 经济政策不确定性对企业投资结构偏向的影响——基于中国EPU指数的经验证据[J]. 管理评论, 2020,32(1):246-261
[24] 李力,朱磊,范英. 可再生能源配额机制下电力投资最优序贯决策模型[J]. 管理评论, 2019,31(9):37-46
[25] 王超发,孙静春. 货币政策、不同企业的信贷约束和研发生产项目投资决策[J]. 管理评论, 2017,29(11):17-27
[26] 王苏生,康永博,彭珂. 公司创业投资(CVC)、实物期权和公司价值创造[J]. 管理评论, 2017,29(9):110-121
[27] 邵新建,薛熠,江萍,等. 投资者情绪、承销商定价与IPO新股回报率[J]. 金融研究, 2013,(4):127-141
[28] 宋顺林,唐斯圆. 投资者情绪、承销商行为与IPO定价——基于网下机构询价数据的实证分析[J]. 会计研究, 2016,(2):66-72
[29] 李冬昕,李心丹,俞红海,等. 询价机构报价中的意见分歧与IPO定价机制研究[J]. 经济研究, 2014,49(7):151-164
[30] 张劲帆,李丹丹,杜涣程. IPO限价发行与新股二级市场价格泡沫——论股票市场"弹簧效应"[J]. 金融研究, 2020, (1):190-206
[31] Graham J. Strategic Real Options under Asymmetric Information[J]. Journal of Economic Dynamics & Control, 2011,35(6):922-934
[32] Dockner E. J., Jorgensen S., Long N. V., et al. Differential Games in Economics and Management Science[M]. Cambridge:Cambridge University Press, 2000
[33] Dixit A. K., Pindyck R. S. Investment under Uncertainty[M]. Princeton:Princeton University Press,1994
[34] 王兵,张水波,王秀芹,等. 基于实物期权的PPP项目最优资本结构研究[J]. 管理科学学报, 2019,22(6):73-85