新股定价基础:历史业绩还是技术创新？——基于中国创业板市场的研究

doi:10.12094/1002-7246(2017)04-0191-16

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摘要本研究以中国创业板市场为研究对象, 研究了历史业绩和技术创新两类信息在新股定价不同阶段的作用。研究结果发现,在新股定价的各个阶段,历史业绩,特别是反映盈利水平的总资产收益率都是定价最重要的因素。创新信息仅仅在发行阶段被一级市场投资者——特别是询价对象——视为定价基础,而二级市场投资者并未将创新信息作为价值判断的考虑因素。这与成熟市场成长性企业定价中创新信息的核心作用以及历史业绩的弱势地位形成反差。

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	徐浩萍
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关键词: 新股定价历史业绩创新信息

Abstract: This paper investigates the role of past financial performance and technology innovation on IPO pricing in Chinext market. The evidence documented in our study is different from that in the developed markets. We find that the past financial performance is the most important determinant of valuing a firm during both the book building stage and the trading stage. Information on innovation is value relevant only for institutional investors during the book building stage while it is not value relevant in the secondary market.

Key words: IPO Pricing Financial Performance Innovation Information

JEL分类号:

G14

D82

G24

基金资助: 国家自然科学基金面上项目(71272073)国家自然科学基金青年项目(71202056)

作者简介: 徐浩萍,会计学博士,副教授,复旦大学管理学院,Email:haopingxu@fdsm.fudan.edu.cn.施海娜,会计学博士,副教授,复旦大学管理学院,Email:haina@fudan.edu.cn.金彧昉,会计学博士,讲师,复旦大学管理学院,Email:yfjin@fudan.edu.cn.

引用本文:

徐浩萍, 施海娜, 金彧昉. 新股定价基础:历史业绩还是技术创新？——基于中国创业板市场的研究[J]. 金融研究, 2017, 442(4): 191-206.
XU Haoping, SHI Haina, JIN Yufang. The Determinants of IPO Pricing: Past Performance orTechnology Innovation?Evidence from CHINEXT Market. Journal of Financial Research, 2017, 442(4): 191-206.

链接本文:

http://www.jryj.org.cn/CN/10.12094/1002-7246(2017)04-0191-16 或 http://www.jryj.org.cn/CN/Y2017/V442/I4/191

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