当代财经 ›› 2024, Vol. 0 ›› Issue (7): 88-103.

• 企业管理 • 上一篇    下一篇

注册制改革、供应链关系与IPO定价效率

王生年, 张楠   

  1. 石河子大学 经济与管理学院,新疆 石河子 832003
  • 收稿日期:2023-11-19 修回日期:2024-01-05 出版日期:2024-07-15 发布日期:2024-08-27
  • 通讯作者: 张楠,石河子大学博士研究生,主要从事资本市场与会计行为研究,联系方式2364547109@qq.com。
  • 作者简介:王生年,石河子大学教授,博士生导师,管理学博士,主要从事资本市场与信息披露研究。
  • 基金资助:
    国家自然科学基金地区项目“企业数字化转型与审计师风险决策:影响、机制与后果”(72262028); 国家自然科学基金地区项目“分析师关注与资产定价效率——基于会计异象的视角”(71862029)

Registration System Reform, Supply Chain Relations, and IPO Pricing Efficiency

WANG Sheng-nian, ZHANG Nan   

  1. Shihezi University, Shihezi 832003, China
  • Received:2023-11-19 Revised:2024-01-05 Online:2024-07-15 Published:2024-08-27

摘要: 全面推行注册制改革的重要目标是提升资本市场定价效率。以2010—2022年A股IPO企业为研究样本,探讨供应链关系对IPO定价效率的影响及其作用机制。实证结果表明,供应链集中度降低了IPO定价效率,表现为供应链关系对IPO企业的风险效应;而注册制改革有效地缓解了两者间的负向关系。机制检验表明,供应链集中度通过影响IPO企业经营前景与信息环境进而降低了IPO定价效率。进一步研究发现,供应商/客户行业声誉以及供应商/客户地理邻近可以缓解两者间的负向关系;低声誉承销商以及承销商参与跟投,加剧了两者间的负向关系;供应链集中度加剧了IPO资金超募,抑制了IPO首日破发。为此,监管部门应完善注册制改革配套制度,加强供应链集中度较高企业的审核问询,提高IPO定价效率,确保市场在资源配置中发挥关键作用。

关键词: 供应链关系, IPO定价效率, 注册制改革

Abstract: The important goal of comprehensively implementing the registration system reform is to improve the pricing efficiency of the capital market. Taking A-share IPO companies from 2010 to 2022 as research samples, this study explores the impact of supply chain relationships on IPO pricing efficiency and its mechanism. The empirical results indicate that supply chain concentration has reduced the efficiency of IPO pricing, which is manifested as the risk effect of supply chain relationships on IPO companies, while the registration system reform has effectively alleviated the negative relationship between the two. The mechanism test reveals that supply chain concentration can reduce IPO pricing efficiency by affecting the business prospects and information environment of IPO companies. Further research has found that the industry reputation of suppliers/customers and their geographical proximity can alleviate the negative relationship between the two. The low reputation underwriters and their participation in follow-up investment have intensified the negative relationship between the two. The intensification of supply chain concentration has led to an oversupply of IPO funds, suppressing the first day IPO burst. Therefore, the regulatory authorities should improve the supporting system for the registration system reform, strengthen the auditing inquiry of enterprises with higher supply chain concentration, improve IPO pricing efficiency, and ensure that the market plays a key role in resource allocation.

Key words: supply chain relationships, IPO pricing efficiency, registration system reform

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