高管合法性与创业企业IPO抑价——来自中小企业板和创业板的经验分析

摘要

本文选取2009—2010年中小企业板和创业板281家创业企业为样本,从信息不对称的视角实证分析高管合法性对创业企业IPO抑价的影响。通过对构建高管合法性的操作化指标进行稳健回归分析,本文发现,高管合法性与创业企业IPO抑价水平之间存在显著的负相关关系,在IPO过程中,高管合法性能够作为传递创业企业价值的可靠信号,提高外部投资者对创业企业的信任程度,进而有效降低创业企业的IPO抑价水平。%From the perspective of information asymmetry,this paper empirically analyses the impact of top manager legitimacy on IPO under-pricing of venture companies.Through building up the operational indicators of top manager legitimacy,this paper conducts robust regressions using the data of 281 venture companies listed on Small and Medium Enterprise Board and Growth Enterprise Board in 2009-2010.The results show that top manager legitimacy has a negative effect on IPO under-pricing of venture companies.It is implied that top manager legitimacy can act as a valid signal of venture companies value in IPOs,strengthen the potential investors trust on venture companies and then effectively lower the extent of their IPO Under-pricing.