双重上市、IPO抑价与大规模融资行为——来自中国公司IPO的证据

摘要

本文以中国1993—2009年期间的1158家IPO（其中A＋H公司36家）为样本，实证检验了A＋H双重上市与公司IPO行为之间的关系。研究发现：A＋H双重上市与单位权益发行价、IPO定价效率、融资规模效率均显著负相关，表明A＋H双重上市非但没有给公司带来IPO溢价，反而导致更高的IPO抑价。进一步分析表明，A＋H公司的更高IPO抑价与其大规模的股票发行数量显著正相关，正是A＋H公司的大规模股票发行迫使发行人和承销商采取低价策略以保证成功IPO，并导致A＋H公司具有偏好在热市期上市的择时行为。%In this paper, we use 1158 IPO examples ; including 36 A ＋ H companieS, to empirically examine the relationship＇ between A ＋ H dual listings and IPO behavior. We find that A ＋ H dual listing has significantly negative relationship with the offering price of unit equity, IPO pricing efficiency and financing scale efficiency, which indicates that A ＋ H dual listing not only fails to bring IPO premium, but leads to higher IPO underpric- ing. Further analysis shows that A ＋ H company＇s higher underpricing has a significantly positive correlation with the large volume of issuing. It＇s the large volume issuing that force the issuers and underwriters to adopt lower offering price strategy, and lead to A ＋ H companies＇ market timing behavior.