创业板IPO中的配售机制与定价效率研究

摘要

In essence, book-building is for the underwriter to obtain information ,including the number of shares they desire and the price they are willing to pay, from investors who can represent the demand of market, accordingly ,the underwriter pricing the stock . So, the honesty of investor＇ s offer will be the key to affect pricing. This study investigates the allocation mecha- nism in Book-building IPO and find the allocation mechanism directly affect pricing. Through studying two kind of allocation mechanism used in Growth Enterprises Market, we find the excitation are different and this difference is the main factor lead- ing to different underpricing.%询价制的本质是通过向机构投资者询价，发现市场真实需求，从而确定反映市场供给与需求的合理价格。本文研究表明：询价对象报价的诚实程度是影响询价制定价效率关键因素和前提条件。中美两国的询价制中不同的配售机制直接影响了询价对象报价的诚实程度，是中国IPO抑价率继续处于相对较高水平的根本原因。其中，“抽签配售”的激励强于“按比例配售”的激励，从而导致不同的抑价率。不同配售机制是导致中国创业板产生不同抑价率的根本原因。