摘要
基于中国A股市场1999-2008年企业IPO样本数据,中国A股市场不论是民营上市公司还是国有上市公司,IPO融资成本中的隐性成本影响权重均强于显性成本。但两类企业首次公开发行股票时,其融资成本数量、结构和影响因素均存在明显差异;而发行前的盈利性指标、发行时二级市场投资者非理性行为等,对国有上市公司和民营上市公司也有不同程度的影响。同时,朝市场化方向改革的IPO发行制度和定价机制,减弱了民营上市公司和国有上市公司承担的折价费用和融资总成本,以及两者间的差距。
According to the IPO sample data of the enterprises in China＇s A-share market from 1999 to 2008, regardless of the nature of corporate ownership, the implicit cost of IPO financing cost weights heavier than the explicit cost. However, when both the state-owned companies and the private companies issue shares publically for the first time, there exist obvious differences in the amount of financing cost, the structure and the affecting factors. The profitability index before issuing and the non-rational behaviors of the investors in the secondary market also have different impact on the state-owned listed companies and private listed companies. At the same time, the market-oriented IPO distribution system and pricing mechanisms reduces the discount fees and the total financing cost borne by both private and state-owned listed companies, narrowing the gap between them.
出处
《当代财经》
CSSCI
北大核心
2010年第4期53-62,共10页
Contemporary Finance and Economics
基金
国家自然科学基金资助项目(70473107)
中南财经政法大学研究生教育创新基金资助项目(2009BJJ16)
关键词
融资成本
首次公开发行
所有制性质
市场化改革
首日初始收益
financing cost
initial public issuing
nature of ownership
marketization reform
first day initial return
