摘要
笔者以创业板公司为样本,以logistic模型构建融资约束指数,研究了公司融资约束、IPO申购情况与创业板企业IPO资金超募之间的关系。实证结果表明超募率与上市前融资约束程度负相关,否定了上市公司融资约束是超募动机一说;创业板市场IPO申购情况对超募程度有显著影响。网上与网下IPO申购偏差越大,超募越严重;网下申购竞争越激烈,超募也越严重。这一结论意味着,通过建立和完善网上与网下IPO申购的制衡机制,抑制机构投资者抬高股票价格行为,可有效缓解创业板高超募现象。
The paper theoretically analyzes and empirically tests the relationship between financial constraints of companies before listing on the GEM, IPO purchasing and the rate of over financing. The empirical result indicates that the financing constraints have signif- icant negative influences on the rate of super offering financing, due to the effective pricing mechanism, which restrains the preventive cash holding motivation of enterprisers. Therefore, financing constraints is not the reason of over - fundings. The empirical results shows that the greater the subscription rate deviation of offline and online IPO and the higher effective subscriber number of off - line, the serious IPO super offering.
出处
《经济经纬》
CSSCI
北大核心
2013年第3期156-160,共5页
Economic Survey
基金
国家自然科学基金项目(70972055)
关键词
融资约束
IPO申购
融资超募
Financing Constraints
Initial of Public Offerings
Over-Funding
