科创板市场试点注册制是我国股票市场发行制度的重大变革,注册制下科创板公司首发定价效率备受关注。文章首先采用随机前沿模型对新股定价合理性进行检验,研究发现首发定价存在显著的下边界特征,说明首发价格不仅不存在抑价问题,而且相对于公司内在价值存在明显的高估;其次,针对科创板公司上市后较高的首发新股回报率成因的检验发现,二级市场投资者对公司基本面、科创属性等重要指标的关注明显不足,而非理性投机行为依然严重,这是造成二级市场股价泡沫和首发新股高回报的重要原因。研究表明金融中介和发行人的定价能力、自我约束以及市场投资者的成熟程度仍然存在较大欠缺,因此,对承销商的投资价值研究报告的质量以及发行人、承销商和机构投资者的道德约束应该成为监管层关注的重点。此外,倡导价值投资、理性投资的投资者教育仍然任重道远。
注册制下科创板首发定价合理性及高回报成因研究
摘要
参考文献
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引用本文
董秀良, 刘佳宁, 满媛媛. 注册制下科创板首发定价合理性及高回报成因研究[J]. 上海财经大学学报, 2020, 22(6): 65-78.
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