2751 
1960针对注册制下新股发行中机构投资者“抱团压价”现象，监管机构通过加强网下询价监管，以规范询价机构的报价行为。文章以2019—2022年487家科创板上市公司为研究对象，考察询价监管新规前后承销商分析师对机构投资者报价行为的影响。实证结果发现，询价监管新规后承销商分析师对机构投资者报价的影响力显著下降。横截面结果显示，当承销商声誉较低、上市公司信息环境更差时，承销商分析师对机构投资者报价的影响力在询价监管新规后下降更多。进一步研究发现，询价监管新规发布后，承销商分析师预测价格更加乐观，机构投资者报价的离散程度更大。文章拓展了分析师对机构投资者影响的文献，为进一步完善注册制下新股发行定价机制提供了重要的政策启示。
询价监管与承销商分析师市场影响力——来自科创板IPO的经验证据
摘要
参考文献
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引用本文
何开刚, 秦玉龙, 杨庆. 询价监管与承销商分析师市场影响力——来自科创板IPO的经验证据[J]. 上海财经大学学报, 2023, 25(5): 3-15.
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