券商跟投制度对IPO破发的抑制效应研究

Research on the inhibitory effect of the sponsor shareholding system on IPO underpricing

摘要

针对2019年7月22日到2025年6月30日科创板企业频发的破发现象,实证检验注册制实行下的券商跟投制度对企业IPO破发现象的抑制效应.研究发现,券商跟投制度能有效抑制企业IPO破发,并且在已破发的企业中券商跟投比例越高,越能减少企业破发幅度.异质性分析发现,该效应在被分析师关注度低、被研报关注度低以及承销商数量较少的对象中效果更显著.机制分析发现,券商跟投制度通过使发行价合理下行与提振投资者情绪来抑制新股破发.本研究为券商跟投制度的有效性提供了相关经验证据,并同时丰富了关于IPO破发的相关研究.

Abstract

This study empirically examines the inhibitory effect of the sponsor shareholding system under the registration-based IPO system on the frequent IPO underpricing of companies listed on the STAR Market from July 22, 2019, to June 30, 2025. The findings reveal that the sponsor shareholding system effectively mitigates IPO underpricing. Moreover, among firms that experience underpricing, a higher sponsor shareholding ratio is associated with a smaller degree of underpricing. Heterogeneity analysis indicates that this effect is more pronounced among firms with lower analyst coverage, less research report coverage, and fewer underwriters. Mechanism analysis shows that the sponsor shareholding system curbs IPO underpricing by facilitating a reasonable downward adjustment of offering prices and boosting investor sentiment. This study provides empirical evidence supporting the effectiveness of the sponsor shareholding system and enriches the literature on IPO underpricing.

关键词

券商跟投制度 / IPO破发 / 科创板 / 注册制

Key words

broker underwriting and investment mechanism / IPO underpricing / Sci-Tech innovation board / registration-based system

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基金资助

国家社会科学基金(25FGLB041)