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IPO溢价率过高问题在中国股票市场上较为突出,我们认为,企业盈余管理和投资者情绪是影响IPO溢价的重要因素。作为战略性新兴产业代表的信息技术行业,为了满足上市条件,公司管理层存在盈余管理的动机,股票也因为具有概念题材受到市场上投资者的追捧,此外,该行业的公司在规模、成立年限、发展速度和发展特点等方面呈现出与传统行业中的企业明显不同的特点,具有研究的意义与价值。基于此,我们以信息技术行业158家公司为样本,运用扩展的Jones模型测算了样本公司的盈余管理,并运用主成分分析法构建了投资者情绪指标,最后运用OLS模型对企业盈余管理和投资者情绪这两个因素对该行业上市公司IPO溢价的影响进行了实证检验。实证结果表明,投资者情绪和IPO溢价存在显著的正相关关系,表明投资者情绪高涨对IPO溢价有重要影响。企业盈余管理在回归中不显著,不会系统地影响信息技术行业的IPO溢价现象,表明企业盈余管理可能在更大程度上影响的是一级市场的IPO抑价而非二级市场的IPO溢价;此外,样本个数、样本的时间区间以及行业特征等因素也会对实证结果产生影响。据此,我们认为,现阶段应对IPO溢价率过高问题,可以从加强信息披露、培育理性的投资者和推动IPO上市发行制度改革等方面着手。
IPO premium rate is too high in the Chinese stock market is more prominent, we believe that corporate earnings management and investor sentiment is an important factor affecting the IPO premium. In order to meet the listing conditions, the IT industry, as a representative of the strategic emerging industries, has the motivation of earnings management. The stocks are also sought after by investors in the market because of the conceptual themes. In addition, the companies in the industry are limited in terms of scale, , The speed of development and the development characteristics of the traditional industries showed significant differences in the characteristics of the business, with research significance and value. Based on this, we take 158 companies in the information technology industry as a sample, use the extended Jones model to measure the earnings management of the sample companies, and use the principal component analysis to construct the investor sentiment index. Finally, we use the OLS model to analyze the enterprise earnings management and investment The two factors of the sentiment on the industry listed companies IPO premiums conducted an empirical test. Empirical results show that there is a significant positive correlation between investor sentiment and IPO premium, indicating that investor sentiment has a significant impact on the IPO premium. Corporate earnings management is not significant in the regression, will not systematically affect the IPO premium phenomenon in the information technology industry, indicating that corporate earnings management may affect the IPO underpricing in the primary market rather than the secondary IPO premium In addition, factors such as the number of samples, the time interval of samples and industry characteristics will also affect the empirical results. Accordingly, we believe that at this stage, the issue of coping with the excessively high IPO premium rate can start from strengthening information disclosure, fostering rational investors and promoting the reform of the IPO listing and distribution system.