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我国IPO公司在招股书中披露的大股东控制风险会影响投资者对发行新股的估值。本文选取2007-2011年中小板IPO公司数据,检验了IPO公司股权结构对新股发行定价的影响,发现IPO公司股票估值和终极控股股东的现金流权成正比,和控制权与现金流权的偏离度成反比;IPO抑价程度与控制权和现金流权的偏离度成反比。研究结论说明IPO公司大股东控制的股权结构特征能够起到信号传递效应,会影响投资者对新股发行的估值,IPO公司终极控股股东会主导公司在IPO中进行高定价以获取更多资源,为上市后对公司进行利益侵占做准备。
China’s IPO company disclosed in the prospectus of major shareholder control risk will affect investors on the issue of new shares valuation. This paper chooses the IPO IPO data from 2007 to 2011, examines the IPO company’s ownership structure on IPO pricing, found that the IPO company’s stock valuation and the ultimate controlling shareholder is proportional to the cash flow right, and control and cash flow rights The degree of deviation is inversely proportional to the degree of deviation of the degree of control of IPO and cash flow rights. The conclusion of the research shows that the structure of the ownership structure controlled by the largest shareholder of the IPO company can play the role of signal transmission, which will affect the investors’value of the IPO. The ultimate controlling shareholder of the IPO company will dominate the company to get more resources in IPO, Preparation for the company after the listing of the interests of the encroachment.