暨南学报(哲学社会科学版)

作者：臧学众, 黎文靖

单位：暨南大学管理学院博士生。黎文靖,暨南大学管理学院教授,博士生导师。

关键词：证券市场,行政管制,IPO,投资者结构

本文以中国2006—2016年间A股上市公司IPO数据为样本,实证检验了股权分置改革后IPO核准制下,控制新股发行速度和发行市盈率等行政管制因素对证券市场投资者结构的影响。研究发现,新股发行时控制发行速度使得上市资源稀缺,控制发行市盈率则直接限制新股发行价格,造成证券市场上新股供给小于新股需求,供需失衡下的打新赚钱效应吸引了大量个人投资者参与申购,导致网上有效申购倍数大幅上升并触发网上网下互拨机制,使得上市公司在上市初期拥有了更多的股东户数和更低的户均持股比例,同时造成机构投资者在新股发行中的配售比例下降,形成并不断强化中国证券市场以散户为主的投资者结构。"/>template{display:none;}.mag-rich-xref-fn { cursor: pointer;}//长视频$(document).ready(function(){if($("#showLongArticleVideo") && $("#showLongArticleVideo").length && $("#showLongArticleVideo").length>0){mag_ajax_update({ele_id:'showLongArticleVideo',url:mag_currentQikanUrl() + "/CN/article/showLongArticleVideo.do?id="+$("#articleId").val()});}});$(document).ready(function(){window.metaData = {"journal":{"issn":"1000-5072","qiKanMingCheng_CN":"暨南学报（哲学社会科学版）","id":2,"qiKanMingCheng_EN":"Jinan Journal"},"article":{"keywordList_cn":["IPO","投资者结构","行政管制","证券市场"],"juan":"41","zhaiyao_cn":"本文以中国2006—2016年间A股上市公司IPO数据为样本,实证检验了股权分置改革后IPO核准制下,控制新股发行速度和发行市盈率等行政管制因素对证券市场投资者结构的影响。研究发现,新股发行时控制发行速度使得上市资源稀缺,控制发行市盈率则直接限制新股发行价格,造成证券市场上新股供给小于新股需求,供需失衡下的打新赚钱效应吸引了大量个人投资者参与申购,导致网上有效申购倍数大幅上升并触发网上网下互拨机制,使得上市公司在上市初期拥有了更多的股东户数和更低的户均持股比例,同时造成机构投资者在新股发行中的配售比例下降,形成并不断强化中国证券市场以散户为主的投资者结构。","endNoteUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/article/getTxtFile.do?fileType=EndNote&id=6218","reference":"","bibtexUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=BibTeX&id=6218","abstractUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/Y2019/V41/I1/79","qi":"1","id":6218,"nian":2019,"bianHao":"2019-1-79","zuoZheEn_L":"ZANG Xuezhong, LI Wenjing","juanUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/Y2019","shouCiFaBuRiQi":"2019-01-18","qiShiYe":"79","qiUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/Y2019/V41/I1","lanMu_cn":"经济·管理","pdfSize":"1119","zuoZhe_CN":"臧学众, 黎文靖","risUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=Ris&id=6218","title_cn":"行政管制IPO对投资者结构影响的实证研究","jieShuYe":"97","keywordList_en":["administrative control","investors' structure","IPO","securities market"],"endNoteUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=EndNote&id=6218","zhaiyao_en":"Based on the sample of A-shares IPOs in China from 2006 to 2016, this paper examines the influence of administrative control factors such as regulating the issuance speed and the issue price earnings (PE) ratio of new shares on the investor structure of securities market under the IPO's approval system after the reform of non-tradable shares. 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来源：2019年第1期

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