THE JOURNAL OF ACCOUTING RESEARCH · VOL. 53, NO. 5 ·DECEMBER 2015

发行人经营业绩与IPO定价

作者：Michael Willenborg (University of Connecticut), Biyu Wu (University of Connecticut), Yanhua Sunny Yang (University of Connecticut)

摘要：本文从股票首日价格范围到发行价到第一个交易日的收盘价入手，研究了发行人的经营业绩和IPO定价之间的关系。通过对泡沫破裂后的2001–2013年IPO样本数据的研究，本文发现，发行人上市前的净收入，尤其是经营性现金流，与首日价格范围的中间值修正显著正向相关，并且“部分调整现象”集中在具有出色经营业绩的发行人上。至于为什么公开可见的信息有助于预测从首日价格设定到发行价格设定期间的估值变化，研究表明，具有出色经营业绩的发行人，特别是那些提供小部分所有权的发行人，具有较低的议价动力并且容易被承销商给予过低的价格范围。总的来说，本文研究结果表明会计信息在了解账面IPO定价的重要作用，与发行人和承销商之间存在的代理问题相一致。

关键词：经营业绩，首日公开发行，部分调整，抑价

Issuer Operating Performance and IPO Price Formation

Michael Willenborg (University of Connecticut), Biyu Wu (University of Connecticut), Yanhua Sunny Yang (University of Connecticut)

ABSTRACT

We study the relation between issuer operating performance and initial public offering (IPO) price formation from the initial price range to the offer price to the closing price on the first trading day. For a post-bubble sample of 2001–2013 IPOs, we find that pre-IPO net income and, in particular, operating cash flow are strongly, positively associated with the revision from the mid-point of the initial price range to the offer price and that the “partial adjustment phenomenon” concentrates among issuers with the strongest operating performance. As for why publicly observable information helps predict changes in valuation from when the initial price range is set to when the offer price is set, our findings suggest that strong-performing issuers, especially those offering small slices of ownership, have lower bargaining incentives and are susceptible to the underwriter(s) low-balling the price range. Overall, our results suggest an important role for accounting information in understanding the pricing of book-built IPOs and are consistent with the presence of agency problems between issuers and underwriters.

Keywords: Operating performance, initial public offerings, partial adjustment, underpricing

原文链接：https://business.lsu.edu/Accounting/Documents/Seminar%20Series/WillenborgWuMarch14.pdf

翻译：景薇