券商数字化能提升IPO定价效率吗？

Can Digitalization of Securities Firms Improve IPO Pricing Efficiency?

摘要:

本文以 2012—2021年IPO公司研究样本,考察券商数字化对 IPO 定价效率的影响。经过研究发现,券商数字化有利于降低信息不对称,提高IPO定价效率,表现为券商数字化程度越高,IPO 抑价率越低。研究还发现,券商数字化与IPO抑价率的负向关系在IPO企业年轻、关联交易较多、股权集中度高的时候更强,表明降低信息不对称和代理问题是券商数字化影响 IPO 抑价率的重要机制。进一步检验发现,承销券商的数字化程度越高,上市后长期表现越好;且券商数字化的作用不受发行制度的影响。研究结果将数字化研究拓展到了直接融资市场中介领域,对于认识证券公司数字化的作用具有重要的理论价值,对于深化证券公司数字化转型具有现实指导意义。

Abstract:

Using IPO firms from 2012 to 2021 as the research sample, the impact of brokerage digitalization on IPO pricing efficiency was examined. It is observed that there is a negative correlation between brokerage digitalization and IPO underpricing, indicating that brokerage digitalization is conductive to reducing information asymmetry and improving IPO pricing efficiency. Moreover, this negative correlation is stronger when IPO firms are younger, engaged in more related-party transactions, and have a higher ownership concentration. These findings suggest that reducing information asymmetry and mitigating agency problems are important mechanisms for brokerage digitalization to affect IPO underpricing. Further analysis confirms that higher brokerage digitalization leads to better long-term post-listing performance and the influence of brokerage digitalization is not affected by the issuance system. Research of digitalization is extended to the field of intermediaries in the direct financing market. Both theoretical insights into the role of brokerage digitalization and practical guidance for its further development are provided.