%0 Journal Article
%T IPO定价与承销商实力的关系研究&#8212;&#8212;基于科创板上市公司的实证分析<br>Research on the Relationship between IPO Pricing and Underwriter Strength&#8212;An Empirical Analysis Based on Companies in Sci-Tech Innovation Board
%A 张可依
%J Sustainable Development
%P 377-389
%@ 2160-7559
%D 2026
%I Hans Publishing
%R 10.12677/sd.2026.161042
%X 2019年上海证券交易所设立科创板并试点注册制&#65292;取消了IPO定价23倍市盈率的限制&#65292;强调定价的市场化&#65292;承销商在发行环节发挥日益重要的作用。本文以2019年7月至2021年10月科创板上市公司及对应承销商的数据为样本&#65292;构建承销商实力评价体系以研究承销商实力对科创板IPO定价的作用。实证研究表明&#65306;科创板上市公司选择的承销商实力越强&#65292;其IPO定价越高。上述作用在不同跟投比例之间存在明显差异&#65292;同时在研发强度较高的发行公司中相对较弱。本文从承销商实力的视角拓展了IPO定价的相关研究&#65292;为科创板上市公司IPO定价优化提供了依据。<br>Shanghai Stock Exchange established Sci-Tech Innovation Board and implemented a pilot registration-based system for IPO in 2019, removing the 23-times price-to-earnings ratio cap for IPO pricing and emphasizing market-driven pricing. Underwriters have played an increasingly significant role in the process. Using data from companies in Sci-Tech Innovation Board and their corresponding underwriters between July 2019 and October 2021 as a sample, this paper constructs an evaluation system for underwriter strength to examine its impact on IPO pricing in this market. Empirical findings indicate that the stronger the underwriter selected by a Sci-Tech Innovation Board-listed company, the higher its IPO pricing tends to be. This effect varies significantly across different levels of follow-on investment ratios and is relatively weaker among issuers with higher R&D intensity. From the perspective of underwriter strength, this study expands the existing research on IPO pricing and provides a basis for optimizing IPO pricing for companies in Sci-Tech Innovation Board.
%K 科创板&#65292
%K 承销商实力&#65292
%K IPO定价&#65292
%K 跟投机制&#65292
%K 研发强度<br>Sci-Tech Innovation Board
%K Underwriter Strength
%K IPO Pricing
%K Follow-On Investment
%K R&D Intensity
%U http://www.hanspub.org/journal/PaperInformation.aspx?PaperID=133761