THE JOURNAL OF ACCOUTING RESEARCH · VOL. 53, NO. 5 ·DECEMBER 2015
發行人經營業績與IPO定價
作者：Michael Willenborg (University of Connecticut), Biyu Wu (University of Connecticut), Yanhua Sunny Yang (University of Connecticut)
摘要：本文從股票首日價格範圍到發行價到第一個交易日的收盤價入手，研究了發行人的經營業績和IPO定價之間的關系。通過對泡沫破裂後的2001–2013年IPO樣本數據的研究，本文發現，發行人上市前的淨收入，尤其是經營性現金流，與首日價格範圍的中間值修正顯著正向相關，并且“部分調整現象”集中在具有出色經營業績的發行人上。至于為什麼公開可見的信息有助于預測從首日價格設定到發行價格設定期間的估值變化，研究表明，具有出色經營業績的發行人，特别是那些提供小部分所有權的發行人，具有較低的議價動力并且容易被承銷商給予過低的價格範圍。總的來說，本文研究結果表明會計信息在了解賬面IPO定價的重要作用，與發行人和承銷商之間存在的代理問題相一緻。
關鍵詞：經營業績，首日公開發行，部分調整，抑價
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
原文鍊接：https://business.lsu.edu/Accounting/Documents/Seminar%20Series/WillenborgWuMarch14.pdf
翻譯：景薇
