Pacific-Basin Finance Journal·Volume 39, September 2016, Pages 197–210
境内外機構投資者對新股的投資
作者：Suman Neupane（Griffith University）
Biwesh Neupane（University of Strathclyde）
Krishna Paudyal（University of Strathclyde）
Chandra Thapa（University of Strathclyde）
摘要：印度的監管規定确保了IPO投資者在決定認購之前能觀察到其他認購人的認購量。這應該會減少境外機構投資者（Flls）和境内機構投資者（Dlls）之間的信息不對稱。因此我們認為，由于這個規定，所觀察到的兩種投資者的投資模式和投資收益應該存在更少的差别。然而研究結果卻表明，（一）境外機構投資者在認購新股方面比境内機構投資者更加積極；（二）境内機構投資者比境外機構投資者有更好的選擇新股能力；（三）在新股上市後，境外機構投資者會比境内機構投資者更廣泛地減持。境外機構投資者尤其會減持那些公司規模更小、更年輕和有更高股票波動率的上市後新股，而持有更多高回報率的股票，這表明境外投資者在追逐市場熱點。總之，盡管法規的透明度在增強，境外機構投資者和境内機構投資者的投資模式還是存在顯著不同。
關鍵詞：信息不對稱，印度的首次公開募股，境内機構投資者，境外機構投資者
Domestic and foreign institutional investors' investment in IPOs
Suman Neupane（Griffith University）, Biwesh Neupane（University of Strathclyde）, Krishna Paudyal（University of Strathclyde）, Chandra Thapa（University of Strathclyde）
ABSTRACT
The regulatory provisions in India ensure that IPO investors are able to observe the participation levels of other subscribers prior to their own subscription decisions. This should reduce the information asymmetry between the foreign institutional (FIIs) and domestic institutional investors (DIIs). We argue that because of this setting we should observe less difference in their investment patterns and performance. Our results, however, show that (a) FIIs subscribe to IPOs more aggressively than DIIs; (b) DIIs have better IPO selection ability than FIIs; and (c) in the post-listing period, FIIs reduce their IPO holdings more extensively than DIIs. FIIs reduce their post-listing holdings especially in firms that are smaller, younger, have higher stock volatility while increasing on stocks with higher returns, indicating that FIIs chase hot markets. Overall, in spite of transparency-enhancing regulations, the investment patterns of FIIs and DIIs differ significantly.
Keywords: Information asymmetry, Indian IPOs, Domestic institutional investors, Foreign institutional investors
原文鍊接：
http://www.sciencedirect.com/science/article/pii/S0927538X16300889
翻譯：何杉
