不同发行制度下投资者结构对IPO抑价的影响研究
摘要
IPO抑价是全球资本市场普遍存在的问题，也是资本市场所热议的核心话题。
面对全球普遍存在 IPO抑价的异象，国内外学者从不同视角进行分析，但目前尚
未得到统一的结论。与成熟证券市场相比，中国股票市场虽然得到的卓越的发展，
但仍然存在 IPO高抑价与投资者结构严重失衡并存的现状。据统计，1994—2008
年期间，我国上市公司平均抑价率高达 122%，远远高出全球其他国家，而机构
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投资者比例仅占 16.5%，远低于成熟资本市场（美国大约 65%左右）
。为此，
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中国证券市场实行注册制改革，试图从科创板入手，降低上市公司准入门槛与提
高信息披露质量，并引入保荐机构跟投制度，以达到完善投资者结构与降低 IPO
抑价的目的。然而，相较于核准制，注册制是否提高了投资者结构对 IPO抑价的
影响？进而达到了提高 IPO定价效率、降低 IPO抑价的目的？针对这些问题的
回答，不仅可以从深层次探究不同发行制度下 IPO定价效率问题，也可以为实行
注册制改革提供新的理论指导。
基于此，本文立足于中国股票市场发行制度改革的实践，从投资者结构的视
角出发，构建不同发行制度下的 IPO定、抑价理论分析框架，系统阐明了不同发
行制度下投资者结构对 IPO抑价的作用机理，揭示了不同发行制度下投资者结构
对 IPO抑价的影响机制；并通过 2019—2020年注册制下沪市科创板与 2014—
2020年核准制下沪深主板及创业板 IPO上市公司面板数据，进行比较实证检验。
理论、数值与实证研究表明：相较于核准制发行制度，注册制科创板投资者结构
得到改善且 IPO高抑价相对降低；不同发行制度下，投资者结构得到改善时，机
构投资者所占比例提高或散户投资者所占比例降低，都会降低 IPO高抑价。路径
机制分析表明：注册制下保荐机构跟投股数与投资者信息不对称是投资者结构影
响 IPO抑价的重要渠道，而在核准制下投资者情绪与投资者信息不对称都是投资
者结构影响 IPO抑价的重要渠道。本文通过异质性分析还发现，在注册制下投资
者结构对高新技术企业和保荐机构声誉较高的上市公司影响更为明显，而核准制
下投资者结构对非高新技术企业和保荐机构声誉较低的上市公司影响更为明显。
这不仅从理论的角度解释了为何注册制相较于核准制提高了机构投资者所占比
例，达到完善投资者结构与降低 IPO抑价的目的，也从实证的角度论证了理论结
果，并揭示了在不同发行制度投资者结构对 IPO抑价的影响路经。
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黄俊，陈信元.媒体报道与 IPO抑价—来自创业板的经验证据[J].管理科学学报，2013，16(02)：83-94.
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中山证券课题组，李湛，唐晋荣.股票市场投资者结构国际比较研究[J].证券市场导报，2020(04)：13-24
I

本文的研究不仅阐明了不同发行制度下投资者结构与 IPO抑价之间的作用
机理，也可以为新兴股票市场投资者失衡改善、IPO高抑价的治理与发行制度改
革提供理论支撑与实证依据。
关键词：IPO抑价；投资者结构；核准制；注册制；发行制度
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Research on the influence of investor structure on IPO
underpricing under different issuing systems
Abstract
IPO underpricing has always been the main problem troubling the capital market
and also an important factor affecting the sustainable development of market economy.
Faced with the phenomenon of IPO underpricing in the world, scholars at home and
abroad have analyzed it from different perspectives, but they have not yet reached a
unified conclusion. Compared with the mature securities market, Chinese stock
market has achieved remarkable development, but it still exists the current situation of
high IPO underpricing and serious imbalance of investor structure. According to
statistics, from 1994 to 2008, the average underpricing rate of listed companies in
China was as high as 122%, much higher than other countries in the world, while the
proportion of institutional investors was only 16.5%, far lower than the mature capital
market (about 65% in the United States) . Therefore, China's securities market carries
out the reform of registration system, tries to reduce the entry threshold of listed
companies and improve the quality of information disclosure by starting from the
science and technology innovation board, and introduces the sponsor institution
following the investment system, so as to improve the investor structure and reduce
IPO underpricing. However, compared with the approval system, does the registration
system increase the proportion of institutional investors to improve the investor
structure? Does it improve IPO pricing efficiency and reduce IPO underpricing?
These questions have become an important topic to be solved in the academic circle
and can provide theoretical guidance for the next step of capital market reform.
Based on this, this article foothold in China's stock market distribution system
reform practice, from the perspective of investors structure, build, and underpricing of
IPO under different distribution system theoretical analysis framework, system
illustrates the investors under different distribution system structure on the mechanism
of the IPO underpricing, reveals the investor structure under different distribution
system's influence on IPO underpricing mechanism; A comparative empirical test is
conducted through the panel data of IPO listed companies on the Shanghai Science
and Technology Innovation Board under the 2019-2020 registration system and the
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