新冠肺炎疫情对我国IPO抑价的影响及其中介作用机制研究

The Impact of COVID-19 Epidemic on IPO Underpricing and the Mediating Mechanisms

摘要:
目的/意义探寻新冠肺炎疫情对我国资本市场IPO抑价的影响机制，为新股发行定价、公司和投资者行为提供参考。同时也为今后发生类似的公共事件时，资本市场应该如何应对提供一些建议。
设计/方法基于2020年新冠肺炎疫情数据与新股发行数据，考察新冠肺炎疫情对IPO抑价率的影响及其中介作用机制。
结论/发现新冠肺炎疫情显著提高了IPO抑价率，其中介作用机制是由于新冠肺炎疫情导致的不确定性提高了人们的“预防性储蓄”动机，从而提高IPO抑价率。

Abstract: Purpose/Significance This research mainly studies the impact of COVID-19 epidemic on Chinese IPO underpricing and the underlying mechanisms, providing reference for IPO pricing, companies and investors’ behaviors. Meanwhile, this research offers suggestions on how the capital market deals with them. Design/Methodology Based on the data on COVID-19 epidemic and IPOs in 2020, this paper examines the impact of the COVID-19 epidemic on the IPO underpricing rate and the mediating mechanism. Conclusions/Findings This paper finds that the COVID-19 epidemic significantly increases the IPO underpricing rate, and the mediating effect is that the uncertainty caused by the COVID-19 epidemic increases people’s “precautionary savings” motivation, thereby increasing the IPO underpricing rate.