作　　者： ;

机构地区： 深圳大学经济学院会计学系

出　　处： 《证券市场导报》 2016年第4期13-18,共6页

摘　　要： 新股发行制度中,老股转让是成熟资本市场通行的制度。2013年新股发行制度改革推出老股转让制度,旨在增加股票供给以缓解"三高"问题,但大比例转让也引发了市场对老股东"套现"动机的质疑。本文研究发现:新股发行中老股转让力度越大,则投资者情绪越低,相应股票定价越低,显示出这一制度引入对抑制高股价具有显著作用。同时,大比例老股转让伴有盈余管理及后续业绩增长乏力现象。未来IPO"注册制"下,老股转让对完善上市公司治理结构、平抑投资者情绪等仍有积极作用。 In the IPO system, Pre-IPO securities transfer is common in the mature capital market. The goal of Pre-lPO securities transfer system in 2013 is to increase stock supply in secondary market and alleviate the problem of so called ＂three excesses＂. However the big scale transferring arguably caused the market participants to question the motivation of ＂cashing out＂ of Pre- IPO shareholders. We find that the more Pre-IPO securities transfer, the lower the investor sentiment, the lower the stock price is accordingly, which shows that the introduction of this system has obvious effect on relieving overpricing. We also find that the large proportion of the Pre-IPO securities transfer is associated with earnings management and subsequent bad performance. In the future, under the background of ＂registration system＂, there is still positive role for Pre-IPO securities transfer to refine the governance structure and to make investor sentiment sober.

关 键 词： 投资者情绪 盈余管理 老股转让

领　　域： [经济管理—金融学]