The Impact Of Synergy Between Institutional Investors And Brokers On Ipo Pricing Efficiency

Although the issue of inefficient IPO pricing in the Chinese stock market is far-reaching,the situation is grim.Institutional investors and securities firms,as two indispensable entities in the IPO process,have an important influence on the determination of the stock issuance price.Moreover,few scholars have studied IPO pricing efficiency from the perspective of cross-industry collaboration based on the collaboration theory.Therefore,theoretical research is conducted on the topic of the impact of institutional investors and brokers on the IPO pricing efficiency;Small and medium-sized,entrepreneurial and high-tech enterprises are constantly emerging under the national call and policy protection.This type of enterprise has broad development prospects due to its own innovation advantages and external favorable environment.As an important financing platform for small,medium-sized,entrepreneurial and high-tech enterprises,the second-board market has the convenience of academic research.Moreover,the problem of low IPO pricing efficiency in the second-board market is particularly serious.Therefore,empirical research is conducted on IPO companies in the second-board market.Based on the information asymmetry theory and synergy theory,this paper uses correlation regression analysis and game theory modeling analysis from the perspective of cross-industry synergy to study the impact of institutional investor and brokers synergy on IPO pricing efficiency.The purpose of this article is to clarify the relationship between institutional investors,brokers and IPO pricing efficiency.Hoping that this article can provide useful reference for theoretical research and practical application.The article explains the research background,purpose and significance.It summarizes the current status of research by combing relevant domestic and foreign literature;The article introduces the main process of IPO,the evolution and development of the issue pricing system,and the process of determining the issue price of stocks in the cumulative bid inquiry system.It clarifies the conceptual definition and theoretical basis of the second-board market,IPO pricing efficiency,institutional investors,brokers and synergy;In this paper,empirical research is carried out using data from IPO enterprise in the second-board market from2009.10.30 to 2018.12.31.The article proposes research hypotheses through theoretical logic analysis and game theory modeling analysis,defines variables based on research hypotheses,constructs a multiple regression econometric model to test whether the research hypothesis holds,analyzes empirical research results and conducts robustness tests,summarizes the research conclusions and puts forward suggestions to improve the IPO pricing efficiency accordingly;The article summarizes the full text of the article.It summarizes the shortcomings of existing research and looks forward to future research.The study found the following conclusions: First,the overall IPO underpricing rate in our country's stock market is generally high,and the overall IPO pricing efficiency is generally low.The level of stock issuance pricing varies between different years,different sectors,and different IPO companies;Second,institutional investors play the role of certification and supervision.The participation of institutional investors can improve IPO pricing efficiency;Third,consider that collaboration has two sides,namely collaboration and collusion.Based on the collaboration effect and the collusion effect of institutional investors and brokers,the article deeply discusses the comprehensive impact of institutional investors and brokers.The synergy between institutional investors and brokers has a positive impact on IPO pricing efficiency,and the collusion under collaboration has a negative impact on IPO pricing efficiency.Among them,the positive influence is dominant.Collusion risks that cause negative impacts can be effectively constrained by the stock market listing rules,the broker's reputation mechanism and the supply of regulatory agencies.The number of cooperation between institutional investors and brokers is positively related to IPO pricing efficiency;Finally,the reputation of brokers strengthens the dominant position of the synergy between institutional investors and brokers on the positive impact of IPO pricing efficiency.Broker's reputation has an enhanced regulatory effect on the relationship between the number of institutional investor-broker cooperation and IPO pricing efficiency.