| The global capital market is integrated,and all countries are responding to the changes brought by economic development through policy adjustment.Due to China’s special institutional background,China is still in the administration-led regulatory environment,macroeconomic policy adjustment is a common means for the Chinese government to maintain healthy economic development,policy uncertainty has become a normal situation.As China’s stock market is very sensitive to policy,its price trend is influenced by policy to a certain extent.The future uncertainty brought by economic policy adjustment may,to some extent,affect economic participants’ expectations of future events,affect participants’ understanding of market and policy information,and then affect the capital market.IPO pricing efficiency has always been a hot issue concerned by all parties,and it is also one of the important indicators affected by the policy in the capital market.Therefore,the uncertainty of economic policy may affect the efficiency of IPO pricing in China.From the perspective of macroeconomic policy,this paper examines the impact of economic policy uncertainty on IPO pricing efficiency with a sample of IPO companies from 2007 to 2019,and explains the impact path of economic policy uncertainty on IPO pricing efficiency from the perspective of enterprise operation information expression and investor sentiment at the market level.The results show that:(1)the higher the uncertainty of economic policy,the lower the IPO pricing efficiency.The empirical results were not affected by robustness tests such as the replacement of independent and dependent variables and the addition of macroeconomic variables.(2)The impact of economic policy uncertainty on IPO pricing efficiency is mainly transmitted through market investor sentiment.There is a significant partial intermediary effect of investor sentiment in the sample period,and the increase of economic policy uncertainty will significantly inhibit investor sentiment,thus affecting IPO pricing efficiency;The mediating effect of business information expression is not established.The economic policy uncertainty impacts the expression of business information of corporation,but it does not affect the efficiency of IPO pricing,indicating that investors are greatly affected by emotions when making investment.(3)Further analysis shows that the effect of economic policy uncertainty on IPO pricing efficiency will be affected by the length of the window period,and the effect of economic policy uncertainty on IPO pricing efficiency will be reversed with the extension of the window period;Compared with the enterprises not supported by industrial policy,the uncertainty of enterprises supported by industrial policy has a more significant impact on IPO pricing efficiency.The relationship between economic policy uncertainty and IPO pricing efficiency is affected by the degree of product market competition,and the improvement of competitive position strengthens the positive relationship between uncertainty and IPO pricing efficiency.The research results of this paper provide a macro policy explanation for the influencing factors of IPO pricing efficiency,enrich the research on the impact of economic policy uncertainty on capital market,provide policy makers with empirical basis for policy making,and strengthen the efficiency of institutional making. |
