C. Ong, Rasidah Mohd‐Rashid, Kamarun Nisham Taufil-Mohd
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引用次数: 3
摘要
对承销商来说，ipo定价是一项具有挑战性的任务，因为它们需要公司提供资源。与招股说明书中提供的非财务信息设定发行价相反，上市前会计信息可能会影响IPO发行价。本研究旨在探讨杠杆率与IPO发行价之间的关系。基于2009年1月至2018年12月期间发行的129家马来西亚ipo样本，采用横截面普通最小二乘(OLS)回归分析了杠杆与发行价之间的关系。结果证明，杠杆率与要约价格呈负相关。因此，在研究结果中提出，在IPO上市前发行较高杠杆的fit往往会带来较高的财务风险。随后，承销商和发行人设定了较低的ipo价格2 .国际金融学报，Vol. 15, No . 1, 2020: 1-19
The pricing of IPOs is a challenging task among underwriters as they require resources from firms. Contrary to the non-financial information presented in a prospectus to set an offer price, pre-IPO accounting information could arguably influence IPO offer price. This study aims to investigate the relationship between leverage and IPO offer price. A crosssectional Ordinary Least Square (OLS) regression was implemented to investigate the relationship between leverage and offer price based on a sample of 129 Malaysian IPOs issued between January 2009 and December 2018. As a result, it was proven that leverage was negatively related to offer prices. Accordingly, it was proposed in the findings that fit, which issued higher leverages prior to IPO listing, often posed high financial risks. Subsequently, underwriters and issuers set a lower price for IPOs to 2 The International Journal of Banking and Finance, Vol. 15, No 1, 2020 : 1-19
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