Pacific-Basin Finance Journal·Volume 39, September 2016, Pages 197–210

境内外机构投资者对新股的投资

作者：Suman Neupane（Griffith University）

Biwesh Neupane（University of Strathclyde）

Krishna Paudyal（University of Strathclyde）

Chandra Thapa（University of Strathclyde）

摘要：印度的监管规定确保了IPO投资者在决定认购之前能观察到其他认购人的认购量。这应该会减少境外机构投资者（Flls）和境内机构投资者（Dlls）之间的信息不对称。因此我们认为，由于这个规定，所观察到的两种投资者的投资模式和投资收益应该存在更少的差别。然而研究结果却表明，（一）境外机构投资者在认购新股方面比境内机构投资者更加积极；（二）境内机构投资者比境外机构投资者有更好的选择新股能力；（三）在新股上市后，境外机构投资者会比境内机构投资者更广泛地减持。境外机构投资者尤其会减持那些公司规模更小、更年轻和有更高股票波动率的上市后新股，而持有更多高回报率的股票，这表明境外投资者在追逐市场热点。总之，尽管法规的透明度在增强，境外机构投资者和境内机构投资者的投资模式还是存在显著不同。

关键词：信息不对称，印度的首次公开募股，境内机构投资者，境外机构投资者

Domestic and foreign institutional investors' investment in IPOs

Suman Neupane（Griffith University）, Biwesh Neupane（University of Strathclyde）, Krishna Paudyal（University of Strathclyde）, Chandra Thapa（University of Strathclyde）

ABSTRACT

The regulatory provisions in India ensure that IPO investors are able to observe the participation levels of other subscribers prior to their own subscription decisions. This should reduce the information asymmetry between the foreign institutional (FIIs) and domestic institutional investors (DIIs). We argue that because of this setting we should observe less difference in their investment patterns and performance. Our results, however, show that (a) FIIs subscribe to IPOs more aggressively than DIIs; (b) DIIs have better IPO selection ability than FIIs; and (c) in the post-listing period, FIIs reduce their IPO holdings more extensively than DIIs. FIIs reduce their post-listing holdings especially in firms that are smaller, younger, have higher stock volatility while increasing on stocks with higher returns, indicating that FIIs chase hot markets. Overall, in spite of transparency-enhancing regulations, the investment patterns of FIIs and DIIs differ significantly.

Keywords: Information asymmetry, Indian IPOs, Domestic institutional investors, Foreign institutional investors

原文链接：

http://www.sciencedirect.com/science/article/pii/S0927538X16300889

翻译：何杉