A Research on the pricing and liquidity of IPOs and the governance structure of IPO companies

2018 Fiscal Year Final Research Report

• Project/Area Number: 16K03838
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Management
• Research Institution: Kwansei Gakuin University
• Principal Investigator: OKAMURA Hideo 関西学院大学, 商学部, 教授 (70319606)
• Project Period (FY): 2016-04-01 – 2019-03-31
• Keywords: IPO / 新規公開 / 新規上場 / 株式公開

Outline of Final Research Achievements

As the size of the company at the time of IPO became larger, the trend of post-listing market capitalization tended to become sluggish, and it was recognized that it was difficult to grow beyond the peak of the company's life cycle.
In addition, we find that periodic booms are likely to occur in the number of IPOs and the initial returns of IPO shares. We also find an institutional factor that makes the offering price low, that is the price range of filing may rarely change even after the roadshow and/or the bookbuilding that find high demand for the IPOs.
Such booms and poor long-term performances lead to many small-caps and low liquidity, and are considered to inhibit the stock market activation.

Free Research Field

企業財務論、証券論、金融論

Academic Significance and Societal Importance of the Research Achievements

投資家からの需要積み上げ（ブックビルディング）を行う際の参考価格帯である仮条件（下限価格～上限価格の価格幅）が一旦設定された後に修正されないという慣行が、新規公開時の価格高騰と長期パフォーマンス低迷を生じさせる一因となっており、ひいては、時価総額が小さく流動性が低い銘柄を多数生み出すことにつながっていることが、本研究から示唆された。
上記の示唆をふまえ、改善案の一つとしては、米国のように需要状況に応じた仮条件の修正を容易なものとし、公開価格をより適切な水準に設定可能とすることが挙げられる。その上で、上場基準、市場区分等をより適切な形で見直し、市場再編を行うことが必要であると考えられる。