张晓燕,张子健

• 1:清华大学五道口金融学院

摘要(Abstract)：

本文研究了科创板在发行承销、市场化交易制度的改革措施对股票定价效率、交易流动性以及上市公司质量的影响。本文首先根据行业、总资产、公司年龄将科创板和主板公司逐一匹配，并通过变量控制来减小选择性偏差对估计的影响。结果表明，相比对照组，科创板股票在IPO阶段和正常交易阶段的定价效率更高，交易的价格冲击更小，交易价差平均低2.9个基本点。在公司财务质量上，科创板公司上市后在研发投入、盈利等方面的增长有所提高，但是效果并不明显。

关键词(KeyWords)： 科创板;定价效率;流动性

Abstract:

Keywords:

基金项目(Foundation): 国家自然科学基金重大项目“中国资本市场的行为特征研究”(项目号:71790605)的资助

作者(Author): 张晓燕,张子健

DOI: 10.16513/j.cnki.cje.2022.03.002

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