金融经济学研究

为抑制券商机会主义行为，科创板创新引入券商跟投制度。基于资本市场价值发现功能的视角，以2019年7月22日至2022年12月31日期间在科创板上市的公司为样本，从新股定价和中长期价值两个方面对科创板券商跟投制度的有效性进行检验。实证研究表明，券商跟投能有效降低科创板上市企业的新股误定价程度、提高股票中长期回报，即券商跟投增强了资本市场价值发现功能，且该功能在招股说明书可读性高、机构投资者调研多、地区市场化进程快的发行公司中更加显著。机制检验发现，券商跟投通过降低盈余管理、询价机构投资者意见分歧和代理成本，增强资本市场价值发现功能。因此，建议放开券商跟投的比例限制，将跟投多少的自由权交还券商，同时强化券商理性跟投，加强资本市场信息环境建设，进一步增强资本市场价值发现功能。

The STAR Market has introduced an innovative broker co-investment mechanism to curb the opportunistic behavior of securities companies.From the perspective of the value discovery function of the capital market, this study examined companies listed on the STAR Market from July 22,2019 to December 31,2022 to determine the effectiveness of the broker co-investment mechanism in terms of IPO pricing and medium-to long-term corporate value.The empirical results showed that broker co-investment effectively reduced the degree of IPO mispricing among companies listed on the STAR Market and enhanced medium-to long-term stock returns, thus strengthening the value discovery function of the capital market.Moreover, this function was more pronounced among companies that issued prospectuses with higher readability, attracted more institutional investor research, and operated in regions with faster market-oriented development.Mechanism tests indicated that broker co-investment improved the value discovery function of the capital market by reducing earnings management, inquiry-based investor disagreement, and agency costs.Given these findings, this study recommends lifting the restriction on broker co-investment proportions and returning decision-making power of investment amounts to brokers.It also suggests reinforcing brokers' rational co-investment practices and further developing the capital market's information environment to bolster its value discovery function.