税收与IPO定价:来自美国税制改革的证据

A. Edwards, Michelle Hutchens
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引用次数: 5

摘要

本研究考察了税收改革何时以及如何影响ipo定价。利用2017年减税和就业法案(TCJA),我们研究了预期税改和税改后期间的IPO定价。首先,我们记录了在TCJA通过后完成IPO的公司经历了估值的增加。拥有净递延所得税资产的公司和美国跨国公司的估值增幅明显较低,这与那些从改革中受益较少的公司一致。其次,我们没有记录在预期的税收改革期间完成IPO的公司估值的增加。我们进一步观察到,在此期间,公司在簿记过程中没有经历向上定价修正的可能性增加,这表明IPO市场不愿意将预期的税收改革的好处冻结到发行价格中,直到颁布。这一结果与对现有公开交易股票的税制改革定价的研究形成了对比,后者的价格在税制改革颁布之前就已经将预期的好处封存了。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Taxes and IPO Pricing: Evidence from U.S. Tax Reform
This study examines when and how tax reform impacts the pricing of IPOs. Using the Tax Cuts and Jobs Act of 2017 (TCJA), we examine IPO pricing during the periods of anticipated and post-tax reform. First, we document that firms completing an IPO following the passage of the TCJA experience an increase in valuation. The increase in valuation is significantly lower for firms with net deferred tax assets and U.S. based multinational firms, consistent with those firms benefiting less from the reform. Second, we fail to document an increase in valuation for firms completing their IPO during the period of anticipated tax reform. We further observe that firms did not experience an increased probability of an upward pricing revision during the book-building process during this period, suggesting that the IPO market was unwilling to impound the benefits of anticipated tax reform into offer prices until enactment. This result contrasts with research on the pricing of tax reform for existing publicly traded stock, where prices impound the anticipated benefits from tax reform, far in advance of enactment.
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