Valuing IPOs Using Article 11 Pro Forma Financial Information in the Prospectus
Valuing IPOs Using Article 11 Pro Forma Financial Information in the Prospectus
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使用招股说明书中第 11 条备考财务信息对 IPO 进行估值
DOI：
10.1111/1911-3846.12608
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发表时间：
--
影响因子：
3.6
通讯作者：
Jing Zhou
中科院分区：
文献类型：
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作者：
JW Chen;Jing Zhou
我们调查第11条形式上的财务信息是否有助于投资者对IPO进行估值。虽然SEC预计它将有助于帮助投资决策，但第11条形式的财务信息是基于注册人的理解和假设，注册人可以在编制形式财务报表时行使自己的判断。因此，预计财务报表中包含的信息是否对投资者有用，这是一个经验性问题。我们检验了盈利和股权账面价值的预计调整与IPO要约价值之间的关联，发现结果不对称。虽然盈利和权益账面价值的正预计调整与IPO要约价值正相关，但收益和权益账面价值的负预计调整与IPO要约价值负相关，这表明负的预计调整被定价为增长机会。其他分析显示，不同时间段和不同行业的股权账面价值预估调整与IPO要约价值之间的关联性不同，而且股权账面价值预估调整最初被投资者错误定价。相反，我们没有发现类似的收益形式调整的结果。进一步的实证检验表明，盈余和权益账面价值错误定价的不对称结果可以用《条例S-X》第11条关于备考调整的要求来解释，该条规定，盈余调整只反映经常性项目，而账面价值调整既反映经常性项目，也反映非经常性项目。
We investigate whether Article 11 pro forma financial information assists investors in valuing IPOs. While the SEC expects it to be helpful in assisting investment decisions, Article 11 pro forma financial information is based on registrants' understanding and assumptions, and registrants can exercise their own judgment when preparing pro forma financial statements. It is therefore an empirical question whether the information contained in pro forma financial statements is useful to investors. We examine the association between pro forma adjustments of earnings and book value of equity and the IPO offer value and find asymmetric results. While positive pro forma adjustments of earnings and book value of equity are positively associated with the IPO offer value, negative pro forma adjustments of earnings and book value of equity are negatively associated with the IPO offer value, suggesting that negative pro forma adjustments are priced as growth opportunities. Additional analyses reveal that the association between pro forma adjustments of book value of equity and the IPO offer value varies across different time periods and industries and that pro forma adjustments of book value of equity are initially mispriced by investors. In contrast, we do not find similar results for pro forma adjustments of earnings. Further empirical tests show that the asymmetric results of mispricing of pro forma adjustments of earnings and book value of equity may be explained by the requirements of Article 11 of Regulation S‐X for pro forma adjustments dictating that adjustments to earnings reflect only recurring items while adjustments to book value reflect both recurring and nonrecurring items.