关系、声誉与再融资承销竞争

发布时间：2018-10-30 18:47

【摘要】：随着再融资市场的蓬勃发展,再融资承销的竞争日益剧烈。理论界普遍认为声誉和关系是投行竞争再融资承销中两个重要的影响机制。以2001-2011年沪深两市310家SEO公司为研究样本,可对投行与上市公司的"关系"在投行竞争SEO承销业务中的作用进行实证考察,并能进一步探讨"关系"与"声誉"这两种影响机制的相互替代作用。研究结果表明,投行与上市公司"关系"越紧密,即如果该投行是公司IPO的承销商,或者在公司IPO时的承销份额越高,或者持有上市公司的股权,那么它越有可能获得公司SEO的承销业务;然而,"声誉"会削弱"关系"的影响,只有在投行声誉较弱的情况下,"关系"才能发挥作用。这说明,在一个以"声誉"为主要竞争指标的市场当中,投行会形成良性竞争的氛围。这不仅有利于承销市场秩序的构建和市场效率的提高,更有利于我国证券业和资本市场整体素质的提高。
[Abstract]:With the vigorous development of the refinancing market, the competition of refinancing underwriting is increasingly fierce. The theory circle generally thinks that reputation and relationship are two important influence mechanisms in investment bank competition refinancing underwriting. Taking 310 SEO companies in Shanghai and Shenzhen stock markets from 2001 to 2011 as research samples, this paper makes an empirical study on the role of "relationship" between investment banks and listed companies in the competition for SEO underwriting by investment banks. Furthermore, it is possible to further explore the interaction between the two influence mechanisms, namely "relationship" and "reputation". The results show that the closer the "relationship" between the investment bank and the listed company, that is, if the investment bank is an underwriter of the company's IPO, or if the investment bank has a higher share of underwriting at the time of the company's IPO, or if it holds a stake in the listed company, Then the more likely it is to acquire the underwriting business of the company SEO; However, "reputation" weakens the impact of "relationships", which can only work when the reputation of investment banks is weak. This suggests that in a market where reputation is the main indicator of competition, investment banks have a healthy competitive atmosphere. This is not only conducive to the construction of underwriting market order and the improvement of market efficiency, but also to the improvement of the overall quality of China's securities industry and capital market.
【作者单位】：厦门大学经济学院;厦门大学管理学院;
【基金】：国家自然科学基金项目“媒体的公司治理作用及其对资本市场的影响研究”(71172051);国家自然科学基金项目“非正式制度与公司财务行为研究”(71072052) 中央高校基本科研业务费项目“基于法律外制度视角的公司财务行为研究”(2012221009) 福建省社科规划项目“媒体的公司治理作用及其对资本市场的影响研究”(2011B226) 教育部“新世纪优秀人才支持计划”(NCET-10-0713)
【分类号】：F224;F832

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