我国IPO承销费率与投资银行竞争力的关系研究

发布时间：2018-01-08 06:19

本文关键词：我国IPO承销费率与投资银行竞争力的关系研究　出处：《复旦大学》2012年硕士论文　论文类型：学位论文

【摘要】：在我国证券承销发行市场中,IPO的承销费率是受到整个市场广泛关注的问题。本文通过对IPO承销费率影响因素的研究,构建了以宏观经济因素、发行人与发行特征、投资银行竞争力三方面为框架的分析逻辑,对IPO承销费率的形成机制进行了探索,并着重对投资银行竞争力对承销费率的影响进行了分析。本文建立了一个通过对投资银行实力、投资银行与发行人之间的关系两方面进行衡量的投资银行竞争力的表征方法,选取了可以较为完整呈现投资银行竞争力的解释变量。在本文构建模型的解释框架内,投资银行竞争力对IPO承销费率具有较为明显的影响,并为不同类型的IPO过程中投资银行及发行人选择适合自身特点的合作伙伴提供了建议依据。
[Abstract]:In China's securities market underwriting the issue, IPO underwriting rates by the market wide concern. This article through the research of the influence factor of IPO underwriting rates, constructed by macroeconomic factors, the issuer and the investment bank competitiveness issue features three aspects for the analysis of the logical framework, explores the formation mechanism of IPO the underwriting rates, and focus on the impact of the competitiveness of investment banks underwriting rates are analyzed. This paper establishes a by the investment bank strength, measure method to characterize the investment bank competitiveness of the two aspects of the relationship between the investment bank and the issuer, selected can complete presentation of investment banking competitiveness in the explanatory variables. Explanation of the model, investment bank competitiveness has obvious influence on IPO underwriting rates, and invest in different types of IPO process Banks and issuers provide the basis for selecting partners suitable for their own characteristics.

【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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