承销商声誉对我国创业企业IPO定价、初始与长期回报影响的实证研究

发布时间：2018-06-16 13:49

本文选题：承销商声誉 + IPO定价　；参考：《南京大学》2012年硕士论文

【摘要】：为了降低信息不对称在证券市场上所带来的不利影响,承销商在新股发行定价方面扮演着重要角色。因此,首次公开发行(IPO, initial public offering)公司的股票在公开发行时必须要谨慎地选择证券承销商。除了发行上市公司自身的财务状况必须健全和具有良好的发展前景以外,选择一家有信誉的承销商将对公司能否顺利上市,募集到所需要的资金以及上市后企业的长期收益产生重要影响。自2009年10月30日,中国创业板正式开市以来,截止2012年3月1日已经有300多家企业成功上市交易,投资者对于创业板的关注也越来越多,因此对于这一板块上市公司IPO的研究将会对指导其他企业IPO有很大的意义。本文回顾了信息化不对称理论和信号传递理论,以及国内外学者关于承销商声誉的相关研究成果,从而提出了关于承销商声誉与创业企业IPO定价、初始回报、长期回报之间关系的3个假设。本文通过对在2009年10月30日——2011年3月1日之间在创业板上市的183家公司作为样本研究对象来进行实证研究,揭示了承销商声誉与创业企业IPO定价、初始回报、长期回报之间的关系。经过数据分析,3个假设中只有一个假设得到了验证,其他两个均不显著。即：承销商声誉对创业企业IPO定价和长期回报的影响不显著,但承销商声誉对创业企业初始回报呈显著的负影响,即承销商声誉越好,创业企业IPO初始回报越低。本文丰富了国内在承销商声誉和企业IPO这两个领域的研究成果,且究其研究对象来看,本文具有一定的独创性和时效性。同时,本文的研究结论对于企业在上市时对于证券承销商的选用上也存在着一定的借鉴意义。
[Abstract]:In order to reduce the adverse effects of asymmetric information on the securities market, underwriters play an important role in the pricing of new issues. Therefore, IPOs, initial public offering) shares in the public offering must be careful to select securities underwriters. In addition to the fact that the financial situation of the listed company itself must be sound and have a good prospect for development, the selection of a reputable underwriter will be of great importance to the smooth listing of the company. Raising the required funds and long-term income after listing has an important impact. Since the opening of the gem on October 30, 2009, as of March 1, 2012, more than 300 enterprises have been listed and traded successfully, and investors are paying more and more attention to the gem. Therefore, the research on IPO of listed companies in this sector will be of great significance to guide the IPO of other enterprises. This paper reviews the information asymmetry theory and signal transmission theory, as well as the domestic and foreign scholars on the underwriter reputation related research results, and puts forward the underwriter reputation and start-up IPO pricing, initial return, Three assumptions about the relationship between long-term returns. This paper makes an empirical study on 183 companies listed on the gem from October 30, 2009 to March 1, 2011, and reveals the underwriter reputation and IPO pricing, initial return. The relationship between long-term returns. After data analysis, only one of the three hypotheses was verified, while the other two were not significant. That is, underwriter reputation has no significant impact on IPO pricing and long-term return, but underwriter reputation has a significant negative impact on initial return, that is, the better the underwriter reputation, the lower initial IPO return. This paper enriches the domestic research achievements in the two fields of underwriter reputation and IPO, and according to the research object, this paper has a certain originality and timeliness. At the same time, the conclusion of this paper also has some reference significance for the selection of securities underwriters.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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