券商直投、IPO前盈余管理与证券抑价

发布时间：2018-08-25 14:58

【摘要】：券商直投业务,是指符合资格的券商对非公开发行公司的股权进行投资。成熟资本市场的研究表明,券商直投业务的开展不仅能够改善券商的收入结构,对于深度挖掘市场、加强实体经济与资本市场的联结程度也有诸多好处。然而,券商直投业务从产生之日起,就因券商的双重角色而饱受争议。同时作为承销人及投资人的券商是否会利用信息优势损害投资人的利益受到各方关注。对于潜在利益冲突的担忧一直伴随着券商直投业务的发展。我国在2007年下半年重启券商直投业务。自重新开闸以来,由于存在突击低价入股情况,市场对该业务存在利益输送的诟病一直不断。本文以企业会计盈余质量及IPO抑价两个方面为切入点,采用实证研究的方式,试图检验企业是否拥有券商直投背景与上述两者的相关性,结果显示,拥有券商直投背景但直投券商与承销人不一致的企业盈余质量最差,而拥有券商直投背景且直投券商与承销人一致的企业与无券商直投背景的企业盈余质量间并不存在明显差异。扮演双重角色的券商在衡量潜在利益冲突与监管者及市场反应后,选择了一种较为保守的投资方式,其投资的企业的盈余质量与市场整体盈余质量相似,即券商并未为了直投利益而选择质量过差的企业,但直投企业的质量也未显示出过人之处。市场正确判断了拥有券商直投背景但直投券商与承销人不一致的企业质量较差,然而,市场对于潜在利益冲突对“保荐+直投”企业的影响过度乐观。虽然券商直投业务开闸初期出现了突击入股、低价入股的情况,但本文的结果支持了监管方的制约作用。通过提高资本市场的市场化程度,完善对于券商直投业务的监管机制,该业务应该能够实现服务经济发展的初衷,进一步拉近实体经济与资本市场,提升市场的整体效率。
[Abstract]:Direct investment refers to qualified securities firms investing in the equity of non-public offering companies. The research of mature capital market shows that the development of direct investment not only can improve the income structure of securities firms, but also has many advantages for the deep mining of the market and the strengthening of the connection between the real economy and the capital market. However, the brokerage direct investment business from the date of birth, because of the dual role of securities firms and controversial. At the same time as underwriters and investors whether securities firms will use the information advantage to harm the interests of investors has attracted attention. Concerns about potential conflicts of interest have been accompanied by the development of direct investment business. China in the second half of 2007 restart securities direct investment business. Since the reopening of the gate, due to the existence of a surprise low-price stock situation, the market has been the business of the transport of benefits has been criticized. This paper takes the quality of accounting earnings and the underpricing of IPO as the starting point, and tries to test the correlation between the background of direct investment of securities firms and the above two aspects by the way of empirical research. The results show that, Companies with direct investment background but not the same as underwriters have the worst quality of earnings. However, there is no significant difference between the companies with direct investment background and the companies with the same background of direct investment and those without the background of direct investment of securities firms. After weighing the potential conflicts of interest with the regulators and the market reaction, the securities firms playing a dual role have chosen a more conservative investment mode. The earnings quality of the enterprises in which they invest is similar to that of the market as a whole. That is, securities firms do not choose poor quality enterprises for the benefit of direct investment, but the quality of direct investment enterprises also does not show excellence. The market correctly judges the poor quality of enterprises with direct investment background of securities firms but not consistent with underwriters. However, the market is overly optimistic about the impact of potential conflicts of interest on "direct investment" companies. Although the initial period of direct investment of securities companies into the initial period, the situation of low-priced shares, but the results of this paper support the regulatory constraints. By improving the marketization of the capital market and perfecting the supervision mechanism for the securities firms' direct investment business, the business should realize the original intention of serving the economic development, further narrow the real economy and the capital market, and enhance the overall efficiency of the market.
【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;F224

【参考文献】