承销商声誉、融资超募与超募资金使用效率——基于我国创业板上市公司的经验证据

发布时间：2018-03-24 00:25

本文选题：承销商声誉　切入点：IPO融资超募　出处：《经济社会体制比较》2012年03期

【摘要】：文章以2010年12月31日前在深交所创业板上市的153家公司为研究样本,重点考察承销商声誉对创业板公司IPO融资超募以及超募资金使用效率的影响。通过对高声誉承销商和低声誉承销商影响效果的实证分析发现:(1)承销商声誉与融资超募呈显著正相关关系。高声誉承销商支持公司的IPO融资能力更强,能够获得更高的超募率和更多的超募资金,因而融资超募更为严重;(2)承销商声誉与超募资金使用效率呈负相关关系。高声誉承销商支持公司的超募资金使用效率,明显低于低声誉承销商支持公司,表明高声誉承销商支持公司非效率使用超募资金的倾向更加突出。研究表明,在我国资本市场尚不成熟的背景下,承销商声誉机制的约束作用难以得到有效发挥。
[Abstract]:In December 31, 2010 at the Shenzhen Stock Exchange GEM listed 153 companies as the research sample, investigates the influence of underwriter reputation on the gem company IPO financing raised and raised funds use efficiency. Through the empirical effect on the reputation of underwriters and low reputation underwriters analysis found that: (1) the Underwriters reputation and over financing has a significant positive correlation between the reputation of underwriters. Support the company's IPO financing ability, can obtain higher oversubscription rate and more raised funds, so the financing raised more serious; (2) the underwriter reputation and the raised capital efficiency is negatively correlated. Loud as an underwriter to support the use of funds raised over the efficiency of the company, was significantly lower than that of the low reputation of underwriters to support the company, showed a tendency for high reputation underwriters to support the company's inefficient use of funds raised over the more prominent. The study shows that in China's capital city Under the immaturity of the field, the restraining effect of the underwriter's reputation mechanism is difficult to be effectively played.

【作者单位】：广东金融学院会计系;
【基金】：教育部人文社会科学研究青年基金项目(项目编号:12YJC630008) 广东省哲学社会科学规划项目(项目编号:GD11YGL02)
【分类号】：F832.51;F224

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