地方关系承销与市场定价有效性研究——基于承销商独立性视角

发布时间：2018-04-02 01:26

本文选题：地方关系承销　切入点：关系密度　出处：《金融研究》2017年05期

【摘要】：承销业务在我国证券市场上具有明显的"属地性"特征,本文采用选择偏差修正模型探讨了这种"属地性"的地方关系承销现象。研究发现:第一,国有企业、承销商声誉较低的小券商更可能参与地方关系承销业务,而在市场化发展程度较低的地区,地方关系承销的发生概率较高。第二,地方关系承销能显著降低股票IPO折价率,且地方关系承销的股票具有显著的财务业绩优势,说明地方关系资产具有价值且能被市场有效识别。第三,本文基于地方政府对承销双方区域管辖权、股权角度刻画地方关系密度,发现地方关系密度与承销股票IPO折价率呈倒U型关系,当且仅当地方政府是发行人实际控制人时,地方关系承销存在正业绩效应。研究结论为学术界剖析中国式关系承销"异象"、监管部门改善券商执业质量提供了理论基础和经验证据。
[Abstract]:The underwriting business has the characteristic of "territoriality" in the securities market of our country. In this paper, the local relationship underwriting phenomenon of this kind of "territoriality" is discussed by using the choice deviation correction model. The results of the study are as follows: first, state-owned enterprises, Small securities dealers with lower underwriters' reputation are more likely to participate in the local relationship underwriting business, while in areas with a lower degree of marketization, the probability of local relationship underwriting is higher. Second, local relationship underwriting can significantly reduce the discount rate of IPO. And local relationship underwriting stocks have significant financial performance advantages, indicating that local relationship assets are valuable and can be effectively identified by the market. Third, based on the regional jurisdiction of local governments on both underwriters, It is found that the local relationship density and the discount rate of IPO of underwriting stock are inversely U-shaped, if and only if the local government is the actual controller of the issuer. The conclusion provides theoretical basis and empirical evidence for the academic circles to analyze the "abnormal vision" of the Chinese relationship underwriting and the supervision department to improve the quality of securities business practice.
【作者单位】：天津大学管理与经济学部;南开大学经济学院;
【基金】：国家自然科学基金项目(71272183;71403183;71302097;71672123) 国家社会科学基金重大项目(09&ZD037)的资助
【分类号】：F832.51

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