多重代理关系质量对创业企业IPO折价的影响

发布时间：2017-12-30 18:39

本文关键词：多重代理关系质量对创业企业IPO折价的影响　出处：《南京大学》2014年硕士论文　论文类型：学位论文

【摘要】：IPO (Initial Public Offerings)折价是上市过程中非常常见的现象,在各个国家的股票市场上都可以发现。关于这方面的研究也相应的成为各国学者、金融公司忠于探索的焦点,其中对折价原因的追索甚多,成果也颇丰,比如信息不对称理论、代理理论等。然而,在众多针对IPO折价提出的假说和模型中,即便有些许具备一定的实证支持,但是关于IPO折价的所有相关现象仍旧无法得到令人完全信服的理论解释,它始终是学术界的一个谜。中国资本市场走过这么多年,仍旧处于摸索的阶段,IPO市场上的折价率居高不下,导致资金大量流向一级市场,对于资金的有效配置是十分不利的。本文从我国2009年设立的创业板市场着手,以这样一个新兴的、创立时期较沪深两市更成熟的阶段成长起来的市场为样本,研究IPO折价的基本规律,得到基于我国特殊背景的IPO折价原因与规律,以期能够为理论界提供些许思路,为金融界提供运作灵感,为监管者提供决策参考,为投资者提供相关建议。本文以2009年10月30日至2012年9月27日在创业板上市的351家企业作为研究对象,通过回归分析法以及双因子变异数分析法,研究以风险投资、承销商、CEO (Chief Executive Officer)为代表的多重代理关系的质量对创业板IPO折价的影响。研究发现：(1)以VC (Venture Capital)与承销商之前的合作关系来表示的VC社会资本与IPO折价有非常显著的正相关关系,验证了VC的短期视角与这种合作关系带来的相关利益偏好。(2)折价与承销商声誉存在负相关现象,后者确实能够影响前者。在某种程度上,该情况可能是消解了外部投资者与IPO公司相互之间的信息不对称而获得的,也可能是承销商声誉所代表的“信息披露功能”和“中介认证功能”得到了有效的发挥。(3)在回归方程中引入承销商与会计师事务所的先前合作关系,以此代表承销商社会资本,其正相关于折价,从而得到多重代理关系与折价的相互作用机制。有先前合作的两者更可能将机构投资者的利益放在首位,通过折价增加来形成利益倾斜。(4)在关于CEO属性的相关变量中,CEO经历与IPO折价有非常显著的正相关关系。本研究认为CEO背景的复杂性确实会产生偏好,即偏好于其他利益相关者的利益实现。(5)在调节变量的实证检验中,发现在VC有社会资本、承销商声誉低、承销商有社会资本的时候,IPO折价会随着CEO经历的增加而增加,两两相互之间的交互关系既已形成。在实践背景下,需要考虑不同的人物配置、组织关系,来最大程度的减少上市公司所不希望发生的事情。
[Abstract]:IPO initial Public offering is a very common phenomenon in the process of listing. In each country's stock market can be found. About this aspect of the research has become the corresponding countries scholars, financial companies loyal to the focus of exploration, in which there are many reasons for the discount, the results are quite rich. For example, information asymmetry theory, agency theory and so on. However, in many hypotheses and models of IPO discount, even if there is some empirical support. But all the phenomena related to the IPO discount are still not fully convincing theoretical explanation, it has always been a mystery in academia. After so many years, China's capital market is still in the stage of groping. The high discount rate in the IPO market leads to a large amount of capital flowing to the primary market, which is very unfavorable to the effective allocation of funds. This paper starts with the gem market set up in 2009 in our country. Taking such a new market, which is more mature than Shanghai and Shenzhen stock market, as a sample, this paper studies the basic law of IPO discount, and obtains the reason and law of IPO discount based on the special background of our country. With a view to providing some ideas for the theoretical community, for the financial sector to provide operational inspiration, for regulators to provide decision-making reference. This paper takes 351 enterprises listed on the gem from October 30th 2009 to September 27th 2012 as the research object. By means of regression analysis and double factor ANOVA, venture capital and underwriter were studied. The influence of the quality of the Multi-agent relationship represented by CEO Chief Executive Office on the discount of IPO on the gem. The VC social capital expressed by Venture Capital's previous partnership with the underwriter has a very significant positive correlation with the IPO discount. It is verified that VC's short-term perspective has a negative correlation with the underwriter's reputation. To some extent, the discount has a negative correlation with the underwriter's reputation. To some extent, the latter can affect the former. This may have been achieved by eliminating information asymmetries between external investors and IPO. It is also possible that the "information disclosure function" and "intermediary certification function" represented by the reputation of underwriters have been effectively brought into play. 3) the former cooperative relationship between underwriters and accounting firms is introduced in the regression equation. As a representative of underwriter social capital, it is positively related to discount, thus obtaining the interaction mechanism of multi-agency relationship and discount. Both of them with prior cooperation are more likely to put the interests of institutional investors in the first place. Form an interest tilt by increasing the discount. 4) in the relevant variables about the CEO attribute. There is a significant positive correlation between CEO experience and IPO discount. This study suggests that the complexity of CEO background does generate preference. In the empirical test of adjusting variables, we find that when VC has social capital, underwriter has low reputation and underwriter has social capital. IPO discount will increase with the increase of CEO experience, and the interaction between two and two has already formed. In the background of practice, we need to consider different people configuration, organizational relationship. To minimize the number of listed companies do not want to happen.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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