IPO中承销网络及其作用研究

发布时间：2018-01-04 03:29

本文关键词：IPO中承销网络及其作用研究　出处：《南京理工大学》2017年硕士论文　论文类型：学位论文

【摘要】：证券市场制度由行政干预向市场化发展推进,承销机构地位变得越发重要。承销网络指联合承销网络,是承销机构之间为了信息、资源共享和风险分散而进行联合承销形成的关系网络。本文旨在研究我国联合承销网络结构,以及承销网络主体中心性在上市企业IPO中的作用。本文选取了 2005年1月至2015年12月期间在上海证交所和深圳证交所申请上市与成功上市的共1660起IPO事件作为研究样本,涉及94家承销机构担任主承销商、联合承销商或副主承销商。采用社会网络分析方法,利用UCINET软件定量分析各年度承销网络结构特征,实证分析承销网络中心性在企业IPO中的作用。研究发现:(1)我国承销网络呈现明显的核心-边缘化特征,整体密度较低,结构松散,且各年度网络密度呈现逐年下降的趋势。(2)承销机构度数中心度、中介中心度和特征向量中心度与IPO过会与否无关,但在承销机构低声誉前提下,两者显著负相关。(3)承销机构度数中心度、中介中心度和特征向量中心度与IPO首日抑价显著正相关。且承销机构低声誉前提下,网络中心性作用更强;高声誉前提下,网络中心性作用减弱。同时,承销网络中心性与IPO抑价关系受上市板块与股改政策变动影响,该结论在中小板上市企业中成立,在创业板上市企业中不成立;在2005年至2012年股改政策变动前成立,在2014年和2015年股改政策变动后不成立。(4)承销机构度数中心度与IPO后超额收益显著负相关,中介中心度、特征向量中心度与IPO后超额收益不相关。但在承销机构低声誉前提下,网络中心性与IPO后超额收益显著负相关,且作用更强。
[Abstract]:The system of securities market by administrative intervention to promote the development of the market, the underwriting institution status becomes more and more important. The network refers to the joint underwriting underwriting underwriting agencies in order to network, information, resource sharing and risk of network joint underwriting form. This paper aims to research China's joint underwriting and underwriting network structure, the network subject center in the listed companies in IPO. This paper selects the period from January 2005 to December 2015 in Shanghai stock exchange and the Shenzhen Stock Exchange listing and the successful listing of a total of 1660 IPO events as research samples, involving 94 underwriting agencies as the lead underwriter, syndicate or vice underwriters. Using social network analysis method, analysis each year the underwriting network structure using UCINET software, quantitative, empirical analysis of effect of underwriting the network center in IPO. The study found that: (1) in China The underwriting network presents obviouscore - edge features, the overall low density, loose structure, and each year the network density showed a declining trend. (2) degrees center underwriters, centrality and eigenvector centrality and IPO will not, but in the low reputation of the underwriting institution under the premise the significant negative correlation. (3) degrees center underwriters, centrality and eigenvector centrality and IPO underpricing is positively related. And the underwriting institution under the premise of low reputation, network centrality stronger; reputation under the premise of weakening cardiac function in the network. At the same time, underwriting the network center and IPO the relationship between underpricing by the listing plate and the reform policy changes, the establishment of the conclusion in the small board listed companies, was not listed on the gem enterprises; set up in 2005 to 2012 in 2014 before the reform policy changes, and political reform in 2015 After the change of policy is not established. (4) the underwriting institution degree center and IPO excess returns significantly negative correlation, centrality, eigenvector centrality and IPO excess return is not relevant. But in the underwriting institution under the premise of low reputation, and IPO network center after the excess return is significantly negatively correlated, and the effect is stronger.

【学位授予单位】：南京理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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