投行声誉对IPO财务专项自查公司撤单的影响研究

发布时间：2018-01-06 18:27

本文关键词：投行声誉对IPO财务专项自查公司撤单的影响研究　出处：《复旦大学》2014年硕士论文　论文类型：学位论文

【摘要】：资本市场上,投资银行作为中介机构,在减少信息不对称、提高市场效率方面,发挥着重要作用。投资银行作为市场上的长期参与者,其长期业绩建立起来的声誉,对投行的长期可持续性发展有着重要的意义。首先,基于信号理论,发行公司为了向投资者传递公司的财务与经营信息,会选择高声誉的承销商,“借用”承销商的声誉,来减轻新股发行的不确定性、进而提高发行价格。另外,基于认证理论,承销商会将长期建立的声誉视为有价值的无形资产,为了维护声誉,投资银行可能制定较为严格的标准,审慎地进行尽职调查并监督发行公司的盈利管理行为,为投资者把好关。因此,投行声誉的建立在资本市场上有着重要的意义。中国资本市场已有二十多年的历史。自二十世纪九十年代,中国资本市场经历了迅猛的发展,并几经发行制度的改革。随着从国家主导到市场导向化的推进,投资银行作为资本市场上的中介机构的角色和地位开始凸显。2013年IPO公司财务专项自查工作,为研究投行声誉在与承销新股的质量发面的关系,提供了很好的样本。本文以2013年IPO财务专项自查所有在审公司为样本,探讨了投行声誉机制在中国资本市场上是否已经建立,以及是否能够有效地鉴定公司财务信息的披露质量。研究结果发现投行声誉与在审公司的未撤单可能性之间存在着显著的正相关关系；说明声誉好的投行承销的公司对其财务信息的质量和真实性更具有信心并提交财务自查报告。同时,在进一步的探讨中发现,投行声誉可以有效地遏制在审公司的盈余管理行为,这是投行声誉显著提高在审公司未撤单可能性的一个重要途径；这一点可以用信号理论或者认证理论来阐释。因此,在中国的资本市场,投行作为中介机构的声誉机制基本己经建立。亦即投行作为中介机构,能够有效的减少发行公司和投资者之间的信息不对称性,提高市场效率。这一点对中国资本市场进一步深化发行制度改革、将价值判断和约束力由市场决定有重要意义。本文对中国IPO市场上的投行声誉机制提供新的证据。
[Abstract]:Capital market, investment banks as intermediaries, in reducing the information asymmetry, improve market efficiency, plays an important role. As a long-term investment banking market participants, their long-term performance to build a reputation, is of great significance to sustainable development of investment banks. Firstly, based on the signal theory, the issuing company to transfer of financial and business information company to investors, will choose the high reputation of underwriters, "borrow" the reputation of underwriters, to reduce the uncertainty of the IPO, and then raise the issue price. In addition, based on the theory of certification, the Underwriters will establish long-term reputation as the valuable intangible assets, in order to safeguard the reputation. The investment bank may establish more stringent standards, carefully earnings management and supervision of the issuing company due diligence, investors for good relations. Therefore, the reputation of investment banks Establishment has the vital significance in the capital market. China capital market has a history of more than 20 years. Since 1990s, Chinese capital market experienced a rapid development, and the reform of the distribution system. With several from the country leading to market oriented advancement, the role and status of investment banks as intermediaries in the capital market to start highlights.2013 IPO company's financial special self inspection work, to study the reputation of investment banks in relation to the quality of the underwriting Famian, provides a very good sample. Based on the 2013 IPO special self inspection in the trial of all financial companies as a sample, to investigate whether the reputation of investment banks Chinese mechanism has been set up in the capital market, and whether it can effectively identification of the company's financial information disclosure quality. The results of the study found that the reputation of investment banks and between the company's cancellation without possibility is remarkable The relationship shows good reputation; underwriting companies on the financial quality and authenticity of the information has more confidence and submit financial self-examination report. At the same time, found in the further study, the behavior of earnings management can effectively curb the reputation of investment banks in the company, this is the reputation of investment banks increased in an important way of trial the company is not the possibility of cancellation; can use signal theory or certification theory to explain this point. Therefore, Chinese in the capital market, the basic investment banks as intermediaries have the reputation mechanism by which is established. The investment bank as intermediary, can effectively reduce the information asymmetry between issuers and investors, improve the efficiency of the market. One point to China capital market to further deepen the reform of the distribution system, the value judgment and binding by the market is of great significance. This paper Chinese IPO market. Provide new evidence of investment bank reputation mechanism.

【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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