承销商变更对股权再融资的影响:理论与实证

发布时间：2018-01-30 01:20

本文关键词： 股权再融资承销商变更市场表现　出处：《管理科学学报》2017年09期 　论文类型：期刊论文

【摘要】：从理论和实证两方面,研究上市公司股权再融资(SEO)时是否更换承销商的决策问题以及承销商变更对上市公司资本市场表现的影响.理论模型表明,当承销商和发行公司之间存在较为严重的信息不对称,即在首次公开发行(IPO)时,不同资产质量的公司都能获得高声誉承销商承销;而当发行公司和承销商对彼此状况了解更为深入,即SEO时,高声誉承销商能识别不同公司的资产质量,出于对自身声誉的维护,不再承销低资产质量的公司,此时低资产质量的公司只能选择低声誉的承销商.实证结果与理论模型相符合,实证发现:相对于质量好的公司,质量差的公司在SEO时被迫更换承销商的概率更高.更换组公司与未更换组公司在IPO时雇佣的承销商声誉没有显著差别,而更换组公司在SEO时雇佣的承销商声誉明显较差.进一步探究承销商变更对公司市场表现的影响时,发现相较于更换了IPO承销商的公司,未更换承销商的公司在SEO时能够获取更低的折扣率和更高的长期股票回报率,这一结果在多种测试下都是稳健的.
[Abstract]:From two aspects of theory and empirical research, the equity refinancing of listed companies (SEO) are replaced the underwriter's decision problem and underwriter change impact on capital market performance of listed companies. The theoretical model shows that when there is serious information asymmetry between the underwriter and the issuing company, which is in an initial public offering (IPO) when different asset quality companies can obtain high reputation underwriters; and when the issuer and underwriter to understand each other more deeply, namely SEO, reputation underwriters can identify different company's asset quality, for the maintenance of its reputation, low asset quality no longer underwriting companies at low the asset quality of the company can only choose the low reputation of underwriters. The empirical results and the theoretical model are consistent with empirical findings: compared with good quality, the poor quality of the company was forced to replace the Underwriters in almost SEO The replacement rate is high. There is no significant difference between the group company and the company employed in the IPO group did not replace the underwriter's reputation, and replace the group company hired underwriter reputation when SEO was poor. To further explore the Underwriters change impact performance of the company's market, found that compared to the replacement of the IPO underwriters of the company, not the replacement of underwriters at SEO company can get lower discount rates and long-term stock higher returns, the results are robust in various tests.

【作者单位】：中央财经大学金融学院;
【基金】：国家自然科学基金资助项目(71773152;71673318;71602198) 中央财经大学青年科研创新团队和博士生重点选题支持计划资助项目
【分类号】：F832.51
【正文快照】： 0引言在证券发行时,投资者和发行公司之间存在着较高的交易成本以及严重的信息不对称问题.承销商在降低参与主体的交易成本以及信息不对称中扮演着重要角色.首先,由于承销商具有专业化优势,他们可以通过规模经济降低发行公司面临的发行成本,同时还可以凭借自有的关系资源降低

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