承销商声誉机制与IPO机会

发布时间：2018-02-13 02:13

本文关键词： 保荐制承销商声誉 IPO机会可获得性 IPO机会及时性　出处：《安徽工业大学》2014年硕士论文　论文类型：学位论文

【摘要】：自2004年保荐制实施后，承销商在新股市场上的地位得到了不断的凸显，作为发行人聘请的最重要的中介，承销商声誉在发行人的新股申请过程中发挥着重要的作用。传统的声誉理论认为，承销商声誉的有效发挥可以缓解股票市场的信息不对称问题。那么，在保荐核准制的背景下，良好声誉的承销商能否有效缓解发行人与发审委之间的信息不对称，以提高发行人获得IPO(Initial Public Offerings，首次公开发行)机会的可能性，促进发行人及时获得IPO机会。针对这些问题，本文试图从IPO机会可获得性与IPO机会及时性两个维度研究承销商声誉与IPO机会之间的关系。文章分别对此做了深入的理论分析，并且结合研究的制度背景，选取2004年1月至2012年12月于主板和创业板市场进行的发行申请为研究样本，建立模型逐一对其进行实证检验。发行人与IPO机会可获得性的实证结果显示，承销商声誉与发行申请是否通过发审委审核显著正相关，说明承销商声誉越高，发行申请通过发审委审核的可能性越大，即发行人IPO机会的可获得性越大。其中，在再次上会的发行申请中存在着变更承销商的现象，文章进一步从变更承销商的角度，检验承销商声誉与IPO机会可获得性之间的关系。实证结果表明，再次上会变更为高声誉承销商的发行申请获得IPO机会的可能性更大，进一步验证了承销商声誉越高，发行人IPO机会的可获得性越大。另外，承销商声誉与IPO机会及时性的实证检验表明，承销商声誉与发行人上市进度在1%的水平下显著负相关，说明承销商声誉越高，，发行人获取IPO机会越及时。本文的研究内容和结论具有一定的独创性和时效性，丰富了承销商声誉机制在新股发行领域的研究。
[Abstract]:Since the implementation of the sponsorship system in 2004, the position of underwriters in the new stock market has been constantly highlighted, as the most important intermediary hired by issuers. The reputation of underwriters plays an important role in the process of issuing new shares. The traditional reputation theory holds that the effective performance of the reputation of underwriters can alleviate the problem of asymmetric information in the stock market. Whether reputable underwriters can effectively ease the information asymmetry between issuers and issuers in order to increase the possibility of issuers' access to IPO(Initial Public offerings (IPOs) and facilitate issuers' access to IPO opportunities in a timely manner. This paper attempts to study the relationship between underwriter reputation and IPO opportunity from the two dimensions of IPO opportunity availability and IPO opportunity timeliness. From January 2004 to December 2012 in the main board and gem market applications as a research sample, establish a model one by one to conduct an empirical test. The empirical results of the availability of opportunities between issuers and IPO show that there is a significant positive correlation between the reputation of underwriters and the approval of issuance applications by issuers, indicating that the higher the reputation of underwriters, the more likely the issuance applications will pass the approval of issuers. That is, the greater the availability of IPO opportunities for issuers. Among them, there is a phenomenon of changing underwriters in the issuance application of the meeting again, the article further from the point of view of changing the underwriters, The empirical results show that the higher the reputation of the underwriters is, the more likely they are to obtain the IPO opportunities for the issuance applications that will be changed to the high-reputation underwriters again, which further verifies that the higher the reputation of the underwriters, the higher the reputation of the underwriters. The higher the availability of IPO opportunities for issuers is, the more significant negative correlation between underwriter reputation and IPO opportunity timeliness shows that underwriter reputation is negatively correlated with issuer listing schedule at the level of 1%, which indicates that the higher the underwriter reputation is, the higher the underwriter reputation is. The more timely the issuer gets the IPO opportunity. The research contents and conclusions of this paper have some originality and timeliness, which enrich the research of underwriter reputation mechanism in the field of new issue.
【学位授予单位】：安徽工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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