中国承销商声誉与IPO长期弱势相关性分析

发布时间：2018-10-05 21:18

【摘要】：美国学者Ritter教授在二十世纪九十年代首次提出IPO长期弱势现象，此后IPO长期弱势现象一直是金融界研究的热门。影响IPO长期弱势的因素有很多，承销商声誉是非常重要的影响因素之一。依据信息不对称理论投资者和上市企业之间存在着严重的信息不对称。承销商作为连接投资者和拟上市公司的桥梁对于消除信息不对称现象有着非常重要的作用。承销商声誉是承销商非常重要的无形资产，是外界对于承销商的整体评价。声誉非常高的承销商在承销股票时对其声誉的维护肯定尽职尽责，对于拟上市公司的信息进行详细披露，对于股票的定价也会非常合理。因此声誉非常好的承销商所承销的股票的长期弱势现象就会不显著，承销商声誉与IPO长期弱势之间呈正相关。但是在我国承销商声誉与IPO长期弱势之间的这种关系并不明显，主要是因为我国证券市场的不规范，股票发行制度的不健全，，相关法律法规不合理等因素所导致的。
[Abstract]:Professor Ritter, an American scholar, first proposed the long-term weakness of IPO in the 1990s. Since then, the long-term weakness of IPO has been a hot research topic in financial circles. There are many factors that influence IPO's long-term weakness, and underwriter reputation is one of the most important factors. According to information asymmetry theory, there is serious information asymmetry between investors and listed enterprises. As a bridge between investors and listed companies, underwriters play an important role in eliminating information asymmetry. Underwriter reputation is an important intangible asset of underwriter, and it is the whole evaluation of underwriter. The highly reputable underwriters are responsible for the maintenance of their reputation when they underwrite the stocks. The detailed disclosure of the information of the companies to be listed will also be very reasonable for the pricing of the stocks. Therefore, the long-term weakness of underwriters with very good reputation will not be significant, and there is a positive correlation between underwriter reputation and long-term weakness of IPO. However, the relationship between underwriter reputation and long-term weakness of IPO is not obvious in China, mainly because of the non-standard stock market, the imperfect stock issuance system, the unreasonable laws and regulations and so on.
【学位授予单位】：沈阳航空航天大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F224

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