保荐制度下保荐承销费用与企业质量的关系

发布时间：2018-01-01 07:51

本文关键词：保荐制度下保荐承销费用与企业质量的关系　出处：《复旦大学》2014年硕士论文　论文类型：学位论文

【摘要】：在不断发展的资本市场上,企业融资方式不断推陈出新。公开发行股票融资是其中的一种方式。企业在市场发行股票融资时需要考虑发行成功可能性大小,股票发行的价格,发行承担的成本—主要是保荐承销费用等,也要考虑证券市场运行的有效性。为了探讨企业所支付的保荐承销费用率与企业质量之间的相关性,本文采用2007—2012年上市企业的报表数据,并使用因子分析法得出衡量企业质量的综合得分指标；建立回归模型研究IPO时企业质量对保荐承销费率的影响以及IPO之后保荐承销费率对企业质量的影响,以此检验保荐承销市场定价机制的有效性。实证结果显示,本文所采用的11个企业质量的代理变量中有10个说明IPO时企业质量高于其在IPO一年后和两年后的企业质量。除此之外,在IPO时,企业质量高的企业保荐承销费率低；在IPO一年后,保荐承销费率低的企业质量高,但是在IPO两年后,保荐承销费率和企业质量之间的关系不显著。实证结果一方面在一定程度上揭示了中国新股发行市场上拟上市企业在IPO时粉饰报表,公布虚假信息的现象；另一方面也揭露承销商不能有效识别企业真实信息,市场监管力度弱等一系列问题。
[Abstract]:In the continuous development of the capital market, enterprise financing innovation. IPO Financing is one of the ways. Enterprises issuing equity financing in the market need to consider the issue of success probability, the price of the stock issue, the issue cost - is the main sponsor underwriting fees, should also consider the effectiveness of the operation of the securities market in order to explore the relationship between the rate and the underwriting fees paid by the enterprise quality enterprises, this paper uses data from 2007 to 2012 report of listed companies, and use the factor analysis method to get the comprehensive score index to measure the quality of the enterprise; establish a regression model for the study of IPO enterprise quality affect the sponsor underwriting rates on the quality of the enterprise impact on the sponsor the underwriting rates as well as the IPO, in order to test the validity of the pricing mechanism of underwriting market. The empirical results show that the The 11 variables of enterprise quality in 10 IPO when the enterprise quality is higher than in the IPO after one year and two years after the quality of the enterprise. In addition, in the IPO, the enterprise of high quality enterprise sponsor underwriting rate is low; in a year after the IPO, the sponsor underwriting fee low but high quality enterprises. Two years after the IPO, the relationship between the enterprise and the quality of the underwriting rates was not significant. The empirical results on the one hand, to a certain extent, reveals the Chinese IPO market, listed companies in IPO whitewash report, published false information phenomenon; on the other hand also exposed the real information of the Underwriters can not effectively identify enterprises, market supervision a series of problems such as weak.

【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

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