CEO和董事会社会资本协同效应对IPO抑价的影响:正向协同还是负向协同

发布时间：2018-04-20 18:11

本文选题：IPO抑价 + 社会资本　；参考：《现代财经(天津财经大学学报)》2017年03期

【摘要】：不同于以往割裂地分析董事会社会资本或CEO的社会资本作用机制的研究,本文以1990-2016年之间新股首发(IPO)公司为研究样本,从整合视角探讨IPO公司董事会和CEO的社会资本及其组合效应对IPO抑价的影响。结果发现:我国上市公司董事会社会资本和CEO社会资本均可降低IPO抑价率,但是这两类社会资本之间却表现为"一山不容二虎"的负向协同效应。本文还进一步研究了企业特征对这种协同关系的影响,结果表明相对于非国企、IPO时成立年限较短或尚未实现强劲的盈利能力的公司来说,CEO—董事会社会资本的负向协同效应对IPO抑价率的影响在国有企业、成立年限较长或已经实现强劲盈利能力的公司中表现得更为显著。研究结果有助于从降低IPO抑价率的角度更好地了解CEO—董事会社会资本及其协同效应的经济后果,对于提高CEO—董事会之间协同和建议机制的有效性、促进董事会和CEO关系的有效治理具有一定的借鉴意义。
[Abstract]:Different from the previous research on the mechanism of social capital acting on board of directors or CEO, this paper takes the IPO company between 1990 and 2016 as the research sample. From the perspective of integration, this paper discusses the influence of social capital and its combination effect of IPO board and CEO on IPO underpricing. The results show that both the social capital of the board of directors and the social capital of CEO can reduce the underpricing rate of IPO, but the negative synergistic effect between the two kinds of social capital is that "one mountain does not allow two tigers". This paper also studies the influence of enterprise characteristics on this kind of collaborative relationship. The results show that the negative synergistic effect of the social capital of CEO- board on the IPO underpricing rate is in the state-owned enterprises. Companies with long established lives or strong profitability have performed more significantly. The results of the study are helpful to better understand the economic consequences of the social capital of CEO-board and its synergistic effects from the perspective of reducing the IPO underpricing rate, and to improve the effectiveness of the coordination and recommendation mechanism between CEO-boards. To promote the effective governance of the relationship between the board of directors and CEO has certain reference significance.
【作者单位】：山东理工大学商学院;
【基金】：国家社会科学基金重点项目(15AGL009)
【分类号】：F832.51;F271

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