中国承销商声誉对IPO长期绩效影响的实证研究

发布时间：2018-01-09 23:25

本文关键词：中国承销商声誉对IPO长期绩效影响的实证研究　出处：《哈尔滨工业大学》2013年硕士论文　论文类型：学位论文

【摘要】：在企业首次公开发行股票的过程中，证券承销商扮演着极为重要的金融中介角色，证券承销商在发行过程中起到了“信息生产”和“认证中介”的重要作用。然而，投资者如何能够认同承销商的“信息生产”和“认证中介”的功能呢？由此而引发的问题就是如何才能够保证证券承销商信息生产的可靠性从而提高证券市场的效率，在这种情形下，声誉的价值就凸显出来，声誉机制是保证证券承销商信息生产可靠性的源泉。关于首次公开发行问题的研究主要包括三个方面：（1）IPO发行抑价；（2）IPO长期绩效；（3）热门股票发行问题，其中，首次公开发行新股的长期走势问题一直是国内外关注的热点。基于以上两个方面，本文从理论及实证两个方面探讨了承销商声誉与IPO长期绩效之间的关系。基于中国证券市场发行上市制度的改革以及股权分置改革的大背景，本文选取自2006年1月1日至2008年12月30日期间在深圳证券交易所上市的223家中小企业为样本，基于认证中介理论，运用BHAR方法以及多元回归分析法对样本进行了实证研究，，得到以下结论：承销商声誉与IPO长期绩效正相关，即承销商声誉越高，其所承销的IPO公司股票长期绩效表现越好；中国证券市场在实行发行制度改革以及股权分置改革之后，承销商声誉机制并没有得到明显的改善，新股长期弱势现象依然存在；中国证券市场中，承销差价越大的发行企业，其新股长期绩效越差；建立询价机制的发行企业，更容易获得声誉较高承销商的合作与支持，其新股长期绩效表现要优于那些未建立询价机制的发行企业。本文从理论和实证的角度分析证券承销商声誉对IPO长期绩效的影响，能够为在实践中重塑我国承销商声誉，规范证券承销商行为，促进我国证券股票发行市场以及承销业务的健康发展提供理论支持以及理论依据。
[Abstract]:In the process of initial public offering of stock, underwriters play a very important role in financial intermediation. Securities underwriters play an important role in the process of issuing. However, how can investors identify with the functions of "information production" and "certification intermediaries" of underwriters? The problem arising from this is how to ensure the reliability of the information production of securities underwriters so as to improve the efficiency of the securities market. In this case, the value of reputation is highlighted. The reputation mechanism is the source to guarantee the reliability of the information production of the underwriters. The research on the initial public offering mainly includes three aspects: the underpricing of the IPO; The long-term performance of IPO; Among them, the long-term trend of IPOs has always been a hot issue at home and abroad. Based on the above two aspects. In this paper, the relationship between underwriter reputation and IPO long-term performance is discussed theoretically and empirically. Based on the reform of the issuing and listing system and the reform of the split share structure in China's securities market. This paper selects 223 small and medium-sized enterprises listed on Shenzhen Stock Exchange from January 1st 2006 to December 30th 2008 as samples based on the theory of certification intermediary. Using BHAR method and multivariate regression analysis, the empirical research on the samples is carried out, and the following conclusions are obtained: The higher the underwriter reputation, the better the long-term performance of the underwriters' IPO shares. After the reform of the issuing system and the reform of the split share structure, the underwriter reputation mechanism has not been obviously improved, and the long-term weakness of new shares still exists. In China's securities market, the larger the underwriting price is, the worse the long-term performance of new shares is. It is easier to obtain cooperation and support from reputable underwriters for the issuers who set up inquiry mechanism. The long-term performance of new shares is better than that of those issuers that do not set up inquiry mechanism. This paper analyzes the impact of securities underwriter reputation on the long-term performance of IPO from both theoretical and empirical points of view, which can help to reshape the reputation of underwriters in China and standardize the behavior of securities underwriters in practice. To promote the healthy development of China's securities market and underwriting business to provide theoretical support and theoretical basis.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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