上市公司IPO中承销商选择的模仿行为研究
发布时间:2018-03-27 13:44
本文选题:模仿 切入点:IPO 出处:《东北财经大学》2013年硕士论文
【摘要】:IPO市场中的承销商是股票发行市场的中介,作为市场的重要参与者,其行为对股票发行市场的健康繁荣发展起着重要作用。本文的写作目的是要提供一篇关于在新股首次公开上市发行中,目标企业如何受到模仿影响来选择承销商的实证分析论文,重点在于研究模仿的定义、重要性及不同的模仿模式是如何对承销商的选择决策起作用的。针对我国上市企业在IPO活动中如何选择承销商的现状,本文以1990年至2012年沪深两市A股上市公司IPO事件为初始样本,考察上市公司IPO中承销商选择的模仿行为。 本文旨在丰富在资本市场中选择承销商行为研究的内容,加深对模仿行为的理解。为此,文章将从理论阐述开始,通过三种模仿模式来实证总结我国的上市公司在IPO活动中选择承销商的行为,最终形成比较全面的认识。通过以实证为基础的理论分析,本文分析了三种不同的模仿模式:频率模仿(指组织会模仿之前已经有很多组织采取过的行为活动)、特征模仿(指组织会采用带有某些特征的公司所采取的行为,特征可以是大规模等等)、结果模仿(指组织会模仿给其他组织带来良好结果的行为,回避会带来恶劣结果的行为)。在IPO活动中,承销商选择的决策和三种模仿模式之间都存在着一定的相关关系:当上市企业在选择承销商时,(1)如果某家承销商在之前上市公司IPO中被聘用的频率越高(或次数越多),那么当前上市公司在IPO时聘用此承销商的可能性越大;(2)如果某家承销商在之前上市公司IPO活动中承销的上市公司规模越大,那么当前上市公司IPO时聘用此家承销商可能性越大;最后,如果某家承销商在之前上市公司IPO活动中承销的IPO抑价率越低,那么当前上市公司IPO时聘用此家承销商的可能性越大,其次预测了能够调节这些模式的不确定性因素。 根据本文的研究结论,我们可以认识到在新股上市发行过程中利用模仿理论来选择一家优秀的承销商的重要性,从而可以加大对国内承销商行为研究的深度与广度,为提升理论水平做出贡献,同时也在实践上为我国上市公司如何做出选择承销商的决策提供了有益启示。
[Abstract]:The underwriters in the IPO market are the intermediary of the stock issuing market, as the important participants in the market. Its behavior plays an important role in the healthy and prosperous development of the stock market. How the target enterprise is affected by imitation to select the empirical analysis paper of underwriters, the emphasis is on the definition of imitation. The importance and how different imitation models play an important role in the selection of underwriters. In view of the current situation of how to select underwriters in the IPO activities of listed enterprises in China, Based on the IPO event of A-share listed companies in Shanghai and Shenzhen stock markets from 1990 to 2012, this paper investigates the imitation behavior of underwriters' selection in IPO of listed companies. The purpose of this paper is to enrich the content of the research on the behavior of underwriters in the capital market and to deepen the understanding of imitation behavior. This paper empirically summarizes the behavior of China's listed companies choosing underwriters in IPO activities through three kinds of imitation models, and finally forms a more comprehensive understanding. This paper analyzes three different modes of imitation: frequency imitation (which refers to the behavior that has been taken by many organizations before the organization will imitate, and the characteristic imitation, which refers to the behavior that the organization will adopt with certain characteristics of the company. Characteristics can be large-scale and so on, result imitation (refers to the organization will imitate the behavior that brings good results to other organizations, avoid the behavior that will bring bad results.) in IPO activities, There is a correlation between the choices of underwriters and the three modes of imitation: when a listed firm selects an underwriter, the more frequently an underwriter is hired in the IPO of a previously listed company (or the number of times). The more, then the more likely the current listed company is to hire this underwriter at the time of the IPO.) the larger the size of the listed company underwriting a previous IPO activity of the listed company, the more likely it is that the underwriter will underwrite the underwriter. The more likely the current listed company is to hire this underwriter when it comes to IPO; finally, the lower the underpricing rate of IPO underwritten by an underwriter in a previous IPO activity of a listed company, Then the more likely the current listed company is to hire the underwriter when it comes to IPO, the second is the uncertainty that can be adjusted to these models. According to the conclusion of this paper, we can realize the importance of using imitation theory to select an excellent underwriter in the process of IPO, so as to increase the depth and breadth of the research on the behavior of domestic underwriters. It contributes to the improvement of theoretical level and provides useful enlightenment for Chinese listed companies to make decisions on how to select underwriters in practice.
【学位授予单位】:东北财经大学
【学位级别】:硕士
【学位授予年份】:2013
【分类号】:F274;F832.51
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