我国新股发行市场投资银行执业质量与市场份额的关系研究

发布时间：2018-06-19 10:53

本文选题：投资银行 + 新股发行市场　；参考：《复旦大学》2013年硕士论文

【摘要】：2004年我国实行新股发行保荐制以来,投资银行在新股发行市场扮演着越来越重要的角色,推动着新股发行市场得到迅速发展,尤其是2006年以来,我国首次公开发行募资总金额和公司数量履创历史新高,给投资银行带来了巨额利润。然而,新股发行市场规模的迅速增长却伴随着大量新股发行人在IPO后短期内即出现经营业绩大幅下滑,引发了市场对投资银行IPO保荐和承销执业质量的质疑和担忧。针对这一现象,本文从我国新股发行市场投资银行执业质量的内涵剖析出发,研究了我国A股IPO市场投资银行执业质量对其市场份额的影响,试图证明我国IPO市场是否确实存在投资银行以牺牲执业质量为代价换取市场份额的情况。结合国外成熟市场对新股发行中投资银行功能的理论研究和我国新股发行保荐制的特点,本文首先基于保荐制下投行新股发行的三大基本功能对我国投行执业质量的内涵和特征进行了梳理和解读,并对我国IPO市场投资银行执业质量与市场份额关系可能出现的异象及其原因进行了剖析。本文认为,在我国新股发行保荐制下,投资银行执业质量具体体现在其选择发行人、尽职调查与信息披露、新股发行定价三大基本功能之中。针对投行执业质量在这三个方面的具体表现和特征,本文分别选择了投行当年及前三年所有保荐和承销IPO公司的平均上市后一年股票超额回报率、当年及前三年所有保荐和承销IPO公司中业绩“变脸”公司所占比例、当年及前三年所有保荐和承销IPO公司平均首日异常回报率的绝对值三个指标对其进行度量,并采用2008至2011年间187组投行-年度市场份额和执业质量数据对我国A股IPO市场投行执业质量与市场份额的关系进行了实证检验。本文实证结果显示,我国IPO市场投资银行在选择发行人方面的执业质量对其市场份额并不产生实质性影响；在尽职调查和信息披露中执业质量较差的投行却可以获得显著更大的市场份额,但超过一定限度继续牺牲该方面执业质量则会导致其市场份额的损失；新股定价准确性对投行IPO承销金额份额没有显著影响,但对其IPO承销家数份额有显著促进作用。因此,本文认为,由于我国股票市场发展的特殊背景,我国新股发行市场上投资银行执业质量与市场份额的良性促进关系尚未完全建立,投资银行普遍可以通过“适当”降低自身执业质量而获得更大的市场份额,这对我国新股发行市场持续健康发展提出了挑战。
[Abstract]:Since the implementation of the new issue recommendation system in China in 2004, investment banks have played an increasingly important role in the new issue market, which has promoted the rapid development of the new issue market, especially since 2006. The total amount of initial public offering and the number of companies reached a record high in China, which brought huge profits to investment banks. However, the rapid growth of the market size of new stock issuance has been accompanied by a large number of new stock issuers in the short term after the IPO appeared a sharp decline in operating performance, causing the market to the investment bank IPO sponsors and underwriting the quality of the practice of doubt and concern. In view of this phenomenon, this paper analyzes the connotation of investment bank's practice quality in China's IPO market, and studies the influence of investment bank's practicing quality on its market share in China's IPO market. This paper attempts to prove whether there is a real situation that investment banks exchange market share at the expense of quality of practice in China's IPO market. Combining with the theoretical research on the functions of investment banks in new stock issuance in foreign mature markets and the characteristics of the sponsorship system of new stock issuance in China, Firstly, based on the three basic functions of investment bank new stock issuance under the sponsorship system, this paper sorts out and interprets the connotation and characteristics of investment banking practice quality in China. It also analyzes the possible anomalies and causes of the relationship between the quality of investment banks and market share in IPO market in China. This paper holds that the quality of investment bank practice is embodied in its three basic functions of selecting issuer, due diligence and information disclosure, and pricing of new issue under the sponsorship system of new stock issuance in China. In view of the specific performance and characteristics of the quality of investment banking practice in these three aspects, this paper selects an average of one year's excess return on stocks of the investment banks in the current year and in the first three years after the IPO company's recommendation and underwriting. The percentage of "face change" companies of all sponsors and underwriters in the current year and the first three years, and the absolute value of the average first-day abnormal rate of return of all the sponsors and underwriters in the current year and the first three years were measured. Using the data of 187-group investment banks' market share and practice quality from 2008 to 2011, this paper makes an empirical test on the relationship between the practice quality and market share of investment banks in China's A-share IPO market. The empirical results show that the practice quality of investment banks in IPO market does not have a substantial impact on their market share. The investment banks with poor practice quality in due diligence and information disclosure can gain a significantly larger market share, but continuing to sacrifice the practice quality in this respect beyond a certain limit will lead to the loss of their market share; The accuracy of IPO pricing has no significant effect on the share of IPO underwriting amount, but it has a significant effect on the number of IPOs underwritten by investment banks. Therefore, due to the special background of the development of China's stock market, the benign promotion relationship between the quality of investment bank practice and the market share in the new issue market has not been fully established. Investment banks can generally obtain a greater market share by "appropriately" reducing their professional quality, which challenges the sustainable and healthy development of the new issue market in China.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

【参考文献】