公司特质、保荐人与过会时间.pdfVIP

司特质、保荐人与过会时间 来自中国创业板上市 司的经验证据 1 2 罗党论 汪弘 (1.中山大学岭南学院，广东 广州 510275；2.清华大学经管学院，北京 100084) 摘要：IPO 是公司寻求在资本市场发展的 惊险一跃”。越来越多的公司在排队上市，但从申 请到最终登陆资本市场的时间不尽相同。尽快度过 黎明前的黑暗”，相当重要，而越早上市， 对拟上市公司越有利。本文以创业板公司为例，研究了公司特质及保荐人声誉对公司过会时 间的影响。研究发现：拟上市公司业绩越好、负债比率越低、规模越小， 申请到过会时间 越短；保荐人声誉会影响到拟上市公司的过会时间，保荐人声誉越高， 申请到过会时间越 短。进一步研究发现，拟上市公司的过会时间具有相应的经济后果，具体而言，过会时间越 长，IPO 后短期折价和中长期相对大盘走势越低，上市当年业绩下滑的可能性更大。本文的 研究反映了中国对IPO 的监管是有效的，这增进了我们对IPO 过程的理解。 关键词：过会时间；保荐人；IPO 折价 Abstract : IPO is a breathtaking jump for a company to develop in the capital market. A growing number of companies are standing in the queue to go public. However, IPO waitng time varies among them. How to get through the darkness before the dawn” is a critical issue facing with pre-IPO companies. The earlier to get on board, the better for companies. This paper collected samples from Chinese GEM (Growth Enterprise Market) to find the influences of firm idiosyncrasy and sponsors ’ reputation on IPO waiting time. We utilized empirical study to reach some evidence. A company ’s better performance, less liabilities and smaller size can bring about shorter IPO waiting time. Simultaneously, a company with sponsors ’reputation higher will get on the open market faster. Our further study shows that IPO waiting time itself can affect Post-IPO performance. A company with longer IPO waiting time should expect a lower IPO discount in the short time and a lower stock price relative to Shanghai Securities Composite Index in the long time. It will also be faced with a greater possibility of profits decline. This paper on IPO waiting time indicates that regulation in Chinese IPO market is effective in a way. It helps us to understand the IPO process better. Keywords: IPO Waiting Time, Sponsors, IPO Discount 作者简介： 党论，中山大学岭南学院副教授、会计学博士，研究方向：资本市场与公司财 务行为。汪弘，清华大学经