我国承销商声誉与IPO抑价之间关系实证研究.docVIP

我国承销商声誉和IPO抑价关系的实证研究 XXX （函授2010级会计学本科专业） 摘要 承销商在证券发行市场一直起着至关重要的作用。在一个完善的发行制度下，承销商声誉与IPO抑价之间呈现显著负相关关系，这是因为高声誉承销商偏向于选择低风险的发行公司，同时也会用更加严格的测评方式去评估发行公司的内在价值，从而使初始定价与公司价值不会相差太大，因此IPO抑价率较低。本文试图以保荐制下2005年-2008年250家A股IPO公司为样本，对我国承销商声誉与IPO抑价之间的关系进行实证研究，探索上述二者之间的关系。研究结果显示，在我国承销商声誉与IPO抑价之间存在着负相关关系，但并不显著，说明在我国承销商并没有起到其应有的作用，只是给公司上市提供了一个渠道，却还不能向市场传递有效的信息。这与我国IPO定价机制的市场化程度不高密切相关，证券市场现行制度还有待进一步完善。 关键词 承销商；声誉；抑价；IPO An Empirical Study on the Relationship between Underwriter Reputation and IPO Underpricing in Our Country Sun Congwang (Accounting, School of Business, Shantou University) ABSTRCT Underwriter is thought to be an important factor in Securities Market. Under a perfect stock issue system, there exists conspicuous negative correlation between underwriter reputation and IPO underpricing. This is because a underwriter with high reputation tends to select a low-risk IPO company, at the same time, a high-reputation underwriter could use a more rigorous method to determine and review a IPO company’s internal value, so there is a slight difference between the institution of IPO pricing and firm value, IPO underpricing could be lower. This paper takes 250 IPO company in A share market during the period of 2005-2009 under the sponsor system as a sample, to explore the relationship between underwriter reputation and IPO underpricing. The research shows that there exists a negative relationship between underwriter reputation and IPO underpricing, but not notable. It means underwriter fail to bring its due role, it just offers a channel for the company going public, but could not transfer effective information to the market. It is closely related to IPO pricing mechanisms’ low marketization in our country, the system of stock market needs to be further perfected. Key Words Underwriter; Reputation; Underpricing; IPO 目 录 摘要 I ABSTRCT II 一 、引言 1 二、文献综述 1 三、研究假设 2 四、研究设计 3 (一) 样本选择和数据来源 3 1.样本选择 3 2.数据来源 3 （二） 变量设计 3 1.被解释变量：IPO抑价率 3 2. 解释变量：主承销商声誉 4 3.控制变量 4 五、实证分析 4 （一）描述性统计： 4 （二