IPO发行成本与中介机构声誉——来自中国创业板市场的证据  

IPO Issuance Costs and the Reputation of Intermediaries:Evidence from China's Growth Enterprise Market

作　　者：张强[1] 张宝[1] 

机构地区：[1]湖南大学金融与统计学院,湖南长沙410079

出　　处：《证券市场导报》2011年第12期4-10,共7页Securities Market Herald

摘　　要：本文利用2009年10月23日中国创业板市场开板以来至2010年12月31日的153只IPO样本数据,研究了IPO发行成本与中介机构声誉之间的关系。实证结果表明:中介机构声誉对IPO直接成本有显著正影响,存在着明显的"声誉溢价"效应;中介机构声誉对IPO间接成本有显著负影响,承销商声誉越高,间接成本越低;由于间接成本占比较大,声誉的负向影响要大过正向影响,整体来看,中介机构声誉对IPO发行总成本有显著负影响。因此,从股票发行者成本控制的角度出发,本文结论支持发行者选择高声誉的中介机构。The paper studied the relationship between IPO issuance cost and the reputation of intermediaries based on the analysis of 153 IPO sample data from October 23, 2009 to December 31, 2010 in China＇s Growth Enterprise Market board. The empirical result proves that, firstly, the reputation of intermediaries significantly and positively influences IPO direct cost, showing a tangible reputation premium effect; simultaneously, it significantly and negatively influences IPO indirect cost. The increase by 1 percent on Underwriter＇s reputation accompanies the decrease by 11 percent on indirect cost. Due to the bigger proportion of indirect cost and the higher effect of negative reputation than positive one, the reputation of intermediaries conducts significantly negative influence on IPO issuance overall cost. Therefore the paper comes to the conclusion that the issuer should choose the intermediaries with better reputation from the perspective of IPO issuance cost control.

关 键 词：发行成本 IPO抑价 声誉效应 

分 类 号：F276.6[经济管理—企业管理]