Pre-IPO券商股权投资:鉴证功能还是独立受损?  

Pre-IPO Equity Investments by Investment Banks:Certification or Loss of Independence?

作　　者：方军雄[1] 

机构地区：[1]复旦大学管理学院,上海200433

出　　处：《证券市场导报》2012年第1期59-69,共11页Securities Market Herald

基　　金：国家自然科学基金(71072003)"政府控制;市场化进程与上市公司高管薪酬契约有效性";教育部人文社科基金(08JC790019)"我国资本市场投资者的机构化趋势与市场信息效率研究"的阶段性成果

摘　　要：Pre-IPO券商股权投资的经济后果是财务研究领域热点话题，具体到中国，Pre—IP券商股权投资是否损害承销商的独立性引起社会公众极大的关注，本文选取2009-2011年中国IP0的样本进行了初步研究。研究发现，整体上，有券商股权投资的公司其上市前盈余管理程度显著高于其他公司，券商早期入股的公司其盈余管理程度更为明显，有券商股权投资的公司其上市之后会计业绩下滑幅度更大。进一步研究发现，有券商股权投资的公司其承销费显著更高，发行折价的幅度明显更大。这意味着作为金融创新的券商股权投资一定程度上损害了承销商的独立性，进而导致IPO市场融资效率的损害。The consequence of Pre-IPO equity investments by underwriters is one of hot issues in financial research. And the public is concerned about the loss of independence of underwriters by Pre-IPO equity investments in China. This paper studies the influence possibly caused by Pre-IPO equity investments by underwriters based on the IPOs between 2009 and 2011. The results show that companies equity invested by brokers have significantly higher pre-IPO earnings management than other companies, and it is more obvious if the brokers invested at an early stage. These companies would have a greater decline in the accounting performance after IPO. And further research indicates that the underwriting fee and underpricing of companies invested by underwriters is higher. These mean that the Pre-IPO investments by underwriters damage the independence of underwriters to a certain extent, which further damage the efficiency of IPO market financing.

关 键 词：券商股权投资 盈余管理 承销费 发行折价 

分 类 号：F830.9[经济管理—金融学]