行业收益、国际航运业IPO与船舶融资选择——基于1984～2007年数据分析  

Industry Return,International Shipping IPO and Financing Choice ——Analysis Based on Data from 1984～2007

作　　者：李丹[1] 

机构地区：[1]上海海事大学经济管理学院,上海201306

出　　处：《经济问题》2012年第3期33-38,共6页On Economic Problems

基　　金：教育部人文社会科学规划项目"船舶融资租赁问题研究"(09YJA630095);国家自然科学基金"信贷配给约束下的企业家异质性特征与中小企业信贷融资研究"(70872081);上海市科研创新项目"我国船舶融资发展路径研究"(12YS070)

摘　　要：在阐述行业收益差异基础上分析影响航运股权融资因素,针对航运企业IPO的不同表现特征选取了1984～2007年间,在主板证券交易所首次发行股票的143家全球航运企业,通过计算超常持有期收益率(BHAR)和累计超常收益率(CAR),分析其短期与长期价格表现。认为航运企业首次公开发行抑价与公司年龄、上市所在交易所的声誉和发行期间市场行情正相关,与承销商声誉负相关;从长期来看,航运企业首次公开发行五个月后表现欠佳。希望通过研究某些体制因素如何影响航运企业IPO抑价,以期对船舶融资选择提供相关建议。This paper analyzes factors affecting equity financing in shipping based on the return differences in industry. It analyzes the short and long - run price performance of 143 global shipping IPOs listed during the 1984 - 2007 period in major stock exchanges computing buy and hold abnormal returns （BHAR） and cumulative abnormal returns （CAR）. We find average underpricing for shipping IPOs is 17.69%. The light underpricing is positively related to the age of the firm, the reputation of the stock exchange they reach listing and the market condition of the period they go public and negatively related to the reputation of the underwriters. In the long - run, Shipping IPOs underperform after five months holding period. The survey suggests that global shipping industry surprises us regarding the maturity in the behavior of its investors. This paper tries to give advice on financing choice for shipping by study how certain institutional factors affect the IPO underoricing.

关 键 词：行业收益 航运业IPO 船舶融资 

分 类 号：F55[经济管理—产业经济]