“发审委”联系、潜规则与IPO市场的资源配置效率  

Issuance Examination Committee Connections,Hidden Rules and Resource Allocation Efficiency of IPO Market

作　　者：杜兴强[1] 赖少娟[1] 杜颖洁[2] 

机构地区：[1]厦门大学管理学院,福建厦门361005 [2]上海大学管理学院,上海200444

出　　处：《金融研究》2013年第3期143-156,共14页Journal of Financial Research

基　　金：国家自然科学基金项目(71072053);福建省社会科学重点项目(2010A012);中央高校基本科研业务费专项资金(2010221021);教育部(暨厦门大学)2011年博士研究生学术新人奖(杜颖洁)的资助

摘　　要：立足于中国资本市场证券发行审核管制改革的制度背景及由此衍生的"潜规则",本文手工搜集了2006～2010年期间拟IPO公司所具有的"发审委联系"的数据,实证研究了IPO市场资源配置效率相关的两个关键问题:(1)发审委联系是否显著增加了拟IPO公司过会的概率?(2)与没有发审委联系的公司相比,发审委联系的公司IPO后相对于IPO前的业绩是否显著地更差?研究结果表明,发审委联系的确显著增加了拟IPO公司的过会概率,且过会概率与发审委联系强度显著正相关。进一步,公司IPO后相对于IPO前的业绩变化与发审委联系及其强度显著负相关。本文的研究结果对证监会进一步改革IPO发审制度提供了重要的经验证据。Using the unique institutional setting of security issuance examination reform in the Chinese capital market and derivative hidden rules, this paper manually collects the data of Issuance Examination Committee Connections（IECC） and empirically investigates two key problems related to resource allocation efficiency of IPO markets ： （ 1 ） whether IECC significantly increase the probability of firms＇ passing IPO application; and （2） whether IECC cause a significantly worse performance change from pre - IPO to post - IPO. The results show that IECC do significantly increase the probability of firms＇ successful application, and there is a signifi- cantly positive relation between the strength of IECC and the probability of firms＇ successful application. The results of sub - groups suggest that IECC significantly increase the probability of successful application if the ultimate owners of firms are non - state - owned enterprises, or if firms do not locate in government policies - supported industries. Both accountant connections and lawyer connections significantly increase the probability of firms＇ successful application. Furthermore, this paper also finds that there is a significantly negative relation between performance change from pre - IPO to post - IPO and IECC and the strength of IECC. These results, taken together, can lend empirical evidence and supports to China Securities Regulatory Commission for its further reformation of IPO issuance examination rules.

关 键 词：发审委联系 潜规则 过会概率 IPO后绩效 

分 类 号：F832.51[经济管理—金融学] F224