承销商及其合作关系与IPO折价——基于多重代理理论的分析  

Underwriter,Cooperation Relationship and IPO Underpricing: Analysis from Multiple Agency Theory

作　　者：徐志坚[1] 汪丽[1] 

机构地区：[1]南京大学商学院

出　　处：《南京社会科学》2013年第9期46-51,共6页Nanjing Journal of Social Sciences

基　　金：国家自然科学基金项目"决策者行为视角的企业风险承担影响机理研究"(70902006);江苏高校哲学社会科学研究重点项目"江苏创业企业IPO后生存与发展的研究"(2010ZDIXM016)的阶段性成果

摘　　要：本文基于多重代理理论研究中介机构对IPO折价程度的影响,通过对我国创业板IPO的152家上市企业的调查分析,发现承销商声誉对IPO折价呈负相关关系,同时发现承销商与风险资本的先前合作会引起更大的折价,并且在此基础上使承销商声誉的负相关性更加显著。进一步的研究还发现,承销商与会计师事务所的先前合作关系对折价的影响虽然不显著,但确实存在负相关趋势,并且这种关系的存在使得"创始人是否是CEO"这一变量成为折价幅度的显著影响因素。Based on multiple agency theory, this paper studies the impact of intermediaries on IPO underpricing. Under the analysis of 152 listed companies which IPO on Chinese GEM, we found that the IPO underpricing is negatively correlated the underwriter reputation, also the previous co-operation between underwriters and venture capital will lead to a greater underpricing, and the negative correlation between underwriter reputation and IPO underpricing is more significant. Further study also found that the impact of previous cooperative relations between underwriters and accounting institutions on underpricing is not significant, but there exists a negative correlation, so it makes the variable ＂whether the founder is the CEO＂ becomes a significant factor of the underpricing.

关 键 词：IPO折价 承销商 合作关系 

分 类 号：F270[经济管理—企业管理]