承销商声誉对企业IPO机会影响的实证研究  

An Empirical Study on the Influence of Underwriters Reputation for Enterprises IPO Opportunity

作　　者：章铁生[1] 薛芙蓉[1] 凡小路 

机构地区：[1]安徽工业大学,安徽马鞍山243032

出　　处：《铜陵学院学报》2013年第5期51-55,共5页Journal of Tongling University

基　　金：国家社科基金项目(10CJL022;11BJL019);安徽省社科规划项目(AHSK11-12D71);安徽省教育厅人文社科重点研究基地重点项目(2011sk730zd)

摘　　要：以我国2006-2011年期间的企业IPO申请为样本,研究承销商声誉是否更有助于企业得到IPO机会,发现承销商声誉对公司的IPO机会存在显著影响,承销商声誉越高申请IPO的公司越可能通过股票发行审核委员会(简称发审委)审核。即在中国实行核准制的保荐制制度下,承销商声誉对IPO机会发挥着积极作用。Using the IPO application during the period of 2006-2011 in China as sample, the author does an empirical study on whether underwriters reputation is more helpful to enterprises IPO opportunity. From the study, we find that underwriters reputation have significant effect for enterprise IPO opportunities, which means if underwriters reputation is higher, enterprises will have higher possibility to pass the IEC IPO audit. The result shows that in the implementation of approval system under the sponsor system in China, the underwriters reputation plays an active role in IPO opportunity.

关 键 词：承销商声誉 信息不对称 IPO机会 

分 类 号：F276[经济管理—企业管理]