承销商声誉的破发补偿效应——基于中国创业板IPO抑价率的实证研究  

The Overpricing-compensation Effect of Underwriter Reputation: An Empirical Study Based on IPO Underpricing of ChiNext

作　　者：林雨晨[1] 林洪[2] 

机构地区：[1]中山大学管理学院,广东广州510275 [2]广东财经大学经济贸易学院,广东广州510320

出　　处：《北京工商大学学报（社会科学版）》2014年第1期76-82,95,共8页JOURNAL OF BEIJING TECHNOLOGY AND BUSINESS UNIVERSITY:SOCIAL SCIENCES

基　　金：广东省哲学社会科学"十二五"规划项目"公司治理与机构投资者研究"(GD11CGL19);教育部人文社会科学研究一般项目"2008SNA与1993SNA的比较研究--基于我国国民经济核算体系的完善"(12YJA910002);广东省普通高校人文社会科学重点研究基地重大项目(08JDXM79015)

摘　　要：基于2009—2011年我国创业板上市公司的财务数据,实证研究了以承销业绩衡量的承销商声誉对创业板上市公司IPO抑价率的影响,并进一步探讨了承销商声誉的破发补偿效应。研究发现,在我国创业板市场中,承销商声誉对IPO抑价率没有显著影响,而新股上市首日的破发现象将导致投资者对新股承销商的认可度下降,这种承销商声誉的破发补偿效应将显著降低该承销商随后所承销新股的IPO抑价率。Based on the data in the years between 2009 and 2011 of listed companies on ChiNext, this paper examines the relationship between underwriter reputation measured by underwriting performance and IPO underprieing, as well as the overpri- cing-eompensation effect. The research finds that underwriter reputation measured by underwriting performance has no significant effect on IPO underpricing. Moreover, the fall below the offer price of a new stock on the IPO day would result in a fall of market investors＇ recognition on underwriter reputation and cause the overpricing-compensation effect, which significantly reduces the IPO underpricing of subsequent new stock which is underwritten by the same underwriter.

关 键 词：承销商声誉 破发补偿效应 IPO抑价 

分 类 号：F830.91[经济管理—金融学] F224