首次公开发行、承销商声誉与长期业绩——来自亚洲新兴市场的证据  

Initial Public Offering, Underwriter Reputation and Long-run Performance： Evidence from Asian Emerging Markets

作　　者：马键[1] 李捷瑜[2] 王美今[2] 

机构地区：[1]广州大学经济与统计学院,510006 [2]中山大学岭南学院

出　　处：《金融学季刊》2014年第2期136-158,共23页Quarterly Journal of Finance

基　　金：感谢匿名审稿人的宝贵建议,当然,文责自负.本文受中山大学高校基本科研业务费专项资金（批准号：12wkpy58;项目号：1209032）资助,特此感谢.

摘　　要：本文对亚洲新兴市场中承销商声誉与新股长期业绩的关系进行研究。实证结果发现，亚洲市场普遍存在新股长期业绩下滑，与匹配组、市场基准或行业基准相较，新股的3年累计异常回报与购买持有异常回报均显著为负。承销商声誉与新股长期业绩存在显著正向关系，由声誉良好的“明星承销商”承销的企业，其长期业绩显著优于非明星组。承销商声誉对市场择时有一定抑制作用，非明星组的异常回报与发行时机存在一定关联，对明星组而言则较不显著。基于融资规模差异的蓝筹股效应并不能解释声誉与长期业绩的相关性。This article investigates the relationship between underwriter reputation and long-run performance of initial public offerings （IPOs） in Asian emerging markets. The empirical results indicate there is significant underperformance in Asian market. Both three year cumulative abnormal return and buy-and-hold abnormal return are negative, compared with matching group, market benchmark or industry benchmark. There is a positive correlation between underwriter reputation and long-run performance： offerings of ＂Star Underwriter＂ have better performance than non-star group. Moreover, underwriter reputation can also suppress market timing activities. The abnormal returns of non-star group are correlated with issue time, but not for star group. The different performance between two groups still remains after elimination influence of issue size.

关 键 词：承销商声誉 首次公开发行 业绩下滑 亚洲新兴市场 

分 类 号：F830.91[经济管理—金融学]