券商声誉、机构投资者持股与IPO抑价  

Underwriter Reputation,Institutional Shareholdings and IPO Underpricing

作　　者：赵岩[1] 孙文琛 

机构地区：[1]吉林大学商学院,吉林长春130012 [2]中山大学岭南(大学)学院,广东广州510275

出　　处：《经济管理》2016年第12期112-131,共20页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金面上项目"基于广义线性函数的随机占优统计推断与证券市场投资者总体偏好"(71371084);教育部人文社会科学重点研究基地重大项目"基于权力范式的制度变迁理论研究"(15JJD790011);教育部人文社会科学研究项目"权力与内生化制度变迁的动态均衡研究"(16YJC790096)

摘　　要：IPO(首次公开募股)是公司有效对外融资、提升知名度的重要途径。基于中国IPO市场背景,本文以2003—2015年沪深A股上市公司为样本,考察券商声誉、机构投资者持股与IPO抑价三者之间的作用关系,并分析IPO抑价的企业产权性质和时间效应。实证结果表明,在控制了其他因素后,机构投资者持股越多,IPO抑价程度越低;作为主承销商的券商声誉较高时,机构投资者持股对IPO抑价的负向作用会加强;非国有企业表现出更好的作用效果。本文探讨了券商声誉在机构投资者与IPO抑价关系中的调节作用,为券商声誉在金融市场中的重要作用提供了经验证据。IPO （Initial Public Offerings） is an essential way for companies to obtaining external capitals and raise brand awareness. A successful IPO can enable companies to attract suitable investors. In this way,the company can be easier to raise the necessary capitals and enhance the visibility of the enterprise, the staff＇s sense of identity and the enterprise system. But at the same time, improper operation of the IPO will bring more serious negative impact on the companies. In this case, the enterprise cannot raise the capitals needed, and may also be examined and dealt with by the Securities Regulatory Commission and other relevant authorities. IPO underpricing refers to the IPO issue price is lower than the market price of the initial market situation. In the actual process, whether it is the western developed capital market or the emerging financial markets, the IPO underpricing is widespread. In the case of IPO underpricing, the new shares will receive the excess returns. As a phenomenon contrary to the efficient market hypothesis, IPO underpricing means that the actual amount of capital raised by the enterprise is lower than the ex- pected value. So the issuing companies bear the expensive hidden cost. This not only makes the issuing companies cannot achieve the expected funding target, but also leads to the investors to pursuit the excess returns of IPO under- pricing. This will lead to the capital mismatch between the primary market and the secondary market, and reduce the operational efficiency of the capital market. High underpricing will lead to insufficient supply of capitals of the secondary market and the share price lower. In view of the adverse effects of IPO Underpricing and the general degree of IPO underpricing in capital market, the formation mechanism of IPO underpricing phenomenon has been a hot issue in the field of IPO theory. The institutional investors have become an important signal to measure the maturity of the financial market. Compared to individual investors, the institutional in

关 键 词：券商声誉 机构投资者持股 IPO抑价 

分 类 号：F832.5[经济管理—金融学]