营运资金管理、高管团队特征与IPO抑价  

Working Capital Management, Top Management Team Characteristics and IPO Underpricing

作　　者：高洁 罗婷 尹会军 

机构地区：[1]哈尔滨工业大学深圳研究生院

出　　处：《财会通讯（下）》2017年第11期92-96,共5页Communication of Finance and Accounting

摘　　要：本文以现金周转期作为衡量上市公司营运资金管理效率的变量,选取2006-2014年沪深A股制造业上市公司为样本,分析了企业营运资金管理效率对IPO抑价的影响。研究表明,现金周转期与上市公司IPO抑价率之间具有显著正相关关系,此外,高管团队特征对现金周转期与IPO抑价的关系有显著的调节作用。本文的结论揭示了企业的运作效率对其资本市场首日市场表现的影响,以期为我国企业的融资和筹资决策提供一定的启示。IPO underpricing has attracted increased attention from researchers in recent years.Working capital management variables are important indicators for firms'profitability,debt-paying ability and operating efficiency.Adopting cash conversion cycle(CCC)as the proxy for working capital management efficiency,and using manufacturing firms listed in Shanghai and Shenzhen Stock Exchange from 2006 to 2014 as sample,this study empirically investigate the effect of working capital management on IPO underpricing,as well as the moderating effect of top management team characteristics.The results show that CCC is positively associated with IPO underpricing,the average age of top management team generates positive moderating effect on the association between CCC and IPO underpricing,while the education level of top management team negatively affects the relationship.The findings of this study provide evidence on the effect of operational efficiency on IPO underpricing,thus generating meaningful implications for firms to set their financing policies.

关 键 词：营运资金管理 IPO抑价率 高管团队特征 

分 类 号：F272.91[经济管理—企业管理] F406.7[经济管理—国民经济] F832.51