强强联合真的是最优组合吗？——基于IPO中券商和企业组合的视角  

Is the “Big-one Alliance” Really the Best? Evidence from the Combination of Underwriter and Enterprise during IPO

作　　者：蒋亚含 李晓慧[1] JIANG Yahan;LI Xiaohui(School of Accountancy,Central University of Finance and Economics,Beijing 100081)

机构地区：[1]中央财经大学会计学院

出　　处：《审计与经济研究》2019年第6期111-121,共11页Journal of Audit & Economics

摘　　要：以2004—2016年我国IPO企业为样本,按照保荐机构(券商)和企业自身规模,将IPO企业分成了四种组合:大券商大企业、小券商大企业、大券商小企业和小券商小企业。以IPO业务承接规律为基础,挖掘四种组合形成的原因,并试图解读形成原因背后所传递的关于企业质量的信息,验证针对四种企业组合动因的解读是否正确,重点考察强强联合(大券商大企业组合)企业的业绩是否最优。研究发现:(1)强强联合并非最优,但从长期来看,业绩还是较优;(2)小券商大企业组合的IPO企业业绩较差,且操纵性盈余水平高于其他组合,验证了合谋的推断;(3)大券商小企业组合的IPO企业业绩优于其他组合,证实了券商的价值发现功能。研究意义在于:(1)向监管机构和资本市场传递了并非“大”就是“好”的信息;(2)发现了券商和企业各种组合形式及其形成原因,本身就能作为甄别企业质量的有效信号;(3)验证了在我国证券市场,券商存在一定的价值发现功能。Based on the data from 2004 to 2016 in Chinese IPO market,we divide the sample into four GROUPs,which are large companies with a large underwriter,large companies with a small underwriter,small companies with a large underwriter,small companies with a small underwriter.We examine the post-IPO performance of these four GROUPs,and figure out whether the“big-one alliance”(large companies with a large underwriter)is really the best.We find that:(1)“big-one alliance”is not the best,but the long term performance is relatively good.(2)the post-IPO performance of small companies with a large underwriter is better than others.(3)The post-IPO performance of large companies with a small underwriter is the worst,and the higher the underwriting fees,the worse the performance,which validates our theory of collusion.Our research contribute in:(1)sending the message to the public that the“big”is not always equal to the“good”;(2)finding that the combination of underwriters and firms is an effective signal;(3)confirming that in the Chinese IPO market,the underwriter has a function of finding valued firms.

关 键 词：IPO审核 IPO企业业绩 信号传递 合谋 企业质量 价值发现 声誉 

分 类 号：F832.51[经济管理—金融学]