主承销商声誉与IPO抑价率——基于中国A股市场的证据

主承销商声誉是影响IPO抑价率的重要因素之一,但在我国这一现象并不显著。以1990—2005年间发行的1 230个IPO公司为样本,采用一套新的切合中国国情的券商声誉测算方法,区分不同IPO发行制度进行实证分析,结果发现:(1)与国外市场相比,我国券商声誉、股票发行规模、公司发行前存续时间等变量对抑价率的影响较弱。(2)在不同的IPO发行制度下,券商声誉有着显著的差异。(3)按照不同的IPO发行制度进行分组,发现我国券商声誉与抑价率呈负相关关系,但不甚显著。

Underwriter Reputation and IPO Underpricing as Evidenced from Chinese A Shares Stock Market

This paper starts with a positive analysis of the underwriting reputation,one of the key factors of influence upon IPO underpricing, drawing on large samples from 1230 IPOs issued between 1990 and 2005 on Chinese stock market,and making use of a new methodology that caters to the Chinese context.The analysis suggests that:(1) there exists no indistinct links between IPO underpricing and such variables as the underwriter reputation and the size of offerings;(2) the underwriter reputation shows remarkable differences under the different IPO systems.The paper also looks into the reasons for such phenomena.