發(fā)布時(shí)間：2018-07-15 07:08

【摘要】：自上世紀(jì)六十年代,國(guó)外學(xué)者發(fā)現(xiàn)了IPO抑價(jià)現(xiàn)象之后,吸引了大批學(xué)者研究IPO抑價(jià)。學(xué)者們?cè)谘芯康倪^(guò)程中發(fā)現(xiàn),證券承銷商聲譽(yù)對(duì)IPO抑價(jià)有著重要的影響。投資者與發(fā)行人之間、投資者與投資者之間存在著嚴(yán)重的信息不對(duì)稱現(xiàn)象,承銷商作為連接投資者和發(fā)行人的橋梁,可以在一定程度上降低他們之間的信息不對(duì)稱程度。 同時(shí),承銷商聲譽(yù)與IPO公司的長(zhǎng)期業(yè)績(jī)之間的關(guān)系也是值得廣泛研究的話題之一。有學(xué)者的研究指出,承銷商的聲譽(yù)與IPO公司的長(zhǎng)期市場(chǎng)業(yè)績(jī)呈正相關(guān)關(guān)系,即高聲譽(yù)承銷商承銷的公司,股票上市后很長(zhǎng)一段時(shí)間內(nèi)取得的累積股票收益率將顯著高于低承銷商承銷的公司。但少有學(xué)者研究承銷商聲譽(yù)對(duì)于公司長(zhǎng)期經(jīng)營(yíng)業(yè)績(jī)的關(guān)系,這給本文提供了研究契機(jī)。本文選取了2009-2010三年期間數(shù)據(jù)進(jìn)行了多元回歸分析,發(fā)現(xiàn)承銷商聲譽(yù)不僅與IPO公司的長(zhǎng)期市場(chǎng)業(yè)績(jī)顯著正相關(guān),而且與其經(jīng)營(yíng)業(yè)績(jī)也呈現(xiàn)顯著正相關(guān)關(guān)系。許多專家學(xué)者對(duì)于這一現(xiàn)象從多個(gè)方面進(jìn)行解釋。為了降低由于信息不對(duì)稱所帶來(lái)的不利影響,承銷商在IPO定價(jià)方面有著重要作用。所以,擬上市企業(yè)在IPO時(shí)需要非常謹(jǐn)慎地來(lái)選擇承銷商。對(duì)于擬上市公司而言,除了需要其有良好的財(cái)務(wù)狀況和公司治理結(jié)構(gòu)以外,挑選出一家信譽(yù)高的證券承銷商對(duì)于公司是否可以順利上市有著重要的影響。 本文共有六個(gè)部分,各個(gè)章節(jié)的主要內(nèi)容如下： 第一章是導(dǎo)論。首先,描述了國(guó)內(nèi)外IPO抑價(jià)率居高不下的現(xiàn)狀,介紹了研究背景,并指出本文研究的現(xiàn)實(shí)意義和理論意義。其次,對(duì)文章的每個(gè)部分的主要內(nèi)容進(jìn)行簡(jiǎn)單概括,并用流程圖的方式來(lái)展現(xiàn)本文的研究框架。最后,指出文章的研究方法和所運(yùn)用的研究工具。 第二章是文獻(xiàn)綜述。在這一部分中,本文首先介紹了國(guó)外學(xué)者在研究IPO抑價(jià)所提出的假說(shuō),即贏者詛咒假說(shuō)、承銷商壟斷假說(shuō)、市場(chǎng)反饋假說(shuō)、信號(hào)假說(shuō)、投機(jī)泡沫假說(shuō)。其次,回顧了國(guó)內(nèi)外學(xué)者對(duì)于證券承銷商聲譽(yù)的衡量方法,從中可以看出,在國(guó)內(nèi)學(xué)術(shù)界依然沒(méi)有形成一個(gè)對(duì)于承銷商聲譽(yù)的權(quán)威的衡量方法；最后是分別回顧了承銷商聲譽(yù)對(duì)于IPO抑價(jià)和IPO公司長(zhǎng)期業(yè)績(jī)影響的研究文獻(xiàn),國(guó)內(nèi)實(shí)證研究結(jié)果表明,承銷商聲譽(yù)對(duì)IPO抑價(jià)的影響并沒(méi)有統(tǒng)一的定論,承銷商聲譽(yù)對(duì)IPO公司長(zhǎng)期市場(chǎng)業(yè)績(jī)的影響同樣也沒(méi)有定論。 第三章是理論分析與研究假設(shè)。在這一部分中,首先依次介紹了信息不對(duì)稱理論、信號(hào)傳遞理論、行為金融理論、噪聲交易理論這四個(gè)理論的觀點(diǎn)。此外,根據(jù)上述四個(gè)理論,又分析了承銷商聲譽(yù)對(duì)IPO抑價(jià)、IPO公司長(zhǎng)期業(yè)績(jī)影響的邏輯。其次,綜合這些理論,得到了本文的假設(shè),H1：承銷商聲譽(yù)與IPO抑價(jià)具有顯著負(fù)向影響,即承銷商聲譽(yù)越高,IPO抑價(jià)越低；H2a：承銷商聲譽(yù)對(duì)于IPO公司長(zhǎng)期經(jīng)營(yíng)業(yè)績(jī)具有顯著的正向影響；H2b：承銷商聲譽(yù)對(duì)于IPO公司長(zhǎng)期市場(chǎng)業(yè)績(jī)具有顯著的正向影響。 第四章是研究設(shè)計(jì)。為了驗(yàn)證本文的假設(shè),本文首先建立兩個(gè)多元線性回歸模型,第一個(gè)模型驗(yàn)證承銷商聲譽(yù)對(duì)IPO公司發(fā)行抑價(jià)率的影響,第二個(gè)模型驗(yàn)證承銷商聲譽(yù)對(duì)IPO公司長(zhǎng)期市場(chǎng)業(yè)績(jī)的影響。同時(shí)對(duì)被解釋變量、解釋變量和控制變量進(jìn)行了設(shè)置,選取IPO抑價(jià)率(MIR)和長(zhǎng)期累積回報(bào)率(AR)為被解釋變量,證券承銷商聲譽(yù)是解釋變量,控制變量主要有上市流通股比例、首日換手率、中簽率、凈資產(chǎn)收益率、資產(chǎn)負(fù)債率、募集金額、總資產(chǎn)的對(duì)數(shù)、獨(dú)立董事比例、發(fā)行上市間隔、公司總杠桿、發(fā)行后公司市盈率。本章的最后一個(gè)部分是對(duì)文章選取的樣本及數(shù)據(jù)來(lái)源做詳細(xì)的說(shuō)明。 第五章是實(shí)證檢驗(yàn)與結(jié)果分析。在這一部分中,首先對(duì)相關(guān)變量進(jìn)行描述性統(tǒng)計(jì)。其次,分別對(duì)影響IPO抑價(jià)和上市公司長(zhǎng)期市場(chǎng)業(yè)績(jī)的各個(gè)變量進(jìn)行了相關(guān)性分析,同時(shí)對(duì)模型一和模型二進(jìn)行多元回歸分析。最后為了研究更具有說(shuō)服力,對(duì)更換承銷商聲譽(yù)的替代變量進(jìn)行了穩(wěn)健性檢驗(yàn),得到的回歸結(jié)果表明,文章的假設(shè)1和假設(shè)2均成立。 第六章是研究結(jié)論和政策建議。首先,得到本文的結(jié)論；其次,根據(jù)文章的結(jié)論,對(duì)承銷商在控制風(fēng)險(xiǎn)方面、人員素質(zhì)方面以及承銷項(xiàng)目的選擇方面提出了一些建議,對(duì)監(jiān)管部門在對(duì)承銷商的激勵(lì)機(jī)制、自律機(jī)制、引入國(guó)外機(jī)構(gòu)投資者、建立信用記錄檔案等四個(gè)方面的建議；再次指出本文研究的局限性。 同時(shí)本文也具有理論和現(xiàn)實(shí)意義,對(duì)于以后的研究具有較強(qiáng)的指導(dǎo)意義： (1)理論意義 本文研究是對(duì)現(xiàn)有文獻(xiàn)結(jié)論的補(bǔ)充。證券承銷商聲譽(yù)對(duì)于IPO抑價(jià)率影響的研究結(jié)果不一致,本文通過(guò)使用2009年至2011年間的樣本數(shù)據(jù),嘗試尋找證券承銷商聲譽(yù)對(duì)于IPO抑價(jià)率影響的證據(jù),豐富了承銷商對(duì)IPO抑價(jià)方面的經(jīng)驗(yàn)研究。此外,目前國(guó)內(nèi)對(duì)于上市公司長(zhǎng)期業(yè)績(jī)的研究不是很多,也沒(méi)有形成一個(gè)成熟的理論。本文是基于承銷商聲譽(yù)這一視角,研究承銷商聲譽(yù)對(duì)于IPO公司長(zhǎng)期經(jīng)營(yíng)業(yè)績(jī)、市場(chǎng)業(yè)績(jī)的影響,對(duì)上市公司長(zhǎng)期業(yè)績(jī)這方面的研究進(jìn)行一個(gè)補(bǔ)充。 (2)現(xiàn)實(shí)意義 新股定價(jià)是否合理可以觀察其上市首日抑價(jià)率的高低,我們通常用新股上市的收盤價(jià)和發(fā)行價(jià)之比來(lái)衡量IPO抑價(jià)程度,當(dāng)IPO抑價(jià)程度低說(shuō)明IPO定價(jià)比較合理,當(dāng)抑價(jià)程度較高說(shuō)明首日收盤價(jià)比發(fā)行價(jià)高很多,這樣會(huì)造成相關(guān)利益方的利益損失。一些研究發(fā)現(xiàn),擬上市公司選擇的承銷商聲譽(yù)高,上市首日抑價(jià)程度偏低,這表明擬上市公司股票定價(jià)的高低與證券承銷商聲譽(yù)的好壞有著密切聯(lián)系,這是一個(gè)很值得研究的問(wèn)題。 從中國(guó)證券市場(chǎng)的誕生、發(fā)展到今天只有僅僅二十多年,我國(guó)相關(guān)的監(jiān)管機(jī)制和市場(chǎng)運(yùn)行機(jī)制都不是很完善,因此在新上市公司中會(huì)出現(xiàn)上市當(dāng)年的業(yè)績(jī)“變臉”的現(xiàn)象,即公司上市之后其業(yè)績(jī)下滑,股價(jià)下跌給投資者造成損失。這可能是與相關(guān)部門監(jiān)管不到位,與責(zé)任缺失有關(guān)。在企業(yè)IPO的過(guò)程中,承銷商負(fù)責(zé)擬上市公司的篩選、輔導(dǎo)和上市方案的設(shè)計(jì)與申報(bào)相關(guān)環(huán)節(jié)。不論是出于對(duì)投資者的負(fù)責(zé),還是自身職業(yè)的操守,這都要求承銷商盡職盡責(zé)、嚴(yán)格把關(guān)。所以聲譽(yù)好的承銷商為了維持其市場(chǎng)地位及形象,在承銷的過(guò)程中嚴(yán)格履行自身義務(wù)為質(zhì)量好的IPO企業(yè)進(jìn)行承銷。而質(zhì)量好的IPO企業(yè)其上市后長(zhǎng)期業(yè)績(jī)變臉的可能性較小,所以對(duì)承銷商聲譽(yù)與IPO企業(yè)長(zhǎng)期業(yè)績(jī)之間關(guān)系的問(wèn)題很有研究?jī)r(jià)值。 本文的研究具有以下幾點(diǎn)貢獻(xiàn)： (1)研究角度的貢獻(xiàn) 先前的學(xué)者對(duì)于長(zhǎng)期市場(chǎng)業(yè)績(jī)的研究不太多,大都考察公司質(zhì)量與公司長(zhǎng)期市場(chǎng)表現(xiàn)的關(guān)系。本文主要是從承銷商聲譽(yù)的高低這一角度,對(duì)IPO抑價(jià)及IPO公司股票長(zhǎng)期業(yè)績(jī)進(jìn)行研究,能夠?qū)σ酝难芯孔隽艘欢ǖ难a(bǔ)充。 (2)樣本選擇的貢獻(xiàn) 由于2008年的全球爆發(fā)金融危機(jī),為了使研究結(jié)果更可靠,本文以2009年至2011年期間在滬深A(yù)股上市的公司為研究樣本。通過(guò)對(duì)樣本數(shù)據(jù)的分析來(lái)驗(yàn)證承銷商聲譽(yù)對(duì)IPO抑價(jià)、IPO公司長(zhǎng)期業(yè)績(jī)的影響,豐富了承銷商聲譽(yù)對(duì)IPO抑價(jià)、上市公司長(zhǎng)期業(yè)績(jī)的影響研究。 (3)理論分析的貢獻(xiàn) 以前的學(xué)者在對(duì)承銷商聲譽(yù)對(duì)IPO抑價(jià)、上市公司長(zhǎng)期業(yè)績(jī)的理論分析時(shí),選擇的理論比較單一。本文基于信息不對(duì)稱理論、信號(hào)傳遞理論、行為金融理論、噪聲交易理論分別對(duì)承銷商聲譽(yù)對(duì)于IPO抑價(jià)、長(zhǎng)期業(yè)績(jī)的影響進(jìn)行理論分析。 同時(shí)本文的研究也存在著一定的局限性： 首先,在承銷商聲譽(yù)的度量方面。本文參照MW法則,以承銷商的承銷家數(shù)和金額為基礎(chǔ),對(duì)承銷商進(jìn)行排名,不同的聲譽(yù)度量標(biāo)準(zhǔn)可能得到的排名不同,以至于得到的實(shí)證結(jié)果不同。另外我國(guó)目前還沒(méi)有一個(gè)大家認(rèn)可的度量標(biāo)準(zhǔn),也就沒(méi)有一個(gè)權(quán)威性的承銷商聲譽(yù)排名。 其次,在研究承銷商聲譽(yù)與上市公司長(zhǎng)期市場(chǎng)業(yè)績(jī)之間關(guān)系時(shí),雖然證明了兩者之間呈顯著正相關(guān),與所要得到的結(jié)果相一致,但是模型2得到的擬合優(yōu)度不高,這表明還有一些其他影響上市公司長(zhǎng)期業(yè)績(jī)的因素我們沒(méi)有找到。 最后,我們用上市公司上市后18個(gè)月的累積收益率來(lái)衡量上市公司的長(zhǎng)期市場(chǎng)業(yè)績(jī),在時(shí)間方面,18個(gè)月的長(zhǎng)期收益率說(shuō)服力或許還是不夠。
[Abstract]:Since the 60s last century, foreign scholars found IPO underpricing phenomenon, attracting a large number of scholars to study IPO underpricing. In the process of research, scholars found that the reputation of securities underwriter has an important impact on the underpricing of IPO. Between investors and issuers, there is a serious information asymmetry between investors and investors, underwriting. As a bridge linking investors and issuers, business can reduce the degree of information asymmetry between them to a certain extent.
At the same time, the relationship between the reputation of the underwriter and the long-term performance of the IPO company is also one of the topics worthy of a wide study. The rate will be significantly higher than the low underwriter's underwriting company. However, few scholars have studied the relationship between the reputation of the underwriter and the long-term operating performance of the company. This provides a research opportunity for this article. This paper selects the data of 2009-2010 and three years to carry out multiple regression analysis, and finds that the underwriter's reputation is not only significantly positive with the long-term market performance of IPO company. Many experts and scholars explain the phenomenon from many aspects. In order to reduce the adverse effects of information asymmetry, the underwriters have an important role in the pricing of IPO. Therefore, the listed companies need to choose the Underwriters very carefully at IPO. For a listed company, in addition to its good financial situation and corporate governance structure, the selection of a high credit underwriter has an important impact on whether the company can be successfully listed.
There are six parts in this paper. The main contents of each chapter are as follows:
The first chapter is introduction. First, it describes the current situation of the high rate of IPO underpricing at home and abroad, introduces the research background, and points out the practical and theoretical significance of this study. Secondly, the main contents of each part of the article are briefly summarized, and the research framework of this article is displayed in the way of flow chart. Finally, it points out the research of the article. Research methods and research tools used.
The second chapter is a literature review. In this part, this article first introduces the hypothesis proposed by foreign scholars in the study of IPO underpricing, that is, the winner's curse hypothesis, the underwriter monopoly hypothesis, the market feedback hypothesis, the signal hypothesis, the speculative bubble hypothesis. Secondly, it reviews the domestic and foreign scholars' methods of measuring the reputation of securities underwriters. In the domestic academia, there is still not a measure of the authority of the underwriter's reputation. Finally, it reviews the research literature on the influence of the underwriter reputation on the IPO Underpricing and the long-term performance of IPO company. The results of domestic empirical study show that the underwriter reputation has no unified conclusion on the effect of the underwriter's reputation on the underpricing of IPO, and the underwriter's voice The impact of reputation on IPO's long-term market performance is also inconclusive.
The third chapter is the theoretical analysis and research hypothesis. In this part, first of all, it introduces the four theories of information asymmetry theory, signal transfer theory, behavioral finance theory and noise trading theory. In addition, according to the above four theories, it analyzes the logic of the reputation of underwriters on IPO Underpricing and the long-term performance of IPO company. Secondly, Combining these theories, we get the hypothesis of this article, H1: the underwriter reputation and IPO underpricing have a significant negative impact, that is, the higher the underwriter's reputation, the lower the IPO underpricing; H2a: the underwriter reputation has a significant positive impact on the long-term operating performance of IPO company; H2b: the underwriter's sound reputation is significant to the long-term market performance of IPO company. Positive impact.
The fourth chapter is research design. In order to verify this hypothesis, this paper first establishes two multiple linear regression models. The first model verifies the effect of the underwriter reputation on the IPO company's issuing underpricing rate. The second models verify the impact of the underwriter reputation on the long-term market performance of IPO company. The variables are set up, the IPO underpricing rate (MIR) and the long-term cumulative return rate (AR) are interpreted as explanatory variables. The reputation of the underwriter is an explanatory variable. The control variable mainly includes the proportion of the listed shares, the first day turnover rate, the winning rate, the net asset yield, the asset liability ratio, the collection amount, the logarithm of the total assets, the proportion of the independent directors, the listing of the listed companies, the listing of the listed companies. The company's total leverage and the company's price earnings ratio after the issue are issued. The last part of this chapter is a detailed description of the samples and data sources selected.
The fifth chapter is the empirical test and the result analysis. In this part, first, the relevant variables are descriptive statistics. Secondly, the correlation analysis is carried out on the variables that affect the IPO Underpricing and the long-term market performance of the listed companies, and the model one and the model two are analyzed by multiple regression analysis. Finally, the research is more convincing. Robustness tests were conducted to replace the Underwriters' reputation variables. The regression results showed that both the hypothesis 1 and the hypothesis 2 were established.
The sixth chapter is the conclusion and policy recommendations. First, the conclusion of this article is obtained. Secondly, according to the conclusion of the article, some suggestions are put forward for the underwriters to control risk, the quality of personnel and the selection of underwriting projects, and the incentive mechanism of the Underwriters, the self-discipline mechanism, and the introduction of foreign institutional investors to the underwriters are built. Suggestions on four aspects, such as credit record and archives, are pointed out again.
At the same time, this paper also has theoretical and practical significance, which has strong guiding significance for future research.
(1) theoretical significance
This study is a supplement to the existing literature conclusions. The results of the impact of the underwriter's reputation on the IPO underpricing rate are inconsistent. By using the sample data from 2009 to 2011, this paper tries to find the evidence of the impact of the underwriter's reputation on the IPO underpricing rate, enriching the empirical research on the underpricing of the underwriters. The study of the long-term performance of Listed Companies in China is not much, and there is no mature theory. This paper is based on the reputation of the underwriter, and studies the influence of the underwriter's reputation on the long-term operating performance of IPO company, the performance of the market and the research on the long-term performance of the listed companies.
(2) practical significance
If the price of new shares is reasonable, we can observe the rate of underpricing on the first day of the market. We usually use the closing price of the IPO and the ratio of the issuing price to measure the IPO underpricing. When the degree of IPO underpricing is low, the price of IPO is reasonably priced, and the higher the underpricing indicates that the closing price of the first day is much higher than that of the issuing price, which will cause the relevant stakeholders. Some studies have found that the underwriter selected by the listed company has a high reputation and the underpricing degree is low on the first day of the market, which indicates that the price of the listed company is closely related to the reputation of the underwriter. This is a problem worthy of study.
From the birth of China's securities market, only more than 20 years have been developed to today, the related regulatory mechanism and market operation mechanism of China are not very perfect. Therefore, in the newly listed companies, the performance of the year is "changing face", that is, the performance of the company falls after the company is listed and the stock price falls to the investors. In the process of enterprise IPO, the underwriter is responsible for the selection of the listed companies, the design and declaration of the guidance and listing program. Whether it is for the investors and the professional integrity, the underwriter requires the underwriters to do their duty conscientious and strictly control. In order to maintain its market status and image, a good underwriter strictly fulfil its own obligations to underwrite the good quality IPO enterprises in the process of underwriting, and the good quality IPO enterprise has a small possibility of long term performance after its listing, so the relationship between the reputation of the underwriter and the long term performance of the IPO enterprise is of great value.
The research in this paper has the following contributions:
(1) contribution of research angle
The previous scholars have not much research on the long-term market performance. Most of them examine the relationship between the company's quality and the long-term market performance of the company. This paper mainly studies the IPO Underpricing and the long-term performance of IPO shares from the perspective of the reputation of the Underwriters, which can be a supplement to the previous research.
(2) contribution of sample selection
As a result of the global financial crisis of 2008, in order to make the results more reliable, this paper takes the companies listed on the Shanghai and Shenzhen stock market from 2009 to 2011 as the research sample. Through the analysis of the sample data to verify the underwriter's reputation for IPO underpricing, the long-term performance of the IPO company has enriched the underwriter's reputation for the underpricing of the IPO, and the length of the listed company. Research on the impact of the performance of the period.
(3) contribution of theoretical analysis
The previous scholars chose the theory of the underwriter's reputation for IPO Underpricing and the long-term performance of the listed companies. This paper is based on the theory of information asymmetry, the theory of signal transmission, the theory of behavioral finance, the theory of noise trading, and the theoretical analysis of the influence of the underwriter's reputation on the underpricing of IPO and the long-term performance.
At the same time, there are some limitations in this study.
First, in the measure of the reputation of the underwriter, this paper, based on the MW rule, ranked the Underwriters on the basis of the Underwriters' number and amount, and the different reputational metrics may be ranked different, so that the empirical results are different. An authoritative underwriter's reputation.
Second, in the study of the relationship between the reputation of the underwriter and the long-term market performance of the listed company, although there is a significant positive correlation between the two and the results to be obtained, the goodness of fit of model 2 is not high, which indicates that there are still some other factors that affect the long-term performance of the listed company.
Finally, we use the cumulative yield of 18 months after the listing of listed companies to measure the long-term market performance of the listed companies. In terms of time, the long-term rate of return of 18 months may not be enough.
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51;F224

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