摘要
作者利用中国创业板市场2009年～2011年200只IPO样本数据,研究了机构投资者情绪、承销商声誉与融资超募间的关系。研究结果表明,机构投资者情绪和承销商声誉对IPO融资超募比例有显著正向影响,机构投资者情绪越高,承销商声誉越高,IPO融资超募比例也就越高。为了确保模型估计结果的有效性,这里选取了解释变量和被解释变量的替代变量做了稳健性检验,结果支持实证结论。
Using 200 IPO sample data in China＇ s growth enterprise market from 2009 to 2011, the authors researched the relationship between institutional investors＇ sentiment, the reputation of underwriters and super offering financing. The empirical result indicates that institutional investors＇ sentiment and the reputation of underwriters have significant positive influences on the rate of super offering financing. The better the sentiment of institutional investors and the higher the reputation of underwriters, the higher the rate of super offering financing. In order to guarantee the effectiveness of the result of the model estimation, the authors made a robustness test with the substitutive variables of the explanatory variables and the explained variables respectively, the result of which supports the empirical conclusions.
出处
《经济经纬》
CSSCI
北大核心
2012年第2期151-155,共5页
Economic Survey
基金
国家自然科学基金(71073050)
关键词
机构投资者情绪
承销商声誉
融资超募
institutional investors＇ sentiment
reputation of underwriter
super offering financing
