摘要
我们采用2004年到2011年上市的1,025个新股样本检验了承销商声誉和新股抑价程度之间的联系。我们发现,虽然新股抑价程度和承销商声誉表面上存在负相关,但是一旦控制了和板块相关、和年份相关的固定效应以后,这一负相关的显著性明显减弱甚至消失。我们还发现,主板新股抑价程度随着承销商声誉的提高而增加,中小板和创业板新股抑价程度则随着承销商声誉的提高而降低。对于相同的承销商声誉,中小板新股抑价程度的降低幅度似乎要大于创业板新股。我们认为这些结果和承销商声誉假说是不一致的,承销商没有起到降低信息不对称成本的作用。
We examine the association between underwriter reputation and IPO underpricing by using a sample of 1,025 IPOs issued during the 2004-2011 period.We find that though underpricing appears to be negatively related to underwriter reputation,this relation becomes much less significant or even disappears once we control the fixed effects related to the listing boards and the listing years.We also find that on the Main Board,the underpricing of IPO increases with the improvement of the underwriter reputation,while on the Medium-small Board or the GEM Board,the underpricing of IPO decreases with the improvement of the underwriter reputation.For the same underwriter reputation,the decline range of IPO underpricing on the Medium-small Board seems to be greater than that on the GEM Board.We believe that these results and the underwriter reputation hypothesis is inconsistent.The underwriter do not seem to reduce the cost of information asymmetry.
出处
《上海金融》
CSSCI
北大核心
2013年第4期84-89,118,共6页
Shanghai Finance
基金
国家自然科学基金(71102057)
教育部留学回国人员科研启动基金的资助
关键词
新股抑价
承销商声誉
信息不对称
IPO Underpricing
Underwriter Reputation
Information Asymmetry
