摘要
本文从信息不对称的角度实证分析了高管的社会合法性与政治合法性对创业企业IPO抑价的影响。通过构建高管合法性的操作化指标进行回归分析,研究表明,在创业板中,高管政治合法性与企业IPO抑价水平之间存在显著的负相关关系,而高管社会合法性与企业IPO抑价水平之间的关系并不显著,从而说明:在政府管制比较严重的中国,对于在创业板上市的企业,高管的政治合法性更能够作为传递创业企业价值的可靠性号,有效减低IPO抑价水平。
This paper analyzes the influence of the underpricing executives social legitimacy and political legitimacy on the entrepreneurial IPO positive from the perspective of information asymmetry. Through the operation of index construction executive legitimacy of the regression analysis, research shows that in the gem, executives of political legitimacy and enterprise IPO under there is a significantly negative relationship between the price level, but executives of social legitimacy and enterprise IPO under the relationship between price level is not significant to illustrate： government regulation, in more serious in China, enterprises listed on GEM, political legitimacy executives but also as reliability number transfer value of venture enterprises , effectively reduce the level of IPO underpricing.
出处
《上海金融学院学报》
2015年第1期109-120,共12页
Journal of Shanhai Finance University
关键词
创业板
社会合法性
政治合法性
信号传递
IPO抑价
GEM
Social Legitimacy
Political Legitimacy
Signal Transmission
IPO Underpricing
