证券公司上市可以提高IPO企业市场表现吗?

Do Security Companies Going Public Improve the Market Performance of IPO Enterprises?

证券公司作为保荐机构,在企业IPO上市过程中发挥重要作用.本文考察了证券公司自身上市是否会影响其保荐的IPO企业市场表现这一问题.基于2007-2016年我国A股IPO企业数据并采用PSM+DID方法缓解内生性困扰后,研究发现证券公司上市可以显著提升其保荐的IPO企业市场表现,具体表现为更低的抑价率和更高的购买并持有的超额回报率.进一步研究发现,证券公司上市对IPO企业市场表现的提升效应在IPO企业信息质量较差时更加明显.最后,合规水平和风险管理能力提升是证券公司上市影响IPO企业市场表现的两条重要路径.本文研究结果丰富了有关金融中介上市与公司IPO市场表现的相关文献,并对监管层制定我国金融行业发展政策具有重要参考意义.

Security companies play an important role in the process of initial public offering in capital market.This paper studies whether security companies going public would affect the market performance of IPO enterprises.Taking advantage of the A⁃share IPO data from 2007 to 2016 and adopting the PSM+DID method,this paper finds that security companies going public indeed improve the market per⁃formance of IPO enterprises,as shown in lower underpricing rate,and higher buy and hold long⁃term yields(BHAR).In addition,this paper finds that the worse of the earnings quality of the pre⁃IPO enterprises,the higher the effect of improvement of market performance.Finally,this paper finds that compliance level and risk management ability are the two important channels that security companies going public improve the market performance of IPO enterprises.This paper enriches the literature on going public of financial intermediaries and the market performance of IPO enterprises.And these findings also have policy implications on regulatory authorities given that the financial industry in China is under deep reform.