承销商作用与中国股市IPO抑价

Underwriter’s Role and IPO Underpricing of China’s Security Market

以我国股市开始以来到2005年底的所有IPO新股共1332家为研究样本,分四个阶段对承销商作用与IPO抑价的关系进行了考察。研究结果发现承销商的确影响了中国股市的IPO抑价,具体表现为大型券商所承销的国有大中型企业的IPO新股抑价较低,券商的实力和声誉影响了上市等待期的长短,承销商和证券咨询机构对IPO新股的宣传能够对IPO抑价产生有效的影响,股市初期阶段非主流券商寻租导致的IPO抑价更高。

This paper analyses the relationship between the underwriter＇ s role and underpricing an IPO of China＇ s stock market based on the four phases of 1332 IPO samples from 1989 to 2005. The result is that underwriter＇ s role really influenced the underpricing an IPO of China in the person of lower underpricing an IPO for the state-owned large enterprises equities underwritten by large underwriters, underwriters＂ capacity and reputation affecting the Quiet period, the drumbeating for IPOs issue of the underwriter and its consultation institution efficiently impacting the underpricing an IPO and higher underpricing an IPO for the equities underwritten by mall underwriters through rent-seeking at the first stage of the market development.