影响中国券商IPO市场份额变化的因素分析

An Analysis on Factors Affecting Investment Banks' Market Share Changes in Chinese IPO Market

为认清中国券商IPO市场份额变化的影响因素,分析了首日收益、长期收益、承销费用和行业集中程度对市场份额变化的影响,并将中美两国IPO市场的结果进行比较。实证结果表明,承销费用、一年后超额收益对IPO市场份额变化有负影响;上市首日异常收益对券商IPO业务行业集中程度有正影响,该结果与美国的实证结果刚好相反。该实证结果反映了中国证券市场上,券商的声誉保证机制及上市公司委托代理机制还存在缺陷。

This paper examines several factors affecting investment bank＇ s market share in IPO area. These factors are： first-day return, long-run performance, underwriting charge and industry specialization. We also compare our result with the research in American market, and find that the effect of these factors on market share in Chinese market is just opposite to American market. Our result reflects some faults of Chinese market mechanism.