承销商声誉与IPO企业质量关系的实证分析——基于我国A股市场的数据

Empirical Research on the Relation of Underwriter Reputation and the Quality of IPO Firms

本文采用三种不同的标准衡量我国承销商声誉,运用我国A股发行市场的数据分别从企业财务指标、承销IPO的风险和IPO长期回报这三个方面,对承销商声誉与发行企业质量之间的关系进行了实证分析。结果发现:理论上得出的承销商声誉与IPO企业质量之间的正相关关系在我国并不存在,说明投资者通过承销商声誉等级来区分发行企业质量的"信号甄别机制"在我国证券发行市场基本不存在,我国承销商的信息生产功能和认证中介职能严重缺位。

This article give three ways to measure underwriters reputation,and give positive analysis to the relation between underwriter reputation and the quality of issuing firms from the aspects of finance index,the risk of underwriting IPO and the long-run performance of IPO.The result shows that there is no positive relationship between underwriter reputation and the quality of issuying firms which is proved theorically.This conclution relies that the'signal selection mechanism',which shows investor measure the quality of issuing firms by the ranks of underwriter reputation,does not exist in our IPOs market;this solution also relies the our underwritors'function of Information producton and certification intermediation is lost.