承销商声誉与IPO抑价的实证分析——基于我国股票发行监管制度改革

Study on the relationship between Underwriter's reputation and IPO underpricing——Based on china's issuance system

文章借鉴国外的承销商声誉理论,以我国沪深两市793个A股样本,检验承销商声誉与IPO抑价的关系。检验结果发现,随着股票发行监管制度变迁,承销商逐渐注重声誉建设和维护;另外,由于我国股票发行定价制度的非完全市场化,整体上承销商声誉与IPO抑价成正相关关系。

Referring to foreign underwriter＇s reputation theory, this paper tries to use the data of 793 A-share samples to test the relationship between underwriter＇s reputation and IPO underpricing with the reform of China＇s stock issuance system. This paper finds out that, with the change of stock issuance system, underwriters have gradually strengthened their reputation construction; from the view of China＇s stock pricing system, on the whole, there is a positive relationship between underwriter＇s reputation and the IPO underpncing.