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

Positive Analyses of Underwriter Reputation and IPO Underpricing Based on Reform of Supervisory System of China Stock Issue

通过以我国沪深两市793个A股为样本,建立回归模型,检验承销商声誉与IPO抑价的关系发现,随着股票发行监管制度变迁,承销商逐渐开始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。这一结论说明了我国股票发行监管制度改革是有效的,强化了承销商的责任和风险防范,有利于加快承销商间的优胜劣汰,有利于承销商声誉机制的形成,促进了我国证券市场承销商对声誉的建设与维护。

Through building regression model and testing the relationship between underwriter reputation and IPO underpricing based on 793 A-share samples of Shanghai and Shenzhen Stock Markets, this paper concludes that the underwriters begin to value construction and maintenance on their reputation with the change of supervisory system on stock issue, furthermore, due to non-complete market of pricing system in Chinese stock issue, there exists positive correlation between underwriter reputation and IPO underpricing on the whole. It means that the reform is effective on supervisory system of Chinese stock issue, which strengthens underwriters＇ responsibility and risk prevention, quickens survival of the fittest underwriters, puts underwriter reputation mechanism in shape, and promotes construction and maintenance on underwriter reputation in Chinese stock market.