保荐制下承销商声誉与IPO企业质量关系研究

Empirical Research on the Relationship between Underwriters' Reputation and IPO Firms' Quality in Sponsor System

保荐制实施之后,承销商声誉与首次公开发行企业质量之间的正相关关系是否存在?本文利用2004—2006年间IPO企业数据,运用因子分析法综合衡量IPO企业上市之后的质量,并通过模型检验高声誉承销商是否与高质量IPO企业相联系。实证结果表明,高声誉承销商并未与高质量的IPO企业相联系,保荐制的实施并未促使承销商声誉机制有效发挥作用。

This paper discusses whether or not there is a positive relationship between underwriters＇ reputation and IPO firms＇ quality after the sponsor system comes into effect. In this paper, we use IPO firms＇ data from 2004 to 2006 to measure IPO firms＇ quality comprehensively by factor analysis and model to test if underwriters with high reputation are correlated to high quality IPO firms. Results show that the relationship between under- writers＇ reputation and the firms＇ quality has been distorted ; and the practice of sponsor system did not lead underwriter reputation mechanism to function effectively.