中小企业股权融资中投资银行市场竞争力构建与作用

本文以快速成长的中小企业板IPO市场为研究对象,检验了投行市场竞争力的决定因素,以及对新股盈余质量和发行折价的作用。研究结果表明:首先,分析师研究能力、承销历史上客户发行折价以及IPO后市场业绩等执业质量因素是投行市场竞争力的来源,而股权背景并不能帮助其获得更多客户;其次,投行市场竞争力与发行公司盈余管理程度以及发行折价显著负相关,说明投行能够在一定程度上有效鉴证IPO盈余质量,并由此降低因信息不对称而导致的融资成本。本研究为在中小企业市场上投行声誉机制有效性提供了全面的证据。

This paper studies the determinants and consequences of investment banks＇ competitiveness on the fast growing IPO market of Small and Medium Enterprises （SME）. The results show that underwriting quality measured by research ability, IPO discount and post-IPO long-term performance of existing clients, determinate investment banks＇ competitiveness. In comparison, investment banks＇ ownership background cannot drive competitiveness. Furthermore, investment banks＇ competitiveness is negatively associated with the level of earnings management and IPO discount of the SME issuers.