IPO承销费用的特征及券商的政治联系——来自中国IPO市场的证据

Characteristics of IPO Underwriting Fee and the Political Connection of Underwriters:Evidence from the IPO Market in China

承销费用在世界各国普遍呈现出"集聚"的现象,我们对2004年-2009年通过发审委审核的上市公司的IPO承销费用进行研究,发现我国IPO承销费用也存在集聚现象,小规模IPO公司的承销费率主要集中在2%-6%之间,大规模IPO公司的承销费率集中在4%以下。另外,我们检验了券商的政治联系与承销费用的关系,研究发现有政治联系的券商比没有政治联系的券商收取了更高的承销费用。

The underwriting fee becomes cluster in most countries. We use the underwrmng tee ot me companies passing the IPO approval during the year 2004 to 2009, study the characteristics of IPO underwriting fee. It is found that the underwriting fee is also a cluster in China security market, the underwriting fee rate of the small companies is mostly between 2% and 6%, and the underwriting fee rate of the big companies is mostly below 4%. We also test the relation between the political connection of the underwrit- ers and the underwriting fee, and find that the politically connected underwriters obtain higher underwriting fee than the non-politically connected underwriters.