承销商声誉、融资超募与超募资金使用效率——基于我国创业板上市公司的经验证据

Reputation of Underwriters,IPO Over-financing and the Efficiency of the Use of IPO Funds——Evidence from China's Growth Enterprises Market

文章以2010年12月31日前在深交所创业板上市的153家公司为研究样本,重点考察承销商声誉对创业板公司IPO融资超募以及超募资金使用效率的影响。通过对高声誉承销商和低声誉承销商影响效果的实证分析发现:(1)承销商声誉与融资超募呈显著正相关关系。高声誉承销商支持公司的IPO融资能力更强,能够获得更高的超募率和更多的超募资金,因而融资超募更为严重;(2)承销商声誉与超募资金使用效率呈负相关关系。高声誉承销商支持公司的超募资金使用效率,明显低于低声誉承销商支持公司,表明高声誉承销商支持公司非效率使用超募资金的倾向更加突出。研究表明,在我国资本市场尚不成熟的背景下,承销商声誉机制的约束作用难以得到有效发挥。

Taking the 153 companies listed on the Shenzhen Growth Enterprises Market （GEM） before December 31,2010 as a sample ,.this paper examines how the reputation of underwriters influences IPO over-financing and the efficiency of the use of IPO funds. The empirical results show that, first, the reputation of underwriters and IPO over-financing had significant positive correlation. Companies underwritten by underwriters with a high reputation had a stronger IPO financing capability, higher rates of over-financing and more over-financing funds. Second,the reputation of underwriters had a negative impact on the efficiency of the use of IPO funds. The effi- ciency of the use of IPO funds of companies with high-reputation underwriters was obviously lower than that of companies with low-reputation underwriters, indicating that the reputation of underwriters cannot improve the ef- ficient use of over-financing funds. This paper suggests that the reputation system of underwriters in China can hardly play an effective and positive role in the emerging GEM.