摘要
中介声誉与IPO抑价之间的关系是IPO领域的研究重点,基于成熟资本市场的研究结果表明两者负相关,但基于我国资本市场的研究尚未得出一致的结论。本文以询价制度新股定价为背景,研究了询价制度实施以后我国资本市场上中介声誉与IPO抑价之间的关系。结果表明:承销商声誉对IPO抑价没有显著影响;审计师声誉在总体上能够显著降低IPO抑价;联合声誉能够显著降低IPO抑价。
The correlation between the underwriter reputation and IPO underpricing is a focus in the field of IPO. Based on the developed capital market, scholars find that the underwriter reputation and IPO underpricing are negatively correlated. However, agreement has yet to be reached in China. Against the background of the inquiry mechanism, this paper has research on the correlation between the intermediary reputation and IPO underpricing and gets conclusions as follows. The underwriter reputation has no significant effect on the IPO underpricing, the auditor reputation has significant effect on the IPO underpricing, and the united reputation has significant effect on the IPO underpricing
出处
《财会通讯（下）》
2012年第8期107-110,共4页
Communication of Finance and Accounting
基金
教育部人文社会科学研究一般项目“家庭养老的经济研究及财务安排”(项目编号:10yjc790176)
西南财经大学四川省金融智能与金融工程重点实验室公开研究项目“基于数据挖掘下的我国商业银行动态财务分析”(项目编号:FIFE2010-P09)
西南财经大学校管课题“家庭养老的经济分析及其财务安排”(项目编号:2010XG077)的资助
关键词
中介声誉
IPO抑价
询价制度
Intermediation reputation IPO underpricing Inquiry system
