保荐人声誉与上市公司IPO表现

Sponsor Reputation and IPO Performance

保荐人违规及上市公司业绩变脸等现象引发业界对保荐人声誉的关注和研究。保荐人的存在能否缓解投资者和发行方之间的信息不对称、保证投资者持有IPO质量较高的股票?声誉较高的保荐人所推荐的上市公司IPO表现是否会更加优异?本文以2004-2012年间1 060家上市公司为样本,以IPO折价为IPO表现的衡量指标,验证保荐人声誉对上市公司IPO折价的影响。研究结果表明,保荐人声誉对上市公司IPO折价产生一定影响。具体而言,保荐人经验值越高,所保荐公司IPO折价越低;如果保荐人或所在机构有被证监会处罚过的经历,所保荐公司IPO折价也会越低;但保荐人的其他特征,如性别、年龄、学历及从业背景,对所保荐公司IPO折价影响不大。

Sponsor irregularities and performance changes of listed companies have aroused the public attention to sponsor reputation. Do sponsors mitigate the information asymmetry between issuers and investors to guarantee stocks with high-quality IPO performance held by investors？ Do IPO companies recommended by high-reputation sponsors perform better？ To find answers to these questions, the paper selects 1060 IPO companies from 2004 to 2012, uses IPO discount to measure IPO performance, and examines the influence of sponsor reputation on IPO discount. It＇s found that sponsor reputation does affect IPO discount in that more practical experience of sponsors, lower IPO discount of recommended companies, and that the IPO discount is lowered for sponsors or security firms they serve ever punished by CSFC. No evidence is found that sponsor＇s gender, age, education and professional background have influence on IPO discount.