承销商变更、声誉机制与IPO机会

Underwriter Reputation and IPO Opportunity: A Perspective of Underwriter Switching

承销商作为股票市场重要的金融中介,其作用在2004年保荐制实施后得到凸显。选取2004年1月至2012年7月再次上会的发行申请为研究样本,建立Logistic回归模型,并实证检验更换承销商对发行人获得IPO机会的影响。实证结果表明,再次上会更换为高声誉承销商与发行申请时通过IPO审核呈正相关关系,并在1%的水平下显著,即再次上会更换为高声誉承销商的发行申请更容易得到IPO机会。

Underwriter plays an important role in stock market, especially after Sponsor System implemented in 2004. Taking applicants who reapplied for IPO from January 2004 to July 2012 as sample, Logistic regression model was constructed to examine whether underwriter switching affects IPO opportunity or not. It turns out underwriter switching has a positive correlation with IPO permission, when the level is below 1%, which implies that switching to higher reputation underwriters is more helpful with accessing to IPO opportunity.