关系网络、信息传递与IPO利益联盟——基于承销商和机构投资者的实证研究

Social Network,Information Transfer and IPO Interest Alliances：Evidence from Underwriters and Institutional Investors

基于中国经济转型的制度特征,以公司IPO承销为研究对象,本文考察了关系网络对资本市场信息传递的影响。研究发现,若参与IPO配售的机构投资者与承销商的关系越密切,则其投资企业上市后的会计业绩越好,股票收益越高。从承销商的角度来看,关系密切机构投资者的参与也有助于IPO公司募集更多的资金,并从中收取高额的承销费用。本文的分析证实,承销商与机构投资者之间的关系促进了公司IPO过程中的信息传递,机构投资者由此而投资于优质企业,获得了高额的投资回报;同时,承销商也从中获益,通过公司IPO的顺利发行来获得高额的承销收入。这一互惠交易构成了双方关系网络得以长期维系的基础。

Based on the institutional background of China transitional economy,this paper takes IPO underwriting as the example and examines the impact of social network on the information transfer in the capital market.We find that,if institutional investors build close relationship with underwriters,the accounting performance of invested firms will be better,and the stock returns will be higher in the post-IPO period.On the other hand,from the perspective of underwriters,if closely related institutional investors participate in the IPO,the raising capital of IPO firms will be more and the underwriting fees will be higher.Our analysis confirms that the good relationship between underwriters and institutional investors promotes the information transfer during firms＇ IPO.Therefore institutional investors invest in high-quality companies and obtain good returns on investment.Meanwhile,underwriters also benefit from the relationship and receive more underwriting fees through the successful issuance of IPO.The reciprocal transaction contributes to the long-term relationship of social network.