承销商声誉、增发价格与公司业绩——来自中国上市公司的经验证据

Investment Bank Reputation,Offering Price and Corporate Performance——Evidence from Chinese Listed Companies

本文构建了承销商声誉、定增折价与公司业绩之间的理论框架。研究发现承销商声誉与定增折价之间存在反向关系,并且大股东参与定增能够强化二者之间的反向关系;同时承销商的鉴证效应进一步表现在定增后公司业绩表现上,承销商声誉与公司业绩之间存在正向关系,运用Heckman两阶段模型克服自选择之后承销商声誉与公司业绩之间的正向关系依然成立。本文的研究结论有助于投资者和上市公司从承销商声誉的视角更深入的理解定向增发问题,也为新兴市场中定向增发的监管提供了新的视角。

This paper analyzes the relation between the underwriter reputation and the offering discount and operating performance in private placement. The empirical results show that there is an inverse relationship between the underwriter reputation and offering discount, and if the large shareholders buy stocks in the private placement, it will strengthen the inverse relation. There is a positive relationship between underwriter reputation and the performance of the company after private placement, the Heckman two stage models also confirmed conclusions. This study confirmed that the underwriter verification effect in current placement market and the effect of verification will be reflected in the company＇s performance after the placement, this conclusion is beneficial for investors and listed companies to understand private placement from the perspective of underwriter reputation.