美名胜过大财：承销商声誉受损冲击的经济后果

A Good Name Is More Desirable than Great Riches：The Consequence of Penalty Shock on Underwriter Reputation

承销商声誉在我国资本市场是否发挥作用仍是谜团,本文则首次利用证监会处罚事件作为声誉受损度量,系统地检验承销商声誉机制的有效性。结果发现当承销商声誉受损后：（1）其之前承销的关联公司有显著负向的市场反应;（2）其之后承销的IPO项目过会率显著降低;（3）其在IPO环节的市场份额明显下降、所承销客户再融资时更可能更换承销商。结论支持了＂资本市场诚信数据库＂的建立,对即将推行的强调市场声誉的注册制改革有重要启示。

In this paper we examine the effectiveness of underwriter reputation from several aspects.We find that the following consequences happen after a sudden drop of underwriter reputation：First,their recent listed IPO clients react negatively,and which is more pronounced in more severe punishment,for bigger underwriters’clients and for firms with political connection.Second,their IPO clients thereafter experience lower passive rate and longer issue period.Third,their market shares in IPO market decline significantly,and their IPO clients change underwriters more often when SEO is conducted.