监管处罚与投资银行声誉

Regulation Penalty and Investment Banks'Reputation

本文研究了监管处罚对投资银行声誉的影响。研究表明,投资银行受监管处罚会使其声誉受损、市场竞争力下降。受处罚后,投资银行在首次公开发行承销领域的市场份额和承销收费均会显著下降,客户上市后再融资时会更容易变更承销商。我们进一步讨论了监管声誉损失影响投资银行的传导路径,即受监管处罚后新股保荐项目审核的通过率显著下降,从而影响投资银行新股发行的市场份额和承销收费。我们也发现,在受处罚后,为了恢复声誉,投资银行选择客户时更谨慎,更倾向于选择低风险、高质量的发行人。

This paper studies the effect of the CSRC’s enforcement action on investment banks’ reputation.We find that,the investment banks’ IPO underwriter market share and fees significantly decrease,IPO clients are more likely to replace underwriter when they season equity offering following the CSRC’s enforcement action.We further discuss the channel of the impact of regulatory reputation loss on investment banks,and find that the IPO approval rate of investment bank’s clients significantly decrease after the regulatory penaltieswhich affects the market share and the fees of the new stock issuance of investment banks.Further studies find that,to maintain their reputation,investment banks are more cautious in choosing clients and are more inclined to choose low-risk and high-quality issuers after the CSRC’s penalties.