股票承销市场中的个人社会关系研究——基于承销双方、承销团成员多重关系视角

The Social Tie in Equity IPO Underwriting Market——Perspective from Heterogeneous Ties among Issuers,Lead and Participant Underwriters

本文基于69家券商2 359位高管及1 504家上市公司10 388位高管简历,从校友关系视角考察个人社会关系对IPO承销商选择及承销效果的影响。研究发现:异质主体(承销双方)校友关系能提高券商进入承销团或担任主承销商的概率。同质主体(承销商内部)校友关系会抑制合作。且承销双方高管存在校友关系时,发行人上市后财务业绩与市场表现更优,而券商高管校友关系不对其产生影响。本文有助于从个人社会关系异质性视角剖析"关系承销"的经济后果。

Based on personal information from 2 359 executives from 69 underwriters and 10 388 managers from 1 504 listed firms, we investigate the effects of school tie on underwriter selection and corresponding outcomes in equity IPO underwriting market. We find that, first, school ties of heterogeneous parties(underwriter-issuer) promote a security company to be selected as lead or participant underwriter. Second, school ties among securities, revealing partner similarity, inhibit cooperation. Third, school tie of underwriter-issuer is associated with better financial performance and market return, while school ties among securities exert limited impact. Our study emphasizes the value of unpacking "relationship underwriting" from the perspective of social tie heterogenicity.