CEO和董事会社会资本协同效应对IPO抑价的影响:正向协同还是负向协同

The Impact of the Synergistic Effect of the CEO and the Board's Social Capital on IPO Underpricing:Positive Synergy or Negative Synergy

不同于以往割裂地分析董事会社会资本或CEO的社会资本作用机制的研究,本文以1990-2016年之间新股首发(IPO)公司为研究样本,从整合视角探讨IPO公司董事会和CEO的社会资本及其组合效应对IPO抑价的影响。结果发现:我国上市公司董事会社会资本和CEO社会资本均可降低IPO抑价率,但是这两类社会资本之间却表现为"一山不容二虎"的负向协同效应。本文还进一步研究了企业特征对这种协同关系的影响,结果表明相对于非国企、IPO时成立年限较短或尚未实现强劲的盈利能力的公司来说,CEO—董事会社会资本的负向协同效应对IPO抑价率的影响在国有企业、成立年限较长或已经实现强劲盈利能力的公司中表现得更为显著。研究结果有助于从降低IPO抑价率的角度更好地了解CEO—董事会社会资本及其协同效应的经济后果,对于提高CEO—董事会之间协同和建议机制的有效性、促进董事会和CEO关系的有效治理具有一定的借鉴意义。

Different from the separate mechanism research of the CEO or the Board's social capital,this paper discusses the impact of the synergistic effect of the CEO and the Board's social capital on IPO underpricing from the integration perspective based on the research sample of the new starting(IPO)companies between 1990-2016.The results showed that:the CEO and the Board's social capital in our country all can decrease the rate of IPO underpricing,but the impact of the synergistic effect of the CEO and the Board's social capital on IPO underpricing is characterized by negative synergies such as'if two men ride on a tiger'.This paper further studied the impact of the characteristic of enterprise on the synergistic effect,the results show that compared with the younger or less profitable IPO companies,the negative synergistic effect of the CEO and the Board's social capital on IPO underpricing is more significant.The result of the study has certain reference significance that it is helpful to understand the economic consequences of the synergistic effect from aperspective of reducing the rate of IPO underpricing and to promote the effective governance of the relationship between the board and the CEO.