创业板作为风险投资最关注的资本市场板块和联系风险投资与风险资本退出的纽带,自开设以来,IPO(Initial Public Offerings)企业的高抑价、高市盈率和高超募等现象就一直备受学术界关注.因此,对影响创业板IPO价格异常波动,尤其是抑价因...创业板作为风险投资最关注的资本市场板块和联系风险投资与风险资本退出的纽带,自开设以来,IPO(Initial Public Offerings)企业的高抑价、高市盈率和高超募等现象就一直备受学术界关注.因此,对影响创业板IPO价格异常波动,尤其是抑价因素进行分析,能为创业板市场和风险投资事业的发展提供可借鉴的信息.该文以此为视角,通过实证研究,验证了风险投资对创业板IPO抑价的影响机制,并给出了必要的优化措施.展开更多
Contrary to other markets where underwriters perform a combined role of underwriting and sponsoring in an Initial Public Offering(IPO),IPO issuers in Hong Kong must appoint at least one sponsor in addition to the unde...Contrary to other markets where underwriters perform a combined role of underwriting and sponsoring in an Initial Public Offering(IPO),IPO issuers in Hong Kong must appoint at least one sponsor in addition to the underwriters.The spitting of the single role of underwriters into two separate ones offers an ideal setting to disentangle the effects of the two roles and to examine which of the two roles-sponsor or underwriter--is more important in explaining IPO underpricing and initial volatility in the Hong Kong equity market.Interestingly,our findings provide supportive evidence that the sponsor reputation does matter in an IPO and it is even more significant than the underwriter reputation in explaining the IPO underpricing phenomenon.Given the recent high-tech fervor,our research goes deeper to examine specifically the role of sponsors on high-tech firms,with results indicating that the reliance on sponsors is higher for traditional isuers than for technology firms.We further discover that sponsors and underwriters are playing substitution roles rather than complementary roles.In order to examine the regulatory policy impact,our research also compares the role of IPO sponsors before and after the launch of the new sponsor regulatory regime in 2013.The empirical findings lend support to our argument that after the launch of the new regulations,public awareness of sponsors is raised,respect towards more reputable sponsor increases,and thus,the role of sponsors becomes more impotant than before.展开更多
文摘创业板作为风险投资最关注的资本市场板块和联系风险投资与风险资本退出的纽带,自开设以来,IPO(Initial Public Offerings)企业的高抑价、高市盈率和高超募等现象就一直备受学术界关注.因此,对影响创业板IPO价格异常波动,尤其是抑价因素进行分析,能为创业板市场和风险投资事业的发展提供可借鉴的信息.该文以此为视角,通过实证研究,验证了风险投资对创业板IPO抑价的影响机制,并给出了必要的优化措施.
文摘Contrary to other markets where underwriters perform a combined role of underwriting and sponsoring in an Initial Public Offering(IPO),IPO issuers in Hong Kong must appoint at least one sponsor in addition to the underwriters.The spitting of the single role of underwriters into two separate ones offers an ideal setting to disentangle the effects of the two roles and to examine which of the two roles-sponsor or underwriter--is more important in explaining IPO underpricing and initial volatility in the Hong Kong equity market.Interestingly,our findings provide supportive evidence that the sponsor reputation does matter in an IPO and it is even more significant than the underwriter reputation in explaining the IPO underpricing phenomenon.Given the recent high-tech fervor,our research goes deeper to examine specifically the role of sponsors on high-tech firms,with results indicating that the reliance on sponsors is higher for traditional isuers than for technology firms.We further discover that sponsors and underwriters are playing substitution roles rather than complementary roles.In order to examine the regulatory policy impact,our research also compares the role of IPO sponsors before and after the launch of the new sponsor regulatory regime in 2013.The empirical findings lend support to our argument that after the launch of the new regulations,public awareness of sponsors is raised,respect towards more reputable sponsor increases,and thus,the role of sponsors becomes more impotant than before.
