摘要
本文从“事后的”IPO折价、投行市场份额的增长和发行公司质量等多个角度检验了中国投资银行声誉机制的有效性。和以往的研究不同,本文从市场份额和执业质量两个维度衡量投资银行声誉。其中,投行执业质量用投行承销的IPO公司会计业绩“变脸”率来衡量。研究结果显示,尽管单纯考虑市场份额或执业质量时,这些变量对IPO发行折价均无显著影响,但若同时将两者纳入分析框架,并考虑其交互作用,投行声誉的作用就能显著表现出来:市场份额高且执业质量好的投行可以显著降低IPO发行折价,并且能够在未来获得更多数量以及更高质量的上市公司认可。
This paper studies the reputation effect of Chinese investment banks on ex - post IPO discount, growth of market share and change in quality of issuing finns. While many previous studies used only market share to measure reputation of investment banks, we use the ratio of underwritten finns with the sharp decline in net income after IPO as a proxy of service quality. The empirical results show that the two measurements work interactively and effectively. The investment banks with large market share and high service quality will not only decrease price discount in IPO but also get more and better clients in the near future.
出处
《经济研究》
CSSCI
北大核心
2007年第2期124-136,共13页
Economic Research Journal
基金
国家自然科学基金（70603001）
复旦大学管理学院青年科研基金
复旦大学青年科学基金对本研究的支持
