摘要
实证检验保荐制实施后中国投资银行的声誉效应,从一个侧面考察证券发行保荐制实施的效果。为保证结论的客观性,选择目前最透明、最真实的投资银行声誉的衡量和检验指标即股票发行规模份额和新股上市后的价格表现,并将声誉的衡量与检验分为两个时期。结果表明,高声誉投资银行所做的股票定价较能符合市场预期,同时,投资银行声誉品牌效应向市场传递的股票投资价值的信号,能够影响投资者对股票的持有态度,其综合作用的结果使得股票上市后价格较为稳定,超额回报率较低,充分说明保荐制实施后投资银行声誉机制显著有效。
An empirical test is made on the reputation effect of China＇ s investment banking after recommendendation institution implemented, from one facet checking the effect of securities issuance recommendation institution. In order to ensure the objcectivity of conclusion, we choose the most apparent, the most authentic measuring and testing indicators of investment banking reputation, i.e. securities issuance scale shares and price performacne, and divide the meausre of reputation and test into two phases. The result suggests that the securities pricing made by the investment bank with a high reputation rank may apply market anticipation. At the same time, investment banking reputation band effect transits a signal of stock investment value, which can infuence the attitude of investors to hold stocks. The comprehensive function resulted in a stable price of stock after listing with a lower excess return ratios, which full illustrates that the investment banking reputation mechanism after recommenndation institution having been implementd is prominent and effective.
出处
《河南金融管理干部学院学报》
CSSCI
2008年第1期68-73,共6页
Journal of Henan College of Financial Management Cadres
关键词
投资银行声誉
保荐制度
超额回报率
investment banking reputation
recommendation system
excess return ration
