券商直投、IPO前盈余管理與證券抑價
發(fā)布時間：2018-08-25 14:58
【摘要】：券商直投業(yè)務(wù),是指符合資格的券商對非公開發(fā)行公司的股權(quán)進(jìn)行投資。成熟資本市場的研究表明,券商直投業(yè)務(wù)的開展不僅能夠改善券商的收入結(jié)構(gòu),對于深度挖掘市場、加強(qiáng)實體經(jīng)濟(jì)與資本市場的聯(lián)結(jié)程度也有諸多好處。然而,券商直投業(yè)務(wù)從產(chǎn)生之日起,就因券商的雙重角色而飽受爭議。同時作為承銷人及投資人的券商是否會利用信息優(yōu)勢損害投資人的利益受到各方關(guān)注。對于潛在利益沖突的擔(dān)憂一直伴隨著券商直投業(yè)務(wù)的發(fā)展。我國在2007年下半年重啟券商直投業(yè)務(wù)。自重新開閘以來,由于存在突擊低價入股情況,市場對該業(yè)務(wù)存在利益輸送的詬病一直不斷。 本文以企業(yè)會計盈余質(zhì)量及IPO抑價兩個方面為切入點,采用實證研究的方式,試圖檢驗企業(yè)是否擁有券商直投背景與上述兩者的相關(guān)性,結(jié)果顯示,擁有券商直投背景但直投券商與承銷人不一致的企業(yè)盈余質(zhì)量最差,而擁有券商直投背景且直投券商與承銷人一致的企業(yè)與無券商直投背景的企業(yè)盈余質(zhì)量間并不存在明顯差異。扮演雙重角色的券商在衡量潛在利益沖突與監(jiān)管者及市場反應(yīng)后,選擇了一種較為保守的投資方式,其投資的企業(yè)的盈余質(zhì)量與市場整體盈余質(zhì)量相似,即券商并未為了直投利益而選擇質(zhì)量過差的企業(yè),但直投企業(yè)的質(zhì)量也未顯示出過人之處。市場正確判斷了擁有券商直投背景但直投券商與承銷人不一致的企業(yè)質(zhì)量較差,然而,市場對于潛在利益沖突對“保薦+直投”企業(yè)的影響過度樂觀。 雖然券商直投業(yè)務(wù)開閘初期出現(xiàn)了突擊入股、低價入股的情況,但本文的結(jié)果支持了監(jiān)管方的制約作用。通過提高資本市場的市場化程度,完善對于券商直投業(yè)務(wù)的監(jiān)管機(jī)制,該業(yè)務(wù)應(yīng)該能夠?qū)崿F(xiàn)服務(wù)經(jīng)濟(jì)發(fā)展的初衷,進(jìn)一步拉近實體經(jīng)濟(jì)與資本市場,提升市場的整體效率。
[Abstract]:Direct investment refers to qualified securities firms investing in the equity of non-public offering companies. The research of mature capital market shows that the development of direct investment not only can improve the income structure of securities firms, but also has many advantages for the deep mining of the market and the strengthening of the connection between the real economy and the capital market. However, the brokerage direct investment business from the date of birth, because of the dual role of securities firms and controversial. At the same time as underwriters and investors whether securities firms will use the information advantage to harm the interests of investors has attracted attention. Concerns about potential conflicts of interest have been accompanied by the development of direct investment business. China in the second half of 2007 restart securities direct investment business. Since the reopening of the gate, due to the existence of a surprise low-price stock situation, the market has been the business of the transport of benefits has been criticized. This paper takes the quality of accounting earnings and the underpricing of IPO as the starting point, and tries to test the correlation between the background of direct investment of securities firms and the above two aspects by the way of empirical research. The results show that, Companies with direct investment background but not the same as underwriters have the worst quality of earnings. However, there is no significant difference between the companies with direct investment background and the companies with the same background of direct investment and those without the background of direct investment of securities firms. After weighing the potential conflicts of interest with the regulators and the market reaction, the securities firms playing a dual role have chosen a more conservative investment mode. The earnings quality of the enterprises in which they invest is similar to that of the market as a whole. That is, securities firms do not choose poor quality enterprises for the benefit of direct investment, but the quality of direct investment enterprises also does not show excellence. The market correctly judges the poor quality of enterprises with direct investment background of securities firms but not consistent with underwriters. However, the market is overly optimistic about the impact of potential conflicts of interest on "direct investment" companies. Although the initial period of direct investment of securities companies into the initial period, the situation of low-priced shares, but the results of this paper support the regulatory constraints. By improving the marketization of the capital market and perfecting the supervision mechanism for the securities firms' direct investment business, the business should realize the original intention of serving the economic development, further narrow the real economy and the capital market, and enhance the overall efficiency of the market.
【學(xué)位授予單位】：南京大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51;F224
本文編號：2203225
[Abstract]:Direct investment refers to qualified securities firms investing in the equity of non-public offering companies. The research of mature capital market shows that the development of direct investment not only can improve the income structure of securities firms, but also has many advantages for the deep mining of the market and the strengthening of the connection between the real economy and the capital market. However, the brokerage direct investment business from the date of birth, because of the dual role of securities firms and controversial. At the same time as underwriters and investors whether securities firms will use the information advantage to harm the interests of investors has attracted attention. Concerns about potential conflicts of interest have been accompanied by the development of direct investment business. China in the second half of 2007 restart securities direct investment business. Since the reopening of the gate, due to the existence of a surprise low-price stock situation, the market has been the business of the transport of benefits has been criticized. This paper takes the quality of accounting earnings and the underpricing of IPO as the starting point, and tries to test the correlation between the background of direct investment of securities firms and the above two aspects by the way of empirical research. The results show that, Companies with direct investment background but not the same as underwriters have the worst quality of earnings. However, there is no significant difference between the companies with direct investment background and the companies with the same background of direct investment and those without the background of direct investment of securities firms. After weighing the potential conflicts of interest with the regulators and the market reaction, the securities firms playing a dual role have chosen a more conservative investment mode. The earnings quality of the enterprises in which they invest is similar to that of the market as a whole. That is, securities firms do not choose poor quality enterprises for the benefit of direct investment, but the quality of direct investment enterprises also does not show excellence. The market correctly judges the poor quality of enterprises with direct investment background of securities firms but not consistent with underwriters. However, the market is overly optimistic about the impact of potential conflicts of interest on "direct investment" companies. Although the initial period of direct investment of securities companies into the initial period, the situation of low-priced shares, but the results of this paper support the regulatory constraints. By improving the marketization of the capital market and perfecting the supervision mechanism for the securities firms' direct investment business, the business should realize the original intention of serving the economic development, further narrow the real economy and the capital market, and enhance the overall efficiency of the market.
【學(xué)位授予單位】：南京大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51;F224
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相關(guān)期刊論文 前5條
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