本文關(guān)鍵詞：中國承銷商聲譽(yù)對IPO長期績效影響的實(shí)證研究　出處：《哈爾濱工業(yè)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

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【摘要】：在企業(yè)首次公開發(fā)行股票的過程中，證券承銷商扮演著極為重要的金融中介角色，證券承銷商在發(fā)行過程中起到了“信息生產(chǎn)”和“認(rèn)證中介”的重要作用。然而，投資者如何能夠認(rèn)同承銷商的“信息生產(chǎn)”和“認(rèn)證中介”的功能呢？由此而引發(fā)的問題就是如何才能夠保證證券承銷商信息生產(chǎn)的可靠性從而提高證券市場的效率，在這種情形下，聲譽(yù)的價值就凸顯出來，聲譽(yù)機(jī)制是保證證券承銷商信息生產(chǎn)可靠性的源泉。關(guān)于首次公開發(fā)行問題的研究主要包括三個方面：（1）IPO發(fā)行抑價；（2）IPO長期績效；（3）熱門股票發(fā)行問題，其中，首次公開發(fā)行新股的長期走勢問題一直是國內(nèi)外關(guān)注的熱點(diǎn)�；谝陨蟽蓚�方面，本文從理論及實(shí)證兩個方面探討了承銷商聲譽(yù)與IPO長期績效之間的關(guān)系。 基于中國證券市場發(fā)行上市制度的改革以及股權(quán)分置改革的大背景，本文選取自2006年1月1日至2008年12月30日期間在深圳證券交易所上市的223家中小企業(yè)為樣本，基于認(rèn)證中介理論，運(yùn)用BHAR方法以及多元回歸分析法對樣本進(jìn)行了實(shí)證研究，，得到以下結(jié)論： 承銷商聲譽(yù)與IPO長期績效正相關(guān)，即承銷商聲譽(yù)越高，其所承銷的IPO公司股票長期績效表現(xiàn)越好；中國證券市場在實(shí)行發(fā)行制度改革以及股權(quán)分置改革之后，承銷商聲譽(yù)機(jī)制并沒有得到明顯的改善，新股長期弱勢現(xiàn)象依然存在；中國證券市場中，承銷差價越大的發(fā)行企業(yè)，其新股長期績效越差；建立詢價機(jī)制的發(fā)行企業(yè)，更容易獲得聲譽(yù)較高承銷商的合作與支持，其新股長期績效表現(xiàn)要優(yōu)于那些未建立詢價機(jī)制的發(fā)行企業(yè)。 本文從理論和實(shí)證的角度分析證券承銷商聲譽(yù)對IPO長期績效的影響，能夠?yàn)樵趯?shí)踐中重塑我國承銷商聲譽(yù)，規(guī)范證券承銷商行為，促進(jìn)我國證券股票發(fā)行市場以及承銷業(yè)務(wù)的健康發(fā)展提供理論支持以及理論依據(jù)。
[Abstract]:In the process of initial public offering of stock, underwriters play a very important role in financial intermediation. Securities underwriters play an important role in the process of issuing. However, how can investors identify with the functions of "information production" and "certification intermediaries" of underwriters? The problem arising from this is how to ensure the reliability of the information production of securities underwriters so as to improve the efficiency of the securities market. In this case, the value of reputation is highlighted. The reputation mechanism is the source to guarantee the reliability of the information production of the underwriters. The research on the initial public offering mainly includes three aspects: the underpricing of the IPO; The long-term performance of IPO; Among them, the long-term trend of IPOs has always been a hot issue at home and abroad. Based on the above two aspects. In this paper, the relationship between underwriter reputation and IPO long-term performance is discussed theoretically and empirically. Based on the reform of the issuing and listing system and the reform of the split share structure in China's securities market. This paper selects 223 small and medium-sized enterprises listed on Shenzhen Stock Exchange from January 1st 2006 to December 30th 2008 as samples based on the theory of certification intermediary. Using BHAR method and multivariate regression analysis, the empirical research on the samples is carried out, and the following conclusions are obtained: The higher the underwriter reputation, the better the long-term performance of the underwriters' IPO shares. After the reform of the issuing system and the reform of the split share structure, the underwriter reputation mechanism has not been obviously improved, and the long-term weakness of new shares still exists. In China's securities market, the larger the underwriting price is, the worse the long-term performance of new shares is. It is easier to obtain cooperation and support from reputable underwriters for the issuers who set up inquiry mechanism. The long-term performance of new shares is better than that of those issuers that do not set up inquiry mechanism. This paper analyzes the impact of securities underwriter reputation on the long-term performance of IPO from both theoretical and empirical points of view, which can help to reshape the reputation of underwriters in China and standardize the behavior of securities underwriters in practice. To promote the healthy development of China's securities market and underwriting business to provide theoretical support and theoretical basis.
【學(xué)位授予單位】：哈爾濱工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51

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