本文選題：投資銀行 + 新股發(fā)行市場��； 參考：《復旦大學》2013年碩士論文

【摘要】：2004年我國實行新股發(fā)行保薦制以來,投資銀行在新股發(fā)行市場扮演著越來越重要的角色,推動著新股發(fā)行市場得到迅速發(fā)展,尤其是2006年以來,我國首次公開發(fā)行募資總金額和公司數量履創(chuàng)歷史新高,給投資銀行帶來了巨額利潤。然而,新股發(fā)行市場規(guī)模的迅速增長卻伴隨著大量新股發(fā)行人在IPO后短期內即出現(xiàn)經營業(yè)績大幅下滑,引發(fā)了市場對投資銀行IPO保薦和承銷執(zhí)業(yè)質量的質疑和擔憂。針對這一現(xiàn)象,本文從我國新股發(fā)行市場投資銀行執(zhí)業(yè)質量的內涵剖析出發(fā),研究了我國A股IPO市場投資銀行執(zhí)業(yè)質量對其市場份額的影響,試圖證明我國IPO市場是否確實存在投資銀行以犧牲執(zhí)業(yè)質量為代價換取市場份額的情況。 結合國外成熟市場對新股發(fā)行中投資銀行功能的理論研究和我國新股發(fā)行保薦制的特點,本文首先基于保薦制下投行新股發(fā)行的三大基本功能對我國投行執(zhí)業(yè)質量的內涵和特征進行了梳理和解讀,并對我國IPO市場投資銀行執(zhí)業(yè)質量與市場份額關系可能出現(xiàn)的異象及其原因進行了剖析。本文認為,在我國新股發(fā)行保薦制下,投資銀行執(zhí)業(yè)質量具體體現(xiàn)在其選擇發(fā)行人、盡職調查與信息披露、新股發(fā)行定價三大基本功能之中。針對投行執(zhí)業(yè)質量在這三個方面的具體表現(xiàn)和特征,本文分別選擇了投行當年及前三年所有保薦和承銷IPO公司的平均上市后一年股票超額回報率、當年及前三年所有保薦和承銷IPO公司中業(yè)績“變臉”公司所占比例、當年及前三年所有保薦和承銷IPO公司平均首日異�；貓舐实慕^對值三個指標對其進行度量,并采用2008至2011年間187組投行-年度市場份額和執(zhí)業(yè)質量數據對我國A股IPO市場投行執(zhí)業(yè)質量與市場份額的關系進行了實證檢驗。 本文實證結果顯示,我國IPO市場投資銀行在選擇發(fā)行人方面的執(zhí)業(yè)質量對其市場份額并不產生實質性影響；在盡職調查和信息披露中執(zhí)業(yè)質量較差的投行卻可以獲得顯著更大的市場份額,但超過一定限度繼續(xù)犧牲該方面執(zhí)業(yè)質量則會導致其市場份額的損失；新股定價準確性對投行IPO承銷金額份額沒有顯著影響,但對其IPO承銷家數份額有顯著促進作用。因此,本文認為,由于我國股票市場發(fā)展的特殊背景,我國新股發(fā)行市場上投資銀行執(zhí)業(yè)質量與市場份額的良性促進關系尚未完全建立,投資銀行普遍可以通過“適當”降低自身執(zhí)業(yè)質量而獲得更大的市場份額,這對我國新股發(fā)行市場持續(xù)健康發(fā)展提出了挑戰(zhàn)。
[Abstract]:Since the implementation of the new issue recommendation system in China in 2004, investment banks have played an increasingly important role in the new issue market, which has promoted the rapid development of the new issue market, especially since 2006. The total amount of initial public offering and the number of companies reached a record high in China, which brought huge profits to investment banks. However, the rapid growth of the market size of new stock issuance has been accompanied by a large number of new stock issuers in the short term after the IPO appeared a sharp decline in operating performance, causing the market to the investment bank IPO sponsors and underwriting the quality of the practice of doubt and concern. In view of this phenomenon, this paper analyzes the connotation of investment bank's practice quality in China's IPO market, and studies the influence of investment bank's practicing quality on its market share in China's IPO market. This paper attempts to prove whether there is a real situation that investment banks exchange market share at the expense of quality of practice in China's IPO market. Combining with the theoretical research on the functions of investment banks in new stock issuance in foreign mature markets and the characteristics of the sponsorship system of new stock issuance in China, Firstly, based on the three basic functions of investment bank new stock issuance under the sponsorship system, this paper sorts out and interprets the connotation and characteristics of investment banking practice quality in China. It also analyzes the possible anomalies and causes of the relationship between the quality of investment banks and market share in IPO market in China. This paper holds that the quality of investment bank practice is embodied in its three basic functions of selecting issuer, due diligence and information disclosure, and pricing of new issue under the sponsorship system of new stock issuance in China. In view of the specific performance and characteristics of the quality of investment banking practice in these three aspects, this paper selects an average of one year's excess return on stocks of the investment banks in the current year and in the first three years after the IPO company's recommendation and underwriting. The percentage of "face change" companies of all sponsors and underwriters in the current year and the first three years, and the absolute value of the average first-day abnormal rate of return of all the sponsors and underwriters in the current year and the first three years were measured. Using the data of 187-group investment banks' market share and practice quality from 2008 to 2011, this paper makes an empirical test on the relationship between the practice quality and market share of investment banks in China's A-share IPO market. The empirical results show that the practice quality of investment banks in IPO market does not have a substantial impact on their market share. The investment banks with poor practice quality in due diligence and information disclosure can gain a significantly larger market share, but continuing to sacrifice the practice quality in this respect beyond a certain limit will lead to the loss of their market share; The accuracy of IPO pricing has no significant effect on the share of IPO underwriting amount, but it has a significant effect on the number of IPOs underwritten by investment banks. Therefore, due to the special background of the development of China's stock market, the benign promotion relationship between the quality of investment bank practice and the market share in the new issue market has not been fully established. Investment banks can generally obtain a greater market share by "appropriately" reducing their professional quality, which challenges the sustainable and healthy development of the new issue market in China.
【學位授予單位】：復旦大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.51

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