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

【摘要】：2004年我國實(shí)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(dòng)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(shù)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(nèi)即出現(xiàn)經(jīng)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(zhì)量的質(zhì)疑和擔(dān)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(zhì)量的內(nèi)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(zhì)量對其市場份額的影響,試圖證明我國IPO市場是否確實(shí)存在投資銀行以犧牲執(zhí)業(yè)質(zhì)量為代價(jià)換取市場份額的情況。 結(jié)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(diǎn),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(zhì)量的內(nèi)涵和特征進(jìn)行了梳理和解讀,并對我國IPO市場投資銀行執(zhí)業(yè)質(zhì)量與市場份額關(guān)系可能出現(xiàn)的異象及其原因進(jìn)行了剖析。本文認(rèn)為,在我國新股發(fā)行保薦制下,投資銀行執(zhí)業(yè)質(zhì)量具體體現(xiàn)在其選擇發(fā)行人、盡職調(diào)查與信息披露、新股發(fā)行定價(jià)三大基本功能之中。針對投行執(zhí)業(yè)質(zhì)量在這三個(gè)方面的具體表現(xiàn)和特征,本文分別選擇了投行當(dāng)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(bào)率、當(dāng)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(dāng)年及前三年所有保薦和承銷IPO公司平均首日異�；貓�(bào)率的絕對值三個(gè)指標(biāo)對其進(jìn)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(zhì)量數(shù)據(jù)對我國A股IPO市場投行執(zhí)業(yè)質(zhì)量與市場份額的關(guān)系進(jìn)行了實(shí)證檢驗(yàn)。 本文實(shí)證結(jié)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(zhì)量對其市場份額并不產(chǎn)生實(shí)質(zhì)性影響；在盡職調(diào)查和信息披露中執(zhí)業(yè)質(zhì)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(zhì)量則會(huì)導(dǎo)致其市場份額的損失；新股定價(jià)準(zhǔn)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(shù)份額有顯著促進(jìn)作用。因此,本文認(rèn)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(zhì)量與市場份額的良性促進(jìn)關(guān)系尚未完全建立,投資銀行普遍可以通過“適當(dāng)”降低自身執(zhí)業(yè)質(zhì)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(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 劉江會(huì);;可信性、價(jià)值認(rèn)證和投資銀行聲譽(yù)機(jī)制[J];財(cái)經(jīng)研究;2007年09期

2 劉江會(huì),尹伯成,易行健;我國證券承銷商聲譽(yù)與IPO企業(yè)質(zhì)量關(guān)系的實(shí)證分析[J];財(cái)貿(mào)經(jīng)濟(jì);2005年03期

3 尹蘅;;保薦制下投資銀行聲譽(yù)與IPO企業(yè)質(zhì)量關(guān)系研究[J];改革與戰(zhàn)略;2010年08期

4 黃春鈴;;證券監(jiān)管效率和承銷商聲譽(yù)——基于南方證券“麥科特事件”的案例研究[J];管理世界;2005年07期

5 郭泓;趙震宇;;承銷商聲譽(yù)對IPO公司定價(jià)、初始和長期回報(bào)影響實(shí)證研究[J];管理世界;2006年03期

6 徐浩萍;陳超;;會(huì)計(jì)盈余質(zhì)量、新股定價(jià)與長期績效——來自中國IPO市場發(fā)行制度改革后的證據(jù)[J];管理世界;2009年08期

7 劉志軍;;投資銀行聲譽(yù)與上市公司違規(guī)行為——對保薦制下投資聲譽(yù)有效性的實(shí)證檢驗(yàn)[J];生產(chǎn)力研究;2010年09期

8 徐浩萍;;政治尋租約束與投資銀行聲譽(yù)機(jī)制有效性[J];上海金融;2007年08期

9 俞穎;主承銷商聲譽(yù)與IPO抑價(jià)關(guān)系的實(shí)證研究[J];西安電子科技大學(xué)學(xué)報(bào)(社會(huì)科學(xué)版);2005年01期

10 田嘉,占衛(wèi)華;投資銀行的聲譽(yù)與IPO定價(jià)偏低關(guān)系的實(shí)證研究[J];中國社會(huì)科學(xué)院研究生院學(xué)報(bào);2000年04期

，

本文編號：2039644