| 投行声誉和IPO抑价:中国股票发行市场的实证分析 |
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| 引用本文： | 徐春波,王静涛.投行声誉和IPO抑价:中国股票发行市场的实证分析[J].云南财贸学院学报,2007,23(4):53-57. |
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| 作者姓名： | 徐春波 王静涛 |
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| 作者单位： | 暨南大学金融系 广东广州510632(徐春波)，广东金融学院经贸系 广东广州510520(王静涛) |
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| 摘 要： | 国外大量研究验证了投资银行声誉理论,即知名的投资银行承销的IPO发行抑价低于普通投资银行承销的IPO,这个适合于发达国家的结论能不能适合中国的证券市场,在理论界存在争议。以2001年3月至2005年底沪深两市A股IPO市场的300只新股为研究样本,对投资银行声誉模型在中国的适应性进行实证研究,结果表明这一结论并不适用于中国,中国投资银行和发行市场的信息效率不高。
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| 关 键 词： | IPO抑价 投资银行声誉 实证研究 |
| 文章编号： | 1007-5585（2007）04-0053-05 |
| 修稿时间： | 2007-03-28 |
Empirical Analysis on the Relationships between the Reputation of Investment Banks and IPO Underpricing: Based on Chinese Stock Market |
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| XU Chun - bo, WANG Jing - tao.Empirical Analysis on the Relationships between the Reputation of Investment Banks and IPO Underpricing: Based on Chinese Stock Market[J].Journal of Yunnan Finance and Trade Institute,2007,23(4):53-57. |
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| Authors: | XU Chun - bo WANG Jing - tao |
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| Institution: | 1. Faculty of Finance, Jinan University, Guangzhou 510632, China; 2. Faculty of Economy and Trade, Guangdong University of Finance, Guangzhou 510520, China |
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| Abstract: | A lot of researches abroad prove that a prestigious investment bank can reduce the ex ante uncertainty and lower the degree of IPOs underpricing more effectively than an ordinary investment bank.But whether the theory applicable to developed countries is also applicable to Chinese stock market remains unknown.The paper makes an empirical study on the applicability of the reputation model of investment banks in China by using the data of 300 IPOs in Shanghai and Shanzhen security markets from March 2001 to the end of 2005.The result indicates that the theory is inapplicable to China for its lack of efficiency in Chinese investment banks and the issuing markets. |
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| Keywords: | IPO Underpricing Reputation of Investment Bank Empirical Study |
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