| 承销商声誉与IPO企业质量关系的实证分析——基于我国A股市场的数据 |
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| 引用本文： | 张海云,徐春波.承销商声誉与IPO企业质量关系的实证分析——基于我国A股市场的数据[J].财会通讯,2009(24). |
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| 作者姓名： | 张海云 徐春波 |
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| 作者单位： | 暨南大学经济学院;中国工商银行广东省分行; |
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| 摘 要： | 本文采用三种不同的标准衡量我国承销商声誉,运用我国A股发行市场的数据分别从企业财务指标、承销IPO的风险和IPO长期回报这三个方面,对承销商声誉与发行企业质量之间的关系进行了实证分析。结果发现:理论上得出的承销商声誉与IPO企业质量之间的正相关关系在我国并不存在,说明投资者通过承销商声誉等级来区分发行企业质量的信号甄别机制在我国证券发行市场基本不存在,我国承销商的信息生产功能和认证中介职能严重缺位。
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| 关 键 词： | 认证中介理论 承销商声誉 发行企业质量 |
Empirical Research on the Relation of Underwriter Reputation and the Quality of IPO Firms |
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| Zhang Haiyun Xu Chunbo,ICBC,Guangzhou,Guangdong.Empirical Research on the Relation of Underwriter Reputation and the Quality of IPO Firms[J].Communication of Finance and Accounting,2009(24). |
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| Authors: | Zhang Haiyun Xu Chunbo ICBC Guangzhou Guangdong |
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| Institution: | Zhang Haiyun Xu Chunbo(SchoolofEconomy,JinanUniversity,Privatebankingdepartmen(tGuangzhou),ICBC,Guangzhou,Guangdong 510100) |
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| Abstract: | This article give three ways to measure underwriters reputation,and give positive analysis to the relation between underwriter reputation and the quality of issuing firms from the aspects of finance index,the risk of underwriting IPO and the long-run performance of IPO.The result shows that there is no positive relationship between underwriter reputation and the quality of issuying firms which is proved theorically.This conclution relies that thesignal selection mechanism,which shows investor measure the qu... |
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| Keywords: | Certification intermeiation theory Underwriter reputation The quality of issuing firms |
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