| IPO承销费用的特征及券商的政治联系——来自中国IPO市场的证据 |
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| 引用本文： | 赵刚,郭颖文. IPO承销费用的特征及券商的政治联系——来自中国IPO市场的证据[J]. 上海立信会计学院学报, 2011, 0(5) |
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| 作者姓名： | 赵刚 郭颖文 |
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| 作者单位： | 常州大学会计系;南京大学会计与财务研究院;香港城市大学会计系; |
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| 基金项目： | 南京大学国际化会计学博士生项目(IAPHD) |
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| 摘 要： | 承销费用在世界各国普遍呈现出"集聚"的现象,我们对2004年-2009年通过发审委审核的上市公司的IPO承销费用进行研究,发现我国IPO承销费用也存在集聚现象,小规模IPO公司的承销费率主要集中在2%-6%之间,大规模IPO公司的承销费率集中在4%以下。另外,我们检验了券商的政治联系与承销费用的关系,研究发现有政治联系的券商比没有政治联系的券商收取了更高的承销费用。
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| 关 键 词： | IPO 承销费用 集聚 券商的政治联系 |
Characteristics of IPO Underwriting Fee and the Political Connection of Underwriters:Evidence from the IPO Market in China |
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| ZHAO Gang,,GUO Ying-wen. Characteristics of IPO Underwriting Fee and the Political Connection of Underwriters:Evidence from the IPO Market in China[J]. Journal of Shanghai Lixin University of Commerce, 2011, 0(5) |
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| Authors: | ZHAO Gang GUO Ying-wen |
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| Affiliation: | ZHAO Gang1,2,GUO Ying-wen3 ( 1.Department of Accountancy,Changzhou University,Changzhou Jiangsu 213164,China,2.Institute of Accounting and Finance,Nanjing University,Nanjing Jiangsu 210093,3.Department of Accountancy,City University of Hong Kong,Hong Kong 00852,China) |
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| Abstract: | The underwriting fee becomes cluster in most countries.We use the underwriting fee of the companies passing the IPO approval during the year 2004 to 2009,study the characteristics of IPO underwriting fee.It is found that the underwriting fee is also a cluster in China security market,the underwriting fee rate of the small companies is mostly between 2% and 6%,and the underwriting fee rate of the big companies is mostly below 4%.We also test the relation between the political connection of the underwriters a... |
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| Keywords: | Initial Public Offerings underwriting fee cluster underwriter's political connection |
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