- 學位論文
承銷費用、券商直投與IPO折價
Underwriting Fees, Direct Investment Of Securities and IPO Underpricing
摘要
IPO折價是學者長期熱議的話題之一，而承銷商在IPO過程中扮演著不可或缺的角色，承銷商能夠對IPO訂價產生重要影響。因此凡涉及到承銷商自身利益的行為也難免會影響IPO訂價。本文以2,110家2009年7月至2020年1月期間在A股上市公司的資料為研究樣本，探討了承銷費用、券商直投對IPO折價之影響。通過實證研究發現：承銷費用與IPO折價正相關。區分企業股權性質後發現，對於國有企業，承銷費用與IPO折價沒有顯著關係，而對於非國有企業，承銷費用越高，IPO折價越嚴重；區分上市板塊後，承銷費用與IPO折價之關係僅在主板和中小板顯著，在創業板和科創板則不顯著。本文還發現券商直投的參與能夠降低IPO折價，但是券商直投不影響承銷費用與IPO折價之關係，且券商股權投資並沒有顯著影響承銷費率，進一步根據有無券商直投樣本分組對承銷費用與IPO折價迴歸發現，承銷費用對IPO折價的影響在有券商直投參與的樣本係數較小且不顯著，在沒有券商直投參與的樣本裡二者仍有顯著正向關係。
並列摘要
IPO underpricing has been discussing for a long time in the literature. As an indispensable role in the IPO process, underwriters have influence on IPO pricing. Therefore, the behavior involving the underwriters' own interests may affect the IPO pricing. Based on the data of 2,110 A-share IPO companies from July 2009 to January 2020, this paper examines the relationship among underwriting fees, direct investment of underwriters and IPO underpricing. The empirical results show that underwriting fees have a positive effect on IPO underpricing. The empirical result of the subsample further shows that underwriting fees are no longer significant for state-owned enterprises and it still has a significant and positive impact of underwriter fees on IPO underpricing for non-state-owned enterprises. When we split our sample according to listing sector, we find that underwriting fees are only positively correlated to IPO underpricing on the main board, the small and the medium-sized board, but not on growth enterprise market and sci-tech innovation board. This paper also finds that venture investments by underwriters significantly reduce IPO underpricing. But the findings further reveal that the participation of underwriters' direct investment does not impact the relationship between the underwriting fees and the IPO underpricing, and equity investment by securities firms also does not significantly affect the underwriting fees. At the same time, we find that the impact of underwriting fees on IPO underpricing becomes small and insignificant in the subsample of underwriters' direct investment.