中國大陸承銷商聲譽對IPO期初報酬率與短期績效的影響

The impact of underwriter reputation on initial return and short-run performance of china IPOs

王婕茵(Jie-Yin Wang)

指導教授 ： 李建興 ； 晏揚清

義守大學/管理學院/財務金融學系/碩士(2015年)

https://doi.org/10.6343/ISU.2015.00090

摘要

本文主要探討中國大陸承銷商聲譽對IPO期初報酬率與短期績效的影響，因考量中國大陸新企業會計制度的實施，研究期間從2007年1月1日開始至2014年3月31日，研究樣本選取上海交易所與深圳交易所A股主板之上市公司，總計749家。
整體而言，本研究發現，相較於過去文獻，無論在不同上市交易所和承銷商聲譽衡量，對IPO期初報酬率與短期績效都是不顯著。本文檢定高市占率和低市占率承銷費用率之關係，結果說明，高市占率承銷商，恰取承銷費用率沒有比較高，推論承銷商聲譽也沒有比較高，以市占率作為衡量承銷商聲譽的代理變數，在中國大陸是不適用，加上IPO公司比例多為國有企業，對於挑選承銷商，不是由市場機制產生，承銷商聲譽無法顯現其聲譽效果，對投資人而言，高聲譽承銷商不一定代表會有較好的短期績效，在中國大陸，承銷商聲譽不是衡量短期績效好的觀察指標。

關鍵字

承銷商聲譽 ； 期初報酬率 ； 短期績效

並列摘要

This study aims to examine the relation between the impact of underwriter reputation on initial return and short-run performance of China IPOs, based on implementation of China new accounting standards from January 2007 to March 2014 on listed company. The study chooses a sample of 749 IPOs companies, listed in Shanghai Stock Exchange and Shenzhen Stock Exchange A share.
In general, compared with previous literatures, no matter what we applies listed markets and difference measure of underwriter reputation, it is not significant effect on initial return and short-run performance. The study verify the spread between the higher underwriter market share and lower underwriter market share, after verification, we found that underwriter market share is higher, spread will not be higher. Therefore, we infer that underwriter reputation is not higher. With underwriter market share as measured by the underwriter reputation proxy variables, it is not applicable in china.
Besides, the proportion of listed companies are government state-owned enterprises. To some extent, it is not produced by the market mechanism for the selection of underwriters. Underwriter reputation can’t show its reputation effect. In China, high underwriter reputation do not reflect the short-run performance will be better. Underwriter reputation is not good indicators to short-run performance for investor.

並列關鍵字

underwriter reputation ； initial return ； short-run performance

參考文獻

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