中國大陸IPO長期績效與承銷商聲譽之探討

The impact of long-term performance and underwriter reputation on China IPOs

陳伸蜂(Shen-Fang Chen)

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.2015.00102

摘要

本文探討承銷商聲譽對IPO長期績效的影響，研究期間從2007年1月1日至2012年12月31日，研究樣本為上海與深圳A股主板，共725家。
本文沿用過去文獻的做法，先以承銷市占率或承銷家數（底下簡稱承銷規模）作為承銷商聲譽的衡量方法，結果本文研究發現，不論以承銷市占率或承銷市值作為承銷商聲譽的衡量方法均發現：承銷商聲譽對IPO公司股票長期報酬率（持有IPO股票1至3年之報酬率）大都均不顯著，這與過去文獻發現其他之IPO市場發現「承銷商聲譽較佳對IPO公司股票長期報酬率較好」之現象有所不同。本文進一步驗證過去文獻以承銷規模作為承銷商聲譽的衡量方法，是否適用於中國大陸之IPO市場，一般而言，「承銷聲譽較佳，其承銷費用率也將較高」，但本文卻發現：中國大陸承銷市占率或承銷市值較高與較低之承銷商，其承銷費用率並沒有顯著的差異；以承銷規模作為承銷商聲譽的衡量方法，並不適用於中國大陸市場；本文之管理意涵如下投資人無法像其他市場一般，持有中國大陸承銷規模較高的承銷商所承銷的IPO股票，可以獲致較佳的長期績效。

關鍵字

首次公開發行 ； 承銷商聲譽 ； IPO長期績效

並列摘要

This paper discusses the impact on the IPO underwriter reputation long-term performance of the study period from 1 January 2007 to 31 December 2012, the study sample for the Shanghai and Shenzhen A-share board, a total of 725.
This paper follows the practice of past literature. First to the underwriters market share or underwriting numbers (under the abbreviated underwriting scale) as a measure of the underwriter's reputation, the results of this study found, whether in underwriting market share or underwriter market value as underwriter reputation measure were und:Underwriter Reputatio for IPO company stock for long-term rate of return are not significant. This past literatures found in other of the IPO market, found that "the underwriter reputation of the IPO company stock preferred long-term rate of return is better" phenomenon of different. In this paper, in order to further validate the underwriting of past literatures as underwriter reputation measure, whether applicable to IPO market in China, in general, the "Underwriting better reputation, its underwriting expense ratio will also be higher." But this article only to find: China underwriting market share or underwriting market value of the higher and lower the underwriter, the underwriting fees rate and no significant difference. In underwriting scale as underwriter reputation measure does not apply to the Chinese market, management implication of the paper are as follows Investors are not like other markets in general, China holds high underwriters underwriting of the IPO underwriting stock, can a better long-term performance attainable.

並列關鍵字

Initial Public Offering (IPO) ； Underwriter Reputation ； IPO long-term performance

參考文獻

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