投行声誉和IPO抑价:中国股票发行市场的实证分析被引量：6

Empirical Analysis on the Relationships between the Reputation of Investment Banks and IPO Underpricing:Based on Chinese Stock Market

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摘要国外大量研究验证了投资银行声誉理论,即知名的投资银行承销的IPO发行抑价低于普通投资银行承销的IPO,这个适合于发达国家的结论能不能适合中国的证券市场,在理论界存在争议。以2001年3月至2005年底沪深两市A股IPO市场的300只新股为研究样本,对投资银行声誉模型在中国的适应性进行实证研究,结果表明这一结论并不适用于中国,中国投资银行和发行市场的信息效率不高。 A lot of researches abroad prove that a prestigious investment bank can reduce the ex ante uncertainty and lower the degree of IPOs underpricing more effectively than an ordinary investment bank. But whether the theory applicable to developed countries is also applicable to Chinese stock market remains unknown. The paper makes an empirical study on the applicability of the reputation model of investment banks in China by using the data of 300 IPOs in Shanghai and Shanzhen security markets from March 2001 to the end of 2005. The result indicates that the theory is inapplicable to China for its lack of efficiency in Chinese investment banks and the issuing markets.

作者徐春波王静涛

机构地区暨南大学金融系广东金融学院经贸系

出处《云南财经大学学报》 2007年第4期53-57,共5页 Journal of Yunnan University of Finance and Economics

关键词 IPO抑价投资银行声誉实证研究 IPO Underpricing Reputation of Investment Bank Empirical Study

分类号 F832.51 [经济管理—金融学]

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参考文献9

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