CAJ | 학술논문

不同声誉的发行中介是否会对IPO抑价产生不同影响，在国内还缺乏经验证据。通过实证研究得到如下结论：在单独考虑承销商声誉或者会计师事务所声誉与上市公司IPO抑价率的关系时，承销商声誉与IPO抑价率之间的关系并不显著，而会计师事务所声誉表现出与IPO抑价率显著的负相关关系；在将承销商声誉与会计师事务所声誉综合考虑时，研究发现，发行中介联合声誉与IPO抑价率之间呈现显著的负相关关系，说明“发行中介声誉假说”在我国证券市场逐步产生作用，所以，促进我国发行中介构建优良声誉是十分必要的。
불동성예적발행중개시부회대IPO억개산생불동영향，재국내환결핍경험증거。통과실증연구득도여하결론：재단독고필승소상성예혹자회계사사무소성예여상시공사IPO억개솔적관계시，승소상성예여IPO억개솔지간적관계병불현저，이회계사사무소성예표현출여IPO억개솔현저적부상관관계；재장승소상성예여회계사사무소성예종합고필시，연구발현，발행중개연합성예여IPO억개솔지간정현현저적부상관관계，설명“발행중개성예가설”재아국증권시장축보산생작용，소이，촉진아국발행중개구건우량성예시십분필요적。
Whether issuing intermediary agencies’ different reputations will have a significant impact on the company’s IPO under-pricing or not is still lack of empirical evidence in China .In this paper ,we get following conclusions after empirical research :Considering the relationship between the reputation of the accounting firm or the reputation of underw riters and listed companies ’ IPO under-pricing rate alone ,the relationship between the underwriter reputation and the IPO under-pricing is not significant . However ,the auditor reputation has shown significantly negative correlation to the IPO under-pricing rate . Then we integrate the underwriter reputation with the accounting firm reputation as the reputation of the issuing intermediation , we found a significantly negative correlation between the issuing Intermediary agencies and the IPO under-pricing rate .It tells us that the issuing intermediation reputation hypothesis has gradually produced an effective role in China .Therefore ,it is necessary to promote the intermediary agencies to establish good reputations .