金融研究
金融研究
금융연구
Journal of Financial Research
2013年
3期
143~156
,共null页
发审委联系 潜规则 过会概率 IPO后绩效
髮審委聯繫 潛規則 過會概率 IPO後績效
발심위련계 잠규칙 과회개솔 IPO후적효
Issuance Examination Committee Connections （IECC）; Hidden rules; Probability of approving; Post - IPO performance
立足于中国资本市场证券发行审核管制改革的制度背景及由此衍生的“潜规则”，本文手工搜集了2006—2010年期间拟IPO公司所具有的“发审委联系”的数据，实证研究了IPO市场资源配置效率相关的两个关键问题：（1）发审委联系是否显著增加了拟IPO公司过会的概率？（2）与没有发审委联系的公司相比，发审委联系的公司IPO后相对于IPO前的业绩是否显著地更差？研究结果表明，发审委联系的确显著增加了拟IPO公司的过会概率，且过会概率与发审委联系强度显著正相关。进一步，公司IPO后相对于IPO前的业绩变化与发审委联系及其强度显著负相关。本文的研究结果对证监会进一步改革IPO发审制度提供了重要的经验证据。
立足于中國資本市場證券髮行審覈管製改革的製度揹景及由此衍生的“潛規則”，本文手工搜集瞭2006—2010年期間擬IPO公司所具有的“髮審委聯繫”的數據，實證研究瞭IPO市場資源配置效率相關的兩箇關鍵問題：（1）髮審委聯繫是否顯著增加瞭擬IPO公司過會的概率？（2）與沒有髮審委聯繫的公司相比，髮審委聯繫的公司IPO後相對于IPO前的業績是否顯著地更差？研究結果錶明，髮審委聯繫的確顯著增加瞭擬IPO公司的過會概率，且過會概率與髮審委聯繫彊度顯著正相關。進一步，公司IPO後相對于IPO前的業績變化與髮審委聯繫及其彊度顯著負相關。本文的研究結果對證鑑會進一步改革IPO髮審製度提供瞭重要的經驗證據。
립족우중국자본시장증권발행심핵관제개혁적제도배경급유차연생적“잠규칙”，본문수공수집료2006—2010년기간의IPO공사소구유적“발심위련계”적수거，실증연구료IPO시장자원배치효솔상관적량개관건문제：（1）발심위련계시부현저증가료의IPO공사과회적개솔？（2）여몰유발심위련계적공사상비，발심위련계적공사IPO후상대우IPO전적업적시부현저지경차？연구결과표명，발심위련계적학현저증가료의IPO공사적과회개솔，차과회개솔여발심위련계강도현저정상관。진일보，공사IPO후상대우IPO전적업적변화여발심위련계급기강도현저부상관。본문적연구결과대증감회진일보개혁IPO발심제도제공료중요적경험증거。
Using the unique institutional setting of security issuance examination reform in the Chinese capital market and derivative hidden rules, this paper manually collects the data of Issuance Examination Committee Connections（IECC） and empirically investigates two key problems related to resource allocation efficiency of IPO markets ： （ 1 ） whether IECC significantly increase the probability of firms＇ passing IPO application; and （2） whether IECC cause a significantly worse performance change from pre - IPO to post - IPO. The results show that IECC do significantly increase the probability of firms＇ successful application, and there is a signifi- cantly positive relation between the strength of IECC and the probability of firms＇ successful application. The results of sub - groups suggest that IECC significantly increase the probability of successful application if the ultimate owners of firms are non - state - owned enterprises, or if firms do not locate in government policies - supported industries. Both accountant connections and lawyer connections significantly increase the probability of firms＇ successful application. Furthermore, this paper also finds that there is a significantly negative relation between performance change from pre - IPO to post - IPO and IECC and the strength of IECC. These results, taken together, can lend empirical evidence and supports to China Securities Regulatory Commission for its further reformation of IPO issuance examination rules.
