CAJ | 학술논문

本文利用中国创业板制度实施导致创业板和主板IPO市场的信息不对称程度差异，实现对IPO市场信息不对称程度变化的有效计量识别，利用2009至2011年同时为创业板及主板市场提供承销服务的投资银行承销的618个IPO样本开展实证研究。实证结果发现，创业板IPO市场信息不对称程度显著高于主板，多个变量度量的投行声誉显著降低创业板市场IPO折价率及其波动性，而在主板市场投行声誉功能不显著。创业板市场投行声誉功能为投行自身带来了更高费用收入并且也使发行公司获得更高筹资净额。
본문이용중국창업판제도실시도치창업판화주판IPO시장적신식불대칭정도차이，실현대IPO시장신식불대칭정도변화적유효계량식별，이용2009지2011년동시위창업판급주판시장제공승소복무적투자은행승소적618개IPO양본개전실증연구。실증결과발현，창업판IPO시장신식불대칭정도현저고우주판，다개변량도량적투행성예현저강저창업판시장IPO절개솔급기파동성，이재주판시장투행성예공능불현저。창업판시장투행성예공능위투행자신대래료경고비용수입병차야사발행공사획득경고주자정액。
This paper took advantage of the increase of information asymmetry due to the initiation of ChiNext in order to effectively indentify the change of the extent of IPO market information asymmetry. Using a sample of 618 observation of IPO underwrited by the same investment banks in main board and the ChiNext from 2009 to 2011, we found the extent of information asymmetry is higher for ChiNext than the main board. Further study found that the investment bank reputation works mainly through its effect on the high risk issuing firms. The investment bank reputation generated high underwriting fees to the bank and raised more funds to the issuing firms.