CAJ | 학술논문

基于2009-2011年我国创业板上市公司的财务数据,实证研究了以承销业绩衡量的承销商声誉对创业板上市公司IPO抑价率的影响,并进一步探讨了承销商声誉的破发补偿效应.研究发现,在我国创业板市场中,承销商声誉对IPO抑价率没有显著影响,而新股上市首日的破发现象将导致投资者对新股承销商的认可度下降,这种承销商声誉的破发补偿效应将显著降低该承销商随后所承销新股的IPO抑价率.
기우2009-2011년아국창업판상시공사적재무수거,실증연구료이승소업적형량적승소상성예대창업판상시공사IPO억개솔적영향,병진일보탐토료승소상성예적파발보상효응.연구발현,재아국창업판시장중,승소상성예대IPO억개솔몰유현저영향,이신고상시수일적파발현상장도치투자자대신고승소상적인가도하강,저충승소상성예적파발보상효응장현저강저해승소상수후소승소신고적IPO억개솔.
Based on the data in the years between 2009 and 2011 of listed companies on ChiNext, this paper examines the relationship between underwriter reputation measured by underwriting performance and IPO underprieing, as well as the overpri- cing-eompensation effect. The research finds that underwriter reputation measured by underwriting performance has no significant effect on IPO underpricing. Moreover, the fall below the offer price of a new stock on the IPO day would result in a fall of market investors＇ recognition on underwriter reputation and cause the overpricing-compensation effect, which significantly reduces the IPO underpricing of subsequent new stock which is underwritten by the same underwriter.