摘要
针对我国证券市场异常突出的高IPO抑价率问题,本文以2009年至2015年在中小板上市的214个私募股权投资基金支持企业的数据为样本,探讨了股权结构与中介机构声誉对IPO抑价率的影响作用。实证结果表明,第一股东持股比例与抑价率呈现显著的"倒U"型非线性关系,主承销商声誉与抑价率显著负相关,而会计事务所声誉、律师事务所声誉、第一私募机构声誉及持股比例、董事会持股比例、高管持股比例、第二大股东至第十大股东持股比例之和、流通股持股比例与抑价率并没有显著的相关性。
Aiming at Chinese high IPO underpricing rate phenomenon in domestic capital market, we selected 214 private equity backed enterprises during 2009-2015 as sample to study this topic which are listed in small and medium enterprise board, this paper discusses the influence of equity structure and intermediary agency reputation on IPO underpricing rate. The empirical results show that there is a significant “inverted-U” type of nonlinear relationship between the first shareholder,s shareholding ratio and IPO underpric-ing rate, and that there is a negative relation between the leading underwriter,s reputation and underpricing rate. However, there are no significant relations among the reputation of accounting firms and law firms, the shareholding ratio of the second to the tenth shareholde-rs, first PE agency reputation and shareholding rate, the shareholding rate of board of directors and executives, the proportion of circu-lation stock and IPO underpricing rate.
出处
《重庆工商大学学报（社会科学版）》
2017年第1期66-75,共10页
Journal of Chongqing Technology and Business University：Social Science Edition
关键词
股权结构
中介机构声誉
IPO抑价率
私募股权投资基金
ownership structure
intermediary ＇ s reputation
IPO underpricing rate
private equity investment funds
作者简介
吴继忠（1971-）,男,河南开封市人;管理学博士,上海理工大学管理学院副教授;硕士生导师,主要从事资本市场与企业战略研究.
莫忆微（1991-）女,江苏苏州人;上海理工大学企业管理硕士研究生.
