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论文编号：	2460
作者编号：	2120082101
上传时间：	2010/6/10 17:32:37
中文题目：	公司治理机制对IPO抑价的影响研究
英文题目：	A Study on the effect of Corporate Governance Mechanism
指导老师：	黄福广
中文关键字：	公司治理机制;公司治理指数;IPO抑价;实证分析
英文关键字：	Corporate Governance Mechanism;Corporate Governance Index;IPO Underpricing;Empirical Study
中文摘要：	关于IPO抑价原因的研究，传统理论主要从信息不对称和制度原因等方面提出投资银行信息垄断假说、信号假说、法律假说等有影响力的理论，取得了一定的理论成果，但是这些理论多数是考虑公司外部的相关因素，而相应的忽略了公司本身的治理结构和治理质量。本文以IPO抑价为研究对象，就公司治理机制对IPO抑价的影响进行了系统的研究，提出了公司治理机制对IPO抑价影响的理论框架，提出理论假设，并对中国内地上市公司的新股发行数据进行了实证研究。 根据本文分析验证，本研究认为公司治理机制对IPO抑价水平的影响体现在公司内部治理机制和外部治理机制的作用。内部治理机制主要通过股权结构、董事会、管理层激励等渠道和信号来影响内部股东、外部投资者以及投资银行之间的信息不对称程度和外部投资者对公司价值的评价，进一步来影响抑价水平，而外部治理机制则是通过市场状况、政府因素和法治水平等相关外部环境和机制因素来影响投资者对公司未来发展的预期，进而对IPO抑价产生影响。 本文对中国A股的新股发行市场进行实证检验，实证结果显示：（1）公司内部治理机制中，公司实际控制人类型与IPO抑价存在显著相关关系，非政府控制企业的IPO抑价水平明显低于政府控制企业；上市公司最终控制人的控制权和现金流权的分离度越高，IPO抑价率越高；而董事会结构方面，仅CEO与董事会（副）主席这一变量与IPO抑价显著相关，该结果与假设相同。（2）在公司外部治理方面，市场发展程度与IPO抑价存在明显的正相关关系。政府环境因素与IPO抑价没有呈现出显著的相关性，但国有控股企业与非国有控股企业IPO抑价的差异也部分反映了政府因素对抑价水平存在的影响。而法治水平与IPO抑价成负相关关系。（3）本文通过对IPO公司治理指数和IPO抑价的关系分析，得出，IPO公司治理指数越高，IPO抑价的水平就会越低。对于各分项指数，股权结构与股东会运作指数（HGI）和信息披露指数（EGI）与IPO抑价成显著负相关关系，董事会指数（BGI）与IPO抑价也成负相关关系，但关系不显著。
英文摘要：	IPO underpricing phenomenon exists in almost every new issue markets, and is called as the New issued puzzle, and the IPO underpricing level in developing countries is much more severe than that in developed countries. As to the reason for IPO underpricing, traditional theory raised some influential theories from asymmetric information and System problem, such as investment banking monopoly hypothesis, Signaling hypothesis and Law hypothesis, and got some theoretical consequence. However these theories considered mainly the relevant factors outside the companies, but ignored the governance structure and quality of the firms. The paper researches the effect of corporate governance mechanism on the IPO underpricing systematically, gets the whole structure about the mechanism, .and tests the hypothesis raised in the paper using the data of China’s listed companies in mainland. The effect of corporate governance mechanism on the IPO underpricing reflects mainly in the interaction of the internal governance and external governance. IPO underpricing can be affected by the internal governance such as ownership structure, board system, management incentive according to the asymmetric theory between different investors and investment bank. External governance also affects the underpricing level by different aspects like the markets condition, government factors and local law condition. By using the data during the period from 2001 and 2008 in China’s Stock Markets, we get some empirical results: (1) in the internal governance mechanism, the actual controller type matters a lot. The divergence of voting rights and cash flow rights, the owner type and the separation of CEO and chairman affect the IPO underpricing significantly, compared to other variables. Non state owned companies show lower level of underpricing than the state owned ones and the separation of CEO and board chairman can lower the underpricing level. (2) The market condition shows the positive correlation with IPO underpricing, the government factor has little correlation with underpricing but the law condition shows the negative effect on the IPO underpricing. (3) The higher Corporate Governance Index of IPO company is, the lower IPO underpricing level is. In addition, Ownership Structure & Shareholder's Conference Operation Index and information Disclosure Index have negative correlation with IPO underpricing, while others do not have significant correlation.
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