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论文编号：	5359
作者编号：	2120112393
上传时间：	2013/6/6 20:52:13
中文题目：	保荐制度下的投资银行声誉与IPO公司长期业绩——基于中小板公司的经验证据
英文题目：	Investment Bank Reputation and The IPO Company’s Long-term Performance under The Recommendation System——Based on Empirical Evidence of SME Board
指导老师：	姚颐
中文关键字：	投资银行声誉,保荐制,IPO,业绩表现
英文关键字：	IBD Reputation , Sponsor System , IPO , Performance
中文摘要：	本文以声誉理论为基础，并借助金融中介理论，认证中介理论，委托代理理论以股票发行市场的信息不对称状况为出发点，分析声誉机制对投资银行业务的影响，对证券发行保荐制度下我国投资银行声誉与中小板IPO公司长期业绩之间的关系进行了理论分析与实证检验。本文通过三个方面衡量投资银行声誉，分别为：投资银行承销金额，家数，执业质量。文章通过两个方面衡量IPO公司长期业绩，分别为：长期业绩指标（净利润，净资产收益率，息税前利润/净资产），长期市场业绩指标（BHAR）。 所得结果显示：以承销金额衡量的投行声誉，承销金额大的投资银行承销的上市公司，上市后净利润增长比其他上市公司多，但净资产收益率和“息税前利润/净资产”的增长反而比其他上市公司少。以承销家数衡量的投资银行声誉，承销家数多的投资银行承销的上市公司，上市后净利润增长比其他公司少，并且股票市场反应表现不佳。以执业质量衡量的投资银行声誉方面，结果显示执业质量越高的投资银行承销的上市公司长期经营业绩和长期市场业绩指标都比其他公司好。在公司上市后是否业绩变脸这一方面，本文得出的结论是：由承销家数多的投资银行承销的公司上市之后不容易业绩变脸，而由承销金额多的投资银行承销的公司上市之后反而容易业绩变脸。从结论看出，中国证券发行保荐制度推行有一定的成效，但与西方成熟市场投资银行声誉理论实践效果相比，中国投资银行声誉与上市公司长期业绩之间关系的实证检验在某些方面所得结果不符合理论。最后本文将提出措施，进一步强化投资银行声誉效应，以提高股票市场运行效率。
英文摘要：	Because of the investment bank reputation mechanism of the formation of mature capital markets in the West are not supported in China, this paper based on reputation theory with the theory of financial intermediation, the certification intermediary theory, principal-agent theory, asymmetric information and tests the relationship between the long-term performance of the newly published companies in SEMs and the reputation of China's investment banking under the sponsorship system of securities issuance. The results shows that there is a significantly relationship between the investment banking reputation and the long-term performance of listed companies. 1. investments banking practice the better the quality, the better the listed companies in the long-term results and long-term market reaction;2.the larger the total amount of the revenue of the investments bank, the bigger increase in net income of the companies it underwrite, but the increase in ROA and EBIT/net assets in that companies will be smaller;3.the more companies the investments bank underwrite, the smaller the growth in the net income of the companies it underwrite, and the worse of the market of this companies;4.in the aspect of the comparison between the after and before performance, I found that the more companies the investments bank underwrite, the little probability of the performance declines after IPO in the companies it underwrite, and, the larger the total amount of the revenue of the investments bank, the bigger probability of the performance declines after IPO in the companies it underwrite. These findings partly verified the investment bank information production, certification intermediary and reputation theories, also means that the sponsor system implemented practical effect. From the conclusions, we can find that the sponsor system in our country implemented effectiveness, but compared with Western markets, the relationship between the IBD reputation and the long-term performance of the company do not meet the facts of mature securities market theory. Finally, this paper will propose measures to further strengthen the effect of the reputation of the investment bank and also to improve the efficiency of the stock market.
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