【摘要】 本文通过构建投资银行声誉的静、动态分析模型,对投资银行、IPO质量与新股发行抑价之间的关系进行了探讨,并运用统计分析技术和方法,对有关推论进行了实证检验。结果表明:(1)对投资银行的声誉与其承销的IPO质量之间的关系来说,1999年是一个分水岭;(2)影响投资银行声誉的主要因素是其综合竞争力;(3)IPO上市五日抑价与公司业绩缺乏统计上的显著性,而主要受企业规模、发行比例、中签率、新股定价的管制程度、上市地点与时间等因素的影响。更多还原

【Abstract】 This paper studies the relationships among investment bank reputation, IPO quality, and the under-pricing of IPOs. Our empirical results show: (1) In terms of the relationship between investment bank reputation and IPO quality, 1999 is a watershed year; (2) overall competitiveness is the most important element that affects the reputation of investment banks; (3) the relationship between the 5-day average under-pricing and firm performance is statistically insignificant.更多还原