管理评论 ›› 2021, Vol. 33 ›› Issue (3): 3-13.

• 经济与金融管理 •    

证券公司上市可以提高IPO企业市场表现吗?

王化成1, 陈占燎1, 欧阳才越2, 王欣1   

  1. 1. 中国人民大学商学院, 北京 100872;
    2. 北京交通大学经济管理学院, 北京 100044
  • 收稿日期:2019-07-17 发布日期:2021-04-06
  • 通讯作者: 欧阳才越(通讯作者),北京交通大学经济管理学院讲师,博士
  • 作者简介:王化成,中国人民大学商学院教授,博士生导师,博士;陈占燎,中国人民大学商学院博士研究生;王欣,中国人民大学商学院博士研究生。
  • 基金资助:
    国家自然科学基金项目(71772173);国家社会科学基金重大项目(18ZDA073);中国人民大学科学研究基金项目(19XNH094);中国人民大学商学院2019年度联合培养博士生奖学金项目;中国博士后科学基金面上项目(2019M660443)。

Do Security Companies Going Public Improve the Market Performance of IPO Enterprises?

Wang Huacheng1, Chen Zhanliao1, Ouyang Caiyue2, Wang Xin1   

  1. 1. School of Business, Renmin University of China, Beijing 100872;
    2. School of Economics and Management, Beijing Jiaotong University, Beijing 100044
  • Received:2019-07-17 Published:2021-04-06

摘要: 证券公司作为保荐机构,在企业IPO上市过程中发挥重要作用。本文考察了证券公司自身上市是否会影响其保荐的IPO企业市场表现这一问题。基于2007-2016年我国A股IPO企业数据并采用PSM+DID方法缓解内生性困扰后,研究发现证券公司上市可以显著提升其保荐的IPO企业市场表现,具体表现为更低的抑价率和更高的购买并持有的超额回报率。进一步研究发现,证券公司上市对IPO企业市场表现的提升效应在IPO企业信息质量较差时更加明显。最后,合规水平和风险管理能力提升是证券公司上市影响IPO企业市场表现的两条重要路径。本文研究结果丰富了有关金融中介上市与公司IPO市场表现的相关文献,并对监管层制定我国金融行业发展政策具有重要参考意义。

关键词: 证券公司, 上市, IPO企业市场表现

Abstract: Security companies play an important role in the process of initial public offering in capital market. This paper studies whether security companies going public would affect the market performance of IPO enterprises. Taking advantage of the A-share IPO data from 2007 to 2016 and adopting the PSM+DID method, this paper finds that security companies going public indeed improve the market performance of IPO enterprises, as shown in lower underpricing rate, and higher buy and hold long-term yields (BHAR). In addition, this paper finds that the worse of the earnings quality of the pre-IPO enterprises, the higher the effect of improvement of market performance. Finally, this paper finds that compliance level and risk management ability are the two important channels that security companies going public improve the market performance of IPO enterprises. This paper enriches the literature on going public of financial intermediaries and the market performance of IPO enterprises. And these findings also have policy implications on regulatory authorities given that the financial industry in China is under deep reform.

Key words: security companies, going public, the market performance of IPO enterprises