论文部分内容阅读
与以往从财务指标、发行机制以及投资者、承销商行为选择等方面出发研究IPO首日超额收益不同,本文以2004~2014年沪深A股为研究样本,从拟上市公司招股说明书中提供的供应商/客户关系交易数据出发,考察关系型交易对IPO首日超额收益的影响及其地区金融发展水平对这种影响的调节作用。研究发现,关系型交易比重越大的企业能够在IPO首日获得越高的超额收益,进一步检验发现,地区金融发展水平的提高可以有效抑制关系型交易对IPO首日超额收益的增量影响,而且这一效果在机构投资者治理效应的共同作用下表现得更为显著。研究表明,IPO首日超额收益受到关系契约的影响,但是其影响程度则会因为金融发展的区域异质性和机构投资者的异质性而有所差别,说明在中国既要重视“关系信任”的特殊作用,更要注重金融的发展以及公司治理的完善。
In the past, from the perspective of financial indicators, issuance mechanism and the choice of investors and underwriters, we studied the excess return on the first day of the IPO. Based on the sample of CSI A shares from 2004 to 2014 in our country, Supplier / customer relationship transaction data to examine the relationship between the type of transaction on the first day of excess returns and the impact of financial development in the region to regulate this effect. The study finds that the larger the proportion of relationship-related transactions, the higher excess returns can be obtained on the first day of IPO. Further tests show that the improvement of regional financial development can effectively restrain the incremental impact of the relational transactions on the excess return of the first day of IPO, And this effect is more pronounced under the combined effect of institutional investor governance. The research shows that the excess return on the first day of IPO is affected by the relationship contract, but its influence will be different because of the regional heterogeneity of financial development and the heterogeneity of institutional investors, indicating that we should attach importance to the relationship Trust "the special role, but also pay more attention to financial development and improvement of corporate governance.