论文部分内容阅读
新股保荐代表人的频繁离职引起市场各方对保荐代表人是否尽责履职的担忧。本文以2004一2012年1 186家IPO公司的保荐代表人为样本,分析并检验保荐代表人离职的主要原因及其对保荐制度效率的影响。结果发现:(1)保荐代表人离职与IPO市场活跃程度及券商承销排名显著相关,而与IPO公司质量或公司风险等因素无关;(2)离职保荐代表人更可能去排名更低的券商,且保荐代表人离职前后承接的IPO项目质量没有显著差异;(3)进一步分析发现,保荐代表人离职没有对IPO公司募集资金项目变更行为产生显著影响。研究表明,经验丰富的保荐代表人资源稀缺是其离职的主要原因,而规避风险或逃避处罚则不是;同时,并没有发现保荐代表人离职影响保荐制度效率的证据。本文从保荐代表人角度拓展了承销商声誉的现有文献,也在保荐代表人作用定位及监管策略方面为箭在弦上的注册制改革提供了重要参考。
The frequent resignation of sponsor representatives of new shares arouses the concern of all parties in the market about whether the sponsor representatives should perform their duties due to their duties. Based on the sample of sponsors from 1,186 IPO companies in 2004-2012, this paper analyzes and tests the main reasons for the departure of sponsor representative and its impact on the efficiency of sponsor system. The results show that: (1) the departure of sponsor representatives is significantly related to the IPO market activity and the rankings of underwriter underwriting, but not with the factors such as the IPO company quality or corporate risk; (2) The representatives of leaving sponsors are more likely to rank lower brokers, And there is no significant difference in the quality of IPO projects undertaken by the sponsor representatives before and after leaving the company; (3) Further analysis shows that the departure of the sponsor representatives has no significant effect on the change behavior of the IPO-raised funds. The research shows that the scarce resources of the experienced sponsor representatives are the main reasons for their departure, while the risk avoidance or the evasion of punishment are not the same. At the same time, there is no evidence of the effect of the sponsor representative leaving on the efficiency of the sponsor system. This paper expands the existing literature on the reputation of underwriters from the perspective of sponsor representatives and provides an important reference for the archetypal registration reform in terms of the role of sponsor representatives and regulatory strategies.