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不同于以往割裂地分析董事会社会资本或CEO的社会资本作用机制的研究,本文以1990-2016年之间新股首发(IPO)公司为研究样本,从整合视角探讨IPO公司董事会和CEO的社会资本及其组合效应对IPO抑价的影响。结果发现:我国上市公司董事会社会资本和CEO社会资本均可降低IPO抑价率,但是这两类社会资本之间却表现为“一山不容二虎”的负向协同效应。本文还进一步研究了企业特征对这种协同关系的影响,结果表明相对于非国企、IPO时成立年限较短或尚未实现强劲的盈利能力的公司来说,CEO—董事会社会资本的负向协同效应对IPO抑价率的影响在国有企业、成立年限较长或已经实现强劲盈利能力的公司中表现得更为显著。研究结果有助于从降低IPO抑价率的角度更好地了解CEO—董事会社会资本及其协同效应的经济后果,对于提高CEO—董事会之间协同和建议机制的有效性、促进董事会和CEO关系的有效治理具有一定的借鉴意义。
Different from the past analysis of the social capital of the board of directors or the CEO’s social capital mechanism, this paper from 1990 to 2016 IPO IPO company as a sample, from an integrated perspective of the IPO company’s board of directors and CEO of social capital and The effect of its combination on IPO underpricing. The result shows that the social capital of the board of directors and the social capital of CEO can reduce the IPO underpricing rate, but the negative synergies between the two types of social capital show as “one mountain can not be two tigers”. The paper also further studies the influence of business characteristics on this synergistic relationship. The results show that the negative synergies between the CEO-board social capital and the non-state-owned, short-established IPO or strong profitability The impact on the IPO underpricing rate is even more pronounced among state-owned enterprises, those with longer established years or strong profitability. The findings help to better understand the economic consequences of CEO-Board social capital and its synergies from the perspective of reducing IPO underpricing rates, and to increase the effectiveness of the synergy and recommendation mechanisms between the CEO and the Board of Directors and to promote board-to-CEO relationships Effective governance has a certain reference value.