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本文以因违规上市受到处罚的上市公司的主承销商为研究对象,分析了IPO客户的虚假上市行为对承销商声誉资本的影响。实证结果表明,违规上市行为既通过影响目标承销商未来的市场份额,给承销商的声誉带来了直接的负面影响,又通过承销商与其IPO客户的关联表现间接影响了承销商声誉。本文也从一个侧面说明了承销商声誉还是具有相当的信息含量,随着市场化程度的加深,承销商声誉在IPO市场的作用将越来越大。
This article takes the lead underwriter of the listed company punished because of the illegal listing as the research object and analyzes the influence of the false listing behavior of the IPO client on the underwriter’s reputation capital. The empirical results show that the illegal listing behavior has a direct negative impact on the underwriter’s reputation by affecting the future market share of the target underwriter, and indirectly influences the reputation of the underwriter through the correlation between the underwriter and its IPO client. This article also illustrates from one aspect whether the underwriter’s reputation still has a considerable amount of information content. As the degree of marketization deepens, the underwriter’s reputation will play an increasingly bigger role in the IPO market.