摘要
文章以2007-2015年申请A股上市的公司为样本,从项目经验这一独特视角,考察了公司IPO过程中保荐人扮演的角色。研究发现,保荐人的项目经验有助于提高拟上市公司的IPO审核通过率,且这种提升作用在保荐机构声誉不足、企业属于民营性质以及企业业务复杂时更加明显。进一步分析表明,保荐人的项目经验主要通过减少发行人与发审委之间的信息不对称和提高企业上市的合规性而产生作用。从经济后果看,如果保荐人的项目经验丰富,则企业上市后股票收益更高,经营业绩更好。这表明保荐人项目经验对公司IPO的积极影响提高了资本市场的资源配置效率。文章的研究有助于深化对我国现行股票发审制度的认识。
Since 2004,China’s A-share stock market has begun to implement the sponsorship system,which is characterized by"double sponsorship".In addition to the sponsor institution,it also sets up the position of sponsor representatives,who perform the underwriting sponsorship on behalf of the sponsor institution,taking the responsibility and risks individually.In the reviewing process of the Issuance Appraisal Committee,sponsor representatives frequently attend the meeting of the Issuance Appraisal Committee and interact closely with the regulatory authorities,which play an important role in the company’s IPO passing rate.However,looking at the existing literature,few studies have examined the relationship between sponsor representatives’project experience and the IPO passing rate.Does sponsor representatives’project experience affect the IPO passing rate?What is the impact mechanism behind it?Taking companies applying for listing in 2007—2015 as samples,this paper examines the impact of sponsor representatives’project experience on the IPO passing rate.Our research finds that sponsor representatives’project experience helps to improve the IPO passing rate of applying companies,and this promotion is more obvious in companies sponsored by less-reputed securities companies,private companies and companies with complex business.Further analyses show that the impact of sponsor representatives’project experience on the IPO passing rate is mainly caused by reducing the information asymmetry between issuers and the Issuance Appraisal Committee and improving the compliance of applying companies.Finally,from the perspective of economic consequences,the company sponsored by the project’s experienced representatives has higher stock returns and better operating performance,which indicates that sponsor representatives’project experience has improved the IPO approval rate of listed companies and the efficiency of resource allocation in the capital market.The contributions of this paper are as follows:First,this paper analyzes the IPO reviewing of companies from the perspective of sponsor representatives’project experience,broadens the understanding of representatives’role in the IPO reviewing,which is complementary to the existing literature.Second,although there have been many studies examining the factors affecting the passing rate of applying companies,there has not been any in-depth analysis of the role of representatives.We pay attention to the impact of sponsor representatives’project experience on the IPO reviewing,and further explore the mechanism behind its impact from an empirical perspective for the first time.Third,the research in this paper shows that sponsor representatives’project experience can improve the company’s passing rate and have a positive impact on the company’s performance after listing.This finding helps to deepen the understanding of China’s current stock review system,and provide policy recommendations for the optimal allocation of China’s capital market resources.Fourth,this paper theoretically enriches the information asymmetry theory in the IPO process under the Chinese institutional background.The information asymmetry in the context of China’s sponsorship system is mainly reflected in the information difference between issuers and the Issuance Appraisal Committee.The research theoretically points out that sponsor representatives’project experience can cope with the special information asymmetry in the Chinese institutional environment and provide a new perspective for the study of IPO issues.
作者
李挺
赵宇
位豪强
蓝博靖
Li Ting;Zhao Yu;Wei Haoqiang;Lan Bojing(Accounting School,Shanghai University of International Business and Economics,Shanghai 201620,China;School of Accountancy,Shanghai University of Finance and Economics,Shanghai 200433,China;Shanghai National Accounting Institute,Shanghai 201702,China;GF Securities Co.,Ltd.,Shanghai 200120,China)
出处
《财经研究》
CSSCI
北大核心
2019年第11期70-82,共13页
Journal of Finance and Economics
基金
教育部人文社会科学研究青年基金项目(19YJC790066)
上海市浦江人才计划资助项目(18PJC064)
上海财经大学研究生创新基金项目(CXJJ-2016-301)
关键词
保荐代表人
项目经验
IPO审核
资源配置效率
sponsor representatives
project experience
IPO passing rate
the efficiency of resource allocation
