摘要
当前,PE行业存在高度竞争性,PE想长期成为资本市场上活跃的参与者,保持良好的声誉尤为重要。然而,现有文献对于PE声誉的衡量所使用的指标单一且各异,因此,本文基于中国资本市场的特点,从执业质量("质")和市场份额("量")两个维度衡量PE声誉,研究PE声誉对其所投资公司IPO折价的影响。研究发现,只有那些在"质"和"量"方面同时占据优势的PE才拥有更高的声誉,且PE声誉与被投资企业IPO折价正相关。本文的结论对于健全PE机构声誉机制以实现中国资本市场资源的有效配置具有积极意义。
As the PE industry is highly competitive, a good reputation is necessary for a PE to actively participant in the capital market. However, the evaluation of PE reputation in available literature is simple and various. Based on the characteristics of China’s capital market, this paper evaluates PE in both practice performance(quality) and market share(quantity), and studies the impact of PE’s reputation on IPO discount. It is found that, only PE with advantage in both quality and quantity could have a better reputation, and PE reputation is positively related with IPO discount.
作者
王会娟
陈靓
胡俊珂
汪剑锋
WANG Hui-juan;CHEN Liang;HU Jun-ke;WANG Jian-feng
出处
《金融论坛》
CSSCI
北大核心
2020年第8期62-71,共10页
Finance Forum
基金
国家自然科学基金面上项目(71702161)
浙江省自然科学基金重点项目(LQ17G020008)
青岛市社会科学规划研究项目(QDSKL1801084)
山东省金融应用重点研究项目(2018-JRZC-02)的资助。
关键词
PE声誉
IPO折价
执业质量
市场份额
资本市场
PE reputation
IPO discount
practice performance
market share
capital market
