华东师范大学(哲学社会科学版) ›› 2011, Vol. 43 ›› Issue (3): 136-143.

• 证券投资问题 • 上一篇    下一篇

承销商声誉、收益与创业板公司资金超募

王霞1 徐晓东2 王宸3   

  1. 1.华东师范大学商学院，上海，200241；2.上海交通大学安泰经济与管理学院，上海， 200052；3.北京市民族事务委员会，北京，100053
  • 收稿日期:1900-01-01 修回日期:1900-01-01 出版日期:2011-05-15 发布日期:2011-07-29
  • 通讯作者: 王霞 徐晓东 王宸

Underwriter’s Reputation, Underwriting Fee, and the Over-raised Capital of the Seconds Tier Market

Wang xia, Xu xiao-dong & wang chen

  

  1. Business School, East China Normal University, Shanghai 200241; An-tai School of Economics and Management, Shanghai Jiao Tong University, Shanghai 200052
  • Received:1900-01-01 Revised:1900-01-01 Online:2011-05-15 Published:2011-07-29
  • Contact: Wang xia, Xu xiao-dong & wang chen

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被引次数

103

摘要： 以2010年7月1日前招股的创业板公司为样本，研究承销商的声誉、收益与创业板企业在上市过程中资金超募之间的关系，结果表明，承销商的声誉越好，其承销的企业资金超募就越严重；相应地，承销商在发行中获得的收益就越高。此外，资金超募还受到企业业绩的影响，业绩越好的企业资金超募越多。这些结论将为解决创业板资金超募问题、规范创业板的发展提供经验证据。

关键词: 资金超募, 承销商声誉, 创业板公司, 承销费

Abstract: This paper examines the relationships among the reputation of underwriter, underwriting fee, and the over-raised capital of the seconds tier market. The empirical results show that, the underwriter’s reputation has a significant positive effect on the over-raised capital, the higher the underwriter’s reputation is, the more over-raised capital that the company can gets. The underwriting fee is positively associated with the over-raised capital. Besides this, the underwriter’s reputation also has a significant effect on the amount of underwriting fee.

Key words: over-raised capital, underwriter’s reputation, listed firms in the seconds tier market, underwriting fee