IPO配售中的利益联盟——基于基金公司与保荐机构的证据
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财经研究 2015 年 第 41 卷第 05 期, 页码：
摘要
参考文献
摘要
文章通过考察基金公司支付给保荐机构的佣金与IPO网下发行获配概率之间的关系，研究了我国IPO配售中的公平性问题。研究结果显示，在IPO前一年，基金公司支付给保荐机构的佣金越多，其获得配售的概率越高，且这一现象主要存在于收益率较高的样本组。由于我国保荐机构并没有自主配售权，文章进一步考察了基金公司为提高获配概率所采取的措施。研究发现，基金公司主要通过提高报价和申购数量的方式达到获配的目的，这一现象亦在收益率较高的样本组中更加明显。上述证据表明，我国IPO配售中存在基金公司与保荐机构结成利益联盟的现象，即保荐机构获得了高额的佣金，基金公司则提前从保荐机构获得发行人的敏感信息，重点参与收益率较高的新股发行项目以获得丰厚的收益。文章的结论对于监管部门改进IPO询价制度具有借鉴价值。
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[2]彭文平.基金打新是“送礼祝贺”吗?——基于中国特色IPO配售制度的研究[J].财经研究，2013，（8）：87－98.
[3]俞红海，刘烨，李心丹.询价制度改革与中国股市IPO“三高”问题——基于网下机构投资者报价视角的研究[J].金融研究，2013，（10）：167－180.
[4]Benveniste L, Spindt P. How investment bankers determine the offer price and allocation of new issues[J]. Journal of Financial Economics, 1989, 24(2): 343-361.
[5]Benveniste L, Wilhelm W. A comparative analysis of IPO proceeds under alternative regulatory environments[J]. Journal of Financial Economics, 1990, 28(1-2): 173-207.
[6]Binay M, Gatchev V, Pirinsky C. The role of underwriterinvestor relationships in the IPO process[J]. Journal of Financial and Quantitative Analysis, 2007, 42(3): 785-809.
[7]Goldstein A, Irvine P, Puckett A. Purchasing IPOs with commissions[J]. Journal of Financial and Quantitative Analysis, 2011, 46(5): 1193-1225.
[8]Gu Z, Li Z, Yang Y. Monitors or predators: The influence of institutional investors on sellside analysts[J]. The Accounting Review, 2013, 88(1): 137-169.
[9]Jenkinson T, Jones H. IPO pricing and allocation: A survey of the views of institutional investors[J]. Review of Financial Studies, 2009, 22(4): 1477-1504.
[10]Loughran T, Ritter J. Why has IPO underpricing changed over time?[J]. Financial Management, 2004, 33(3): 5-37.
[11]Petersen M. Estimating standard errors in finance panel data sets: Comparing approaches[J]. Review of Financial Studies, 2009, 22(1): 435-480.
[12]Reuter J. Are IPO allocations for sale? Evidence from mutual funds[J]. Journal of Finance, 2006, 61(5): 2289-2324.
[13]Ritter J, Zhang D. Affiliated mutual funds and the allocation of initial public offerings[J]. Journal of Financial Economics, 2007, 86(2): 337-368.
[14]Sherman A. IPOs and longterm relationships: An advantage of book building[J]. Review of Financial Studies, 2000, 13(3): 697-714.
[15]Sherman A, Titman S. Building the IPO order book: Underpricing and participation limits with costly information[J]. Journal of Financial Economics, 2002, 65(1): 3-29.
引用本文
孙淑伟, 肖土盛, 付宇翔, 等. IPO配售中的利益联盟——基于基金公司与保荐机构的证据[J]. 财经研究, 2015, 41(5): 0.
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