The impact of underwriter reputation on initial return and short-run performance of china IPOs

• Main Authors: Jie-Yin Wang, 王婕茵
• Other Authors: Jen-Sin Lee
• Format: Others
• Language: zh-TW
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/15437384468779450358

碩士 === 義守大學 === 財務金融學系 === 103 === This study aims to examine the relation between the impact of underwriter reputation on initial return and short-run performance of China IPOs, based on implementation of China new accounting standards from January 2007 to March 2014 on listed company. The study chooses a sample of 749 IPOs companies, listed in Shanghai Stock Exchange and Shenzhen Stock Exchange A share. In general, compared with previous literatures, no matter what we applies listed markets and difference measure of underwriter reputation, it is not significant effect on initial return and short-run performance. The study verify the spread between the higher underwriter market share and lower underwriter market share, after verification, we found that underwriter market share is higher, spread will not be higher. Therefore, we infer that underwriter reputation is not higher. With underwriter market share as measured by the underwriter reputation proxy variables, it is not applicable in china. Besides, the proportion of listed companies are government state-owned enterprises. To some extent, it is not produced by the market mechanism for the selection of underwriters. Underwriter reputation can’t show its reputation effect. In China, high underwriter reputation do not reflect the short-run performance will be better. Underwriter reputation is not good indicators to short-run performance for investor.