投资银行声誉与上市公

251Vol125No1120092JournalofLanzhouCommercialCollegeFeb.,2009IPO3(,730020):,IPO,IPO,IPO,;:;;IPO:F830.9:A:100425465(2009)012085205InvestmentBanksReputationandtheBehaviorofChanginginUseofIPOFundbyListedCompanyRealDiagnosisDemonstrationalanalysisbasedonguaranteerecommendsystemLIUZhi-jun(LanzhouCommercialCollege,Lanzhou730020,China)Abstract:Thisessaystudiedtherelationbetweeninvestmentbanksreputationandthebehaviorofchan2ginginuseofIPOfundbylistedcompanies.Theconclusiontoldus:thetwofactorsshowobviouslynega2tiverelationship.ItmeansthepossibilitiesanddegreeaboutthebehaviorIPOfundchangingareusuallysmallamonghighreputationinvestmentbanks.ThisresearchalsoprovedthebettereffectofguaranteerecommendsysteminChina.Keywords:investmentbanksreputation;guaranteerecommendsystem;changingofIPOfund,,19972007583:2008-11-20:(1972),,,,,:,612,57%;IPO,68%,IPO,,,,,IPO,,,,,,,,;,,,,IPO,,,,,IPO,IPO,,,,IPO,IPO,,2004,,20042005IPO,20042200512IPO20042005CCER1IPO41216630363710134962(%)38.3363.8255.86(%)41.461.96,20042005111,137,79,104,75.91%;59,74.68%,62,IPO55.86%,IPO68200911,IPO62,49,79%;,16,25.8%,58.06%16.13%;52,83.87%,,42,80.77%,10,19.23%,320.02%IPO,38.33%63.82%,,,63.5%;IPO66.5%;1%,IPO104.7%,IPO,,IPO,,IPO,IPO,()IPO(CHP),IPO1,IPO0;(CHR),IPO:(RP=REP);(RP=REPX),1,0:(AGE)(GCR)(NAD)(25%1,0)(ZZC)(ZQR)(MPF)(ROE);:(C1)(C2)(C3)(C4)(C5)(C6)(C7)(C8)(C9)(C10)(C11)(C12)(C13)(C14)(C15)(C16)(C17);:(MARKET),1,0()1.IPOLogitIPO,IPO,IPO1;IPO,0Logit,IPO,IPO:P(CHP=1|Xi)=G+1RP+2Ln(AGE)+3Ln(ZZC)+4ROE+5MPF+6GCR+7Ln(ZQR)+8NAD+9MARKET+ini=1Ci+(1)Xi,278IPO2(1)RP=REPRP=REPXz-Statisticz-Statistic12.7031.3417313.4291.44433RP-45.537-2.011533-1.1957-2.039433GCR1.27790.55062.16230.9102NAD-0.5525-0.8895-0.6158-0.9746Ln(ZQR)0.05520.55570.06120.6153Ln(ZZC)-1.4958-1.32233-1.6908-1.53113Ln(AGE)0.57360.98280.58841.0140MPF-3.6208-1.710633-3.2882-1.57223ROE0.02850.60530.01810.3776MARKET-0.4803-0.5755-0.5663-0.6731C41.40561.571531.21811.36213C63.25031.9425333.04481.774133C12.01651.431731.64811.2080C22.08442.1129332.10112.13083366.4366.56LR-statistic32.3632.42McFR-squared0.210.21:3335%10%:(1)IPO5%,,,IPO(2),,5%,,,;,,,IPO(3),,(4),IPO,(MARKET),2.IPOOLSIPO,IPO,(RP):CHR=a0+a1RP+(2)(REP)(REPX)OLS,(t,333331%5%):CHP^=0.7349-7.9398REP(8.5952)333(-2.1579)33R2=0.10F=4.66333(3)CHP^=0.6382-0.2549REPX(11.9466)333(-2.1127)33R2=0.10F=4.66333(4),IPO5%,,IPORP10,,IPO25.49%IPOIPO,8820091IPO,:1.IPO,;,,75%,,,,IPO2.IPO,:IPO,IPOIPO;IPO,,,,,,IPO,,,,,,,IPO;[1].[M]1:,20051[2].[J]1,2005,(1)1[3],.[J]1,2004,(5):88961[4],.[J]1,2005,(7):19241[5].[J]1,2006,(9):1241341[6],.[J]1,2007,(2):1241361[7].[J]1,2004,(5):15181[8],.[J]1(),2004,(5):3703741[9],.IPO[J]1,2005,(6):19261[10]ChemmanurT,Fulghierip.Investmentbankreputation,informationproductionandfinancialintermediation[J]1JournalofFinance,1994,(49):57791[11]MyersS.C.CorporateFinanceandInvestmentDecisionWhenFirmsHaveInformationThatInvestorDoNotHave[J]1JournalofFinancialEconomics,1984,(13):187221198IPO