| 中介机构声誉与IPO公司“业绩变脸” |
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| 引用本文： | 杨世峰.中介机构声誉与IPO公司“业绩变脸”[J].兰州铁道学院学报,2014(5):63-68. |
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| 作者姓名： | 杨世峰 |
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| 作者单位： | 兰州商学院 金融学院,甘肃 兰州,730020 |
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| 摘 要： | 着眼于中介机构声誉这一视角,运用2010-2012年在沪深A股上市的非金融企业样本,分析IPO公司上市后业绩下滑现象。研究结果表明,在我国证券市场,IPO公司上市当年存在明显的"业绩变脸"现象;整体而言,承销商声誉机制效应并不显著。承销收入占主营业务收入比重较高的承销商,其承销的公司"业绩变脸"的可能性更大;选择大型会计师事务所与支付较高会计师事务所报酬的IPO公司,"业绩变脸"的可能性更大。
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| 关 键 词： | 中介机构声誉 业绩下滑 保荐人制度 |
Intermediary's Reputation and"Performance Change"of IPO Company |
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| YANG Shi-feng.Intermediary's Reputation and"Performance Change"of IPO Company[J].Journal of Lanzhou Railway University,2014(5):63-68. |
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| Authors: | YANG Shi-feng |
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| Institution: | YANG Shi-feng (Lanzhou University of Finance and Economics, Lanzhou 730020, China) |
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| Abstract: | From the perspective of the reputation of intermediary agencies,the performance decline of IPO company after going public is analyzed by using non-financial enterprise sample in Shang-hai and Shenzhen A-share list during 2010-2012.The result shows that in the stock market,there is an obvious＂performance change＂in the year of IPO companies listed in China＇s stock market. Overall,the effect of the mechanism of underwriter＇s reputation is not significant.The higher pro-portion of main business income of underwriting accounts will have greater possibility of＂per-formance change＂.IPO companies which choose larger accounting firms and pay higher compensa-tion to accounting firms have greater possibility in＂performance change＂. |
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| Keywords: | intermediary's reputation performance decline sponsor system |
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