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本文以2009-2014年在我国创业板市场上市的387家企业为研究样本,分析了承销商声誉对于上市公司超募现象的影响,通过分析发现我国的承销商声誉对企业的资金超募具有正向的影响,这表明声誉越高的承销商能够带给公司更多的超募资金。为了进一步降低创业板市场的投机现象,需要进一步完善我国股票发行制度,使承销商声誉能够对IPO超募形成约束效应。
Based on the sample of 387 enterprises listed on the Growth Enterprise Market between 2009 and 2014 in China, this paper analyzes the influence of the underwriter’s reputation on the over-raising of listed companies, and finds that the underwriter’s reputation of our country has positive This shows that the more reputable underwriters can bring more supremacy to the company. In order to further reduce the speculative phenomenon in the GEM, it is necessary to further improve the system of stock issuance in our country so that the underwriter’s reputation can form a restraining effect on IPO over-raising.