Do Underwriters Provide Price Support by Analyst Coverage in China?
- 经济学院－已发表论文 
学术界对于我国IPO市场是否存在承销商托市行为一直存在争议。本文通过搜集新股上市一年之内的分析师报告数据,系统考察了我国承销商利用分析师报告进行托市的行为特征,以及投资者对于承销商分析师具有托市性质报告的市场反应。结果发现:(1)承销商会利用乐观、但偏颇的分析师报告为市场表现不佳的新股进行托市,但这一现象在新股上市90天后消失;(2)声誉机制在新股解禁期后才能有效约束承销商利用分析师报告托市的利益冲突行为;(3)市场投资者总体上能够识别承销商的托市意图,并对承销商分析师报告的系统偏误进行自我调整。本文的研究不仅为我国承销商是否存在托市行为提供了新的直接性经验证据,而且有助于市场各方洞悉分析师报告背后的利益冲突,同时也为监管部门出台相关的规范政策提供了新的决策参考。 There have been some controversies in academia about whether price support exists in China’s IPO market. By using analyst coverage data within one year of the offering date，we analyze the behavioral characteristics of underwriters providing favorable analyst coverage to support the IPO firm’s stock prices and market response to the biased coverage. Main conclusions are as follows: (1) firms with poor aftermarket performance are given more favorable，biased coverage， especially by analysts affiliated with underwriters，and this favorable coverage is relatively short lived，typically lasting less than ninety days; (2) reputation concerns could effectively restrict underwriter-affiliated analysts to provide protection in the form of stronger coverage after ninety days of the offering date; ( 3 ) investors could see through the underwriters’ attempt to provide price support and adjust their trading response. In this paper，we not only provide new and direct evidence for the price support behavior of China’s underwriters，but also help people understand the interest confliction of analyst coverage，meanwhile，our paper also provides reference for the government to establish regulation policy.