Relationship, Reputation and SEO Underwriting Competition
- 2013年 
【中文摘要】随着再融资市场的蓬勃发展，再融资承销的竞争日益剧烈。理论界普遍认为声誉和关系是投行竞争再融资承销中两个重要的影响机制。以2001 -2011年沪深两市310家SEO公司为研究样本，可对投行与上市公司的“关系”在投行竞争SEO承销业务中的作用进行实证考察，并能进一步探讨“关系”与“声誉”这两种影响机制的相互替代作用。研究结果表明，投行与上市公 司“关系”越紧密，即如果该投行是公司IPO的承销商，或者在公司IPO时的承销份额越高，或者持有上市公司的股权，那么它越有可能获得公司SEO的承销业务;然而，“声誉”会削弱“关系”的影响，只有在投行声誉较弱的情况下，“关系”才能发挥作用。这说明，在一个以“声誉”为主要竞争指标的市场当中，投行会形成良性竞争的氛围。这不仅有利于承销市场秩序的构建和市场效率的提高，更有利于我国证券业和资本市场整体素质的提高。 【Abstract】With the vigorous development of Seasoned Equity Offerings ( SEO) markets，SEO underwriting is facing more competition. It is believed by many theorists that "reputation" and "relationship" are two key factors by which the investment banks compete for SEO underwriting. This paper reports on an empirical study of howthe "relationship”between listed companies and investment banks affects the competition of investment banks for the SEO underwriting and further exploration of how the two key factors substitute each other by sampling 310 SEO companies listed in Chinese stock markets from 2001 to 2011. Our results show that，the closer the relationship between an investment bank and listed companies is， namely the investment bank is one of the underwriters of the IPO，or has more shares in the company's IPO，or holds more shares of listed companies，the more probably the investment bank can get the SEO underwriting. However，"reputation”will weaken the impact of “relationship”，and only when the " reputation” of the investment bank is weak，can“ relationship” play a role. Our study shows that investment banks can create positive competition atmosphere in a market with "reputation”as a major competitive indicator，and that it is not only conducive to establishing the order of the underwriting market and improving its market efficiency，but also enhancing the overall quality of the securities industry and capital market.