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本文从上市公司的盈余质量变化与我国的市场制度环境出发研究上市公司变更投行的决策。我们研究发现上市公司盈余质量的变化与投行变更之间存在非线性的关系,即当公司盈余质量变好或变坏时,公司更倾向于变更它们的主承销商;当公司盈余质量变好时,上市公司更可能变更为声誉好的投行从事SEO的发行承销,上市公司质量与投行声誉存在相互配比的关系。处于市场制度环境较好地区的上市公司变更投行的可能性更小,而一旦更换,就会选择声誉好的投行,国有控股公司也更可能选择声誉好的投行。我们认为考察上市公司投行变更问题不仅要考虑上市公司自身的质量变化,而且还必须考虑我国相对特殊的制度环境与上市公司的所有制性质。
Based on the changes of the earnings quality of the listed companies and the market system environment of our country, this paper studies the decision of the listed companies to change the investment banks. Our study finds that there is a nonlinear relationship between changes in the earnings quality of listed companies and investment bank changes. That is, companies tend to change their lead underwriters when their earnings quality is better or worse. When the company’s earnings quality is better , The listed company is more likely to change to a reputable investment bank engaged in SEO underwriting, the quality of listed companies and investment bank reputation exists in the relationship between the ratio. Listed companies in regions with better market institutions are less likely to change their investment banks. Once they change, they will choose reputable investment banks and state-owned holding companies are more likely to choose reputable investment banks. We think it is necessary to consider not only the change of listed companies’ quality, but also the relative special institutional environment and the ownership of listed companies in our country.