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基于中国经济转型的制度特征,以公司IPO承销为研究对象,本文考察了关系网络对资本市场信息传递的影响。研究发现,若参与IPO配售的机构投资者与承销商的关系越密切,则其投资企业上市后的会计业绩越好,股票收益越高。从承销商的角度来看,关系密切机构投资者的参与也有助于IPO公司募集更多的资金,并从中收取高额的承销费用。本文的分析证实,承销商与机构投资者之间的关系促进了公司IPO过程中的信息传递,机构投资者由此而投资于优质企业,获得了高额的投资回报;同时,承销商也从中获益,通过公司IPO的顺利发行来获得高额的承销收入。这一互惠交易构成了双方关系网络得以长期维系的基础。
Based on the institutional characteristics of China’s economic restructuring and taking the IPO underwriting of the company as the research object, this paper examines the impact of the relationship network on capital market information transfer. The study found that if the institutional investors involved in the IPO placing the closer relationship with the underwriters, the better the accounting performance of the listed companies after their listing, the higher the stock return. From the underwriter’s perspective, the involvement of close institutional investors also helps IPO companies raise more funds and receive high underwriting fees. The analysis of this paper confirms that the relationship between the underwriters and the institutional investors promotes the transfer of information during the IPO process. As a result, institutional investors invest in high-quality enterprises and obtain high return on investment. At the same time, the underwriters Benefit, through the smooth issuance of the company IPO to obtain high underwriting income. This reciprocal transaction constitutes the basis for the long-term maintenance of the network of contacts between the two parties.