地区金融发展、关系型交易与IPO首日超额收益--基于A股招股说明书供应商/客户关系的经验证据

摘要

Different from previous papers which focus on IPO’s abnormal initial return only from financial indicators, issuing mechanism and investors’ or underwriters’ behavior choice, this paper uses A shares as the research sample in Shanghai and Shenzhen Stock Exchange from 2004 to 2014, and the supplier/customer relationship transactions’ data which provided by the IPO corporations’ prospectus as a starting point to investigate how the relationship-specific transaction, regional financial development and their interaction affect IPO’s abnormal initial return.The empirical results show that IPO corporations with larger proportion of relationship-specific transactions will have higher IPO’s abnormal initial returns. Further, we find that the improvement of regional financial development level can effectively inhibit the incremental effect of relationship-specific transaction on IPO’s abnormal initial return, and this effect is more significant with institutional investors’ governance effect. This research suggests that relationship contract has an impact on IPO’s abnormal initial returns, and the regional heterogeneity of financial development and institutional investors’ heterogeneity has resulted in the difference of the degree of the impact. This shows us, in China, we should not only pay attention to the important role of“relationship trust”, but also pay more attention to the financial development and the improvement of corporate governance.%与以往从财务指标、发行机制以及投资者、承销商行为选择等方面出发研究IPO首日超额收益不同，本文以2004～2014年沪深A股为研究样本，从拟上市公司招股说明书中提供的供应商/客户关系交易数据出发，考察关系型交易对IPO首日超额收益的影响及其地区金融发展水平对这种影响的调节作用。研究发现，关系型交易比重越大的企业能够在IPO首日获得越高的超额收益，进一步检验发现，地区金融发展水平的提高可以有效抑制关系型交易对IPO首日超额收益的增量影响，而且这一效果在机构投资者治理效应的共同作用下表现得更为显著。研究表明，IPO首日超额收益受到关系契约的影响，但是其影响程度则会因为金融发展的区域异质性和机构投资者的异质性而有所差别，说明在中国既要重视“关系信任”的特殊作用，更要注重金融的发展以及公司治理的完善。