頁籤選單縮合
| 題 名 | Unexpected Information, Investor Attention, and the Contagion Effect of IPO Withdrawal=未預期信息、公司關注度與IPO企業撤單的傳染效應 |
|---|---|
| 作 者 | 王雄元; 何捷; | 書刊名 | 中國會計與財務研究 |
| 卷 期 | 18:3 2016.09[民105.09] |
| 頁 次 | 頁58-113 |
| 分類號 | 553.6 |
| 關鍵詞 | IPO企業撤單; 傳染效應; 保薦機構聲譽; 未預期信息; 公司關注度; IPO withdrawal; Contagion effect; Sponsor reputation; Unexpected information; Investor attention; |
| 語 文 | 英文(English);中文(Chinese) |
| DOI | 10.7603/s40570-016-0008-3 |
| 中文摘要 | 本文主要研究 2013 年 4 月 3 日证监会 IPO 企业撤单情况公告的传染效应及其影响 因素。结果表明:(1)已上市公司的保荐机构涉及 IPO 撤单或涉及程度较高时,市场 反应显著为负,说明 IPO 撤单事件具有传染效应,即当某 IPO 企业撤单时,出于对信 息质量的担忧,市场会给予那些与之具有相同保荐机构的关联已上市公司更强的负面 反应,而且这种传染效应与保荐机构声誉受损情况密切关联;(2)IPO 撤单的传染效 应主要发生于会计信息质量较高的企业,说明撤单事件对于信息质量高的企业属于增 量信息,更可能引起投资者反应;(3)IPO 撤单的传染效应主要发生于关注度较高的 企业,说明公司关注度能吸引市场对撤单事件以及问题公司的有限注意,进而引起撤 单事件的传染效应。本文研究为传染文献提供了新的素材,也检验了证监会 IPO 财务 信息专项检查的有效性,对促进 IPO 工作的健康发展具有借鉴价值。 |
| 英文摘要 | We investigate whether firms’ withdrawals of their initial public offering (IPO) applications, as announced by the China Securities Regulatory Commission (CSRC) on 3 April 2013, lead to a contagion effect on the market reaction to other listed firms sponsored by the same agent. We find that listed firms that have the same sponsor as an “IPO withdrawing firm” face a negative market reaction, suggesting that firms’ IPO withdrawals make investors worried about the quality of sponsors and cause negative abnormal equity returns for listed firms with the same sponsor. We also find that this contagion effect is concentrated among listed firms with good accounting information because this event provides more unexpected negative information for investors. In addition, the contagion effect is concentrated among listed firms with more media or analyst coverage. This is because media and analyst coverage attracts investors’ limited attention, making them more pessimistic and finally leading to an increase in the contagion effect. Our study provides support for the contagion theory and investigates the effectiveness of the CSRC’s special checks on financial statements, which may give some suggestions for the healthy development of the IPO market. |
本系統中英文摘要資訊取自各篇刊載內容。