The differential impact of the bank-firm relationship on IPO underpricing: evidence from China

被引：16

作者：

Hao, Xiangchao ^{[1
]}

Shi, Jing ^{[2
,3
]}

Yang, Jian ^{[4
]}

机构：

[1] Nankai Univ, Sch Econ, Tianjin 300071, Peoples R China

[2] Jiangxi Univ Finance & Econ, Int Inst Financial Studies, Nanchang 330013, Peoples R China

[3] RMIT Univ, Sch Econ Finance & Mkt, Melbourne, Vic 3001, Australia

[4] Univ Colorado, Sch Business, Denver, CO 80217 USA

来源：

PACIFIC-BASIN FINANCE JOURNAL | 2014年 / 30卷

基金：

中国国家自然科学基金;

关键词：

The bank-firm relationship; Bank's credit quality; Political connections; Initial public offerings; Commercial banks; INITIAL PUBLIC OFFERINGS; LONG-RUN PERFORMANCE; PRIVATIZED FIRMS; OPERATING PERFORMANCE; LENDING RELATIONSHIPS; GOVERNMENT OWNERSHIP; INFORMATION-CONTENT; LITIGATION RISK; REPUTATION; MARKET;

D O I：

10.1016/j.pacfin.2014.10.004

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study investigates the impact of the bank-firm relationship on IPO underpricing in China, an emerging economy with a bank-dominated financial system. Utilizing a hand-collected loan data for 902 Chinese IPO firms from 2004 to 2011, we document that the bank-firm relationship reduces the degree of IPO underpricing. Both the lender's and the borrower's firm characteristics affect the signal quality of the bank-firm relationship, resulting in differential impacts on IPO underpricing. The relationship between firms and banks with high credit quality or the relationship between politically unconnected firms and banks has a more positive impact on mitigating IPO underpricing. (C) 2014 Elsevier B.V. All rights reserved.

引用

页码：207 / 232

页数：26

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