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
收藏
页码：207 / 232
页数：26
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