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《Securities Market Herald》 2012-01
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Pre-IPO Equity Investments by Investment Banks:Certification or Loss of Independence?

Fang Junxiong  
The consequence of Pre-IPO equity investments by underwriters is one of hot issues in financial research.And the public is concerned about the loss of independence of underwriters by Pre-IPO equity investments in China.This paper studies the influence possibly caused by Pre-IPO equity investments by underwriters based on the IPOs between 2009 and 2011.The results show that companies equity invested by brokers have significantly higher pre-IPO earnings management than other companies,and it is more obvious if the brokers invested at an early stage.These companies would have a greater decline in the accounting performance after IPO.And further research indicates that the underwriting fee and underpricing of companies invested by underwriters is higher.These mean that the Pre-IPO investments by underwriters damage the independence of underwriters to a certain extent,which further damage the efficiency of IPO market financing.
【Fund】: 国家自然科学基金(71072003)“政府控制、市场化进程与上市公司高管薪酬契约有效性”;; 教育部人文社科基金(08JC790019)“我国资本市场投资者的机构化趋势与市场信息效率研究”的阶段性成果
【CateGory Index】: F832.51;F224
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