Study On Relationship Between Underwriter Reputation, Analysts Forecast With IPO Ultra

Since the restart of IPO in 2009,which symbols the continuous development of Chinese securities market,the raise of ultra funds of listed corporations has been questioned by many scholars and the public. The researches on this issue have emerged in an endless stream,and which also drew the attention of ultravision department. The problem caused by ultra raise funds is different in different periods and regions,while the problem is even serious in China. Domestic researchers have always been put on the motivation of the raise of ultra funds.The paper made study on the follow three main factors,respectively,the backing function of private equity,the influence of securities companies’reputation,as well as the forecasts of analysts. Among these three factors,there is little dispute on the effect of underwriters’reputation in Chinese securities market,and there is a certain degree of research divergence on the backing function of private equity,and little researches have been done on the forecasts of analysts,so the paper is mainly about this subject. The paper subdivided the forecasts of analysts into two variables,namely,the accuracy of analyst forecasts and the divergence of analysts’opinions.In the early IPO market, IPO underpricing is a particularly severe, With the gradual improvement of the capital market and the continuous changes of Chinese IPO system, many scholars have to be concerned about the raise of ultra funds.Under the current IPO market system, how does the role of securities companies as intermediary play and how does their instinctive tendency of money and profits affect the raise of ultra fund? Do the third party analysts really help to improve the operation efficiency of the capital market through their expertise in an asymmetrical information exchange investment market? How does it affect the raise of ultra funds when a company has enrolled a large number of analysts to make prediction and many other forecast information floods into the market? These are the problems that will be studied in this paper.After the first three chapters of introduction and theory and literature review,the paper excluded the companies whose information were incomplete and selected other listed companies,which was a collection of 847 companies from 2009 to 2013 as samples,in order to clear the concrete influence of the factors mentioned above on the raise of ultra funds. After analysis on the regression results of the data in these samples,the paper made a preliminary conclusion to the above question. The conclusions are:(1) the accuracy of analysts’forecast had a significant positive correlation with the rate of ultra raise funds; (2) the divergence degree of analysts’ opinions was positively correlated with the rate of ultra raise funds. (3) the reputation of security companies had significant positive correlation with the rate of ultra raise funds; (4) the supporting function of private equity for the raise of ultra fund is not significant when the "supervision" and "certification" function of private equity and the professional PE institutions’ focus on the interests chain is put synergistically act;The paper also gave brief analysis on the the regression results of some control variables. In light of some influencing factors mentioned in the paper,this article put forward some solutions and suggestions from the aspects of policy,supervision and market at the end.