Research On The Influence Of Sponsor Reputatiaon On IPO Performance Of GEM Listed Companies

Since China implemented the sponsor regime,sponsor violations faithless phenomena have often occurred.they are from their own interests,to "beautify the packing" issuers,conceal and distort significant information,damage the reputation of the sponsor,a blow to investor confidence in the sponsors,seriously affecting the healthy development of securities market in China.Sponsor irregularities and performance changes of listed companies have aroused the public attention to sponsor reputation.Do the existence of the sponsors can alleviate the information asymmetry between investors and issuers?Can ensure that investors hold stocks with high IPO quality?Do IPO companies recommended by high reputation sponsors perform better?Relative to the Main Board Market,the overall performance of the GEM listed companies is not particulary satisfactory,some companies even have a loss of the situation,the changing of the performance is more serious.In the past,the empirical research on the performance of the IPO has been mainly focused on the main market,and the empirical study on the GEM board has been relatively small.In order to test the impact of sponsor reputation on GEM listed companies'IPO,this paper firstly reviews and summarizes the domestic and foreign research documents,qualitatively and quantitatively analyzed the IPO performance of chinext.Based on information asymmetry theory,authentication mediation theory and signal transfer theory,this paper analyzes the relationship between sponsor reputation and IPO performance in theoretical.In order to explore the influence of sponsor reputation on IPO discount,the paper selects 343 IPO companies from 2009 to 2012 as samples,using specific time IPO discount to measure IPO performance,selecting the experience of the sponsors,education,gender,age,working experience and punished factors to represent its reputation characteristics.The research results show that the reputation of the sponsor has a certain effect on the IPO discount of the listed company.In particular,the higher the experience value of the sponsors,the lower the discount for the IPO.If the sponsor or institution has the experience of being punished by the CSRC,the company's IPO discount will be lower.However,the other characteristics of the sponsor,such as gender,age,educational background and background,have little effect on the discount of the IPO.In the end,according to the results of theoretical and empirical analysis,by expioring the influence of sponsor reputation on IPO discount can strengthen the understanding of the industry for the sponsor personal reputation mechanism,and give investors a certain policy guidance,improve the quality of IPO,alleviate the securities market information asymmetry conditions,promote the healthy development of China's capital market.