投資銀行承銷業績衰退對於承銷案品質之影響

Abstract

本研究藉由計算投資銀行承銷上市案之手續費收入，探討投資銀行承銷業績的衰退，是否會使其後續承銷品質降低。過往對投資銀行承銷上市案的研究，聚焦於不同聲譽的投資銀行，其所輔導上市企業短天期、長天期報酬率差異，並無從業績收入角度切入的研究。本研究使用投資銀行擔任主承辦投資銀行所獲得年度承銷收入，並將其取兩年收入的移動平均數作為業績的衡量標準。另一方面，本研究以(1)投資銀行業績年度後一年所主承銷所有上市案之長天期報酬率以及(2)企業下市率做為承銷品質的衡量標準。實證發現，對於承銷筆數較多的投資銀行及聲譽高的投資銀行，業績衰退時，其未來一年之承銷品質顯著低於業績未衰退時。

This study adopts the fee income an investment bank (IB) receives from underwriting initial public offerings (IPO) deals to investigate whether the underwriting quality would deteriorate or not when the IB underwriting revenue declines. This study is in contrast with prior IB and IPO papers, whose focuses are on the association between the short- as well as long-term stock returns of the offering companies and the reputation of their investment bank underwriters. Few, if any, other study investigates investment bank underwriting revenue. This study, specifically, uses two-year moving average of the underwriting revenue to measure investment bank financial performance. On the other hand, this study uses the long–term return and long-term delist ratio of the companies underwritten by the investment bank one year subsequent to the IPO year to measure the underwriting quality. We find that when the investment banks with high reputation or has underwritten more cases experience revenue decline, their underwriting quality in the subsequent year becomes worse than that in the control period.