高管团队特征与创业公司IPO抑价水平相关性研究

Research on the Relationship between the Top Management Team’s Characteristics and Startup Companies’ IPO Underpricing Level

摘要: IPO抑价现象作为金融领域的异象之一，一直是各界研究的焦点，而我国创业公司的高抑价水平更是引起了广泛关注。现有研究大多从信号理论出发，研究承销商声誉、风险投资声誉等外部价值信号与上市公司IPO抑价水平之间的关系，而少数研究公司自身价值信号：高管团队特征对IPO抑价水平影响文献的解读却较为模糊，大多只研究个别分散特征的影响。本文从高层梯队理论出发，通过研究创业公司的高管团队个体和群体特征与其IPO抑价水平的联系，进行比较与分析，系统性地检验了高管团队特征与IPO抑价水平的关系，发现高管团队特征与创业公司IPO抑价水平间呈现显著的相关关系，创业公司应将目光从公司外部转移到公司内部，从自身的视角深入挖掘有效的信号传递机制。

Abstract: IPO underpricing, as one of the anomalies in the financial field, has always been the focus of research. The high underpricing level of Chinese startup companies has attracted extensive attention. Most of existing researches begin with the signal theory, studying the relationship between the underwriter reputation, venture capital reputation, other external value signal and IPO underpricing level of public companies, and a little literature of them studies companies’ own value signal: Top Management Team (TMT)’s characteristics influence to IPO underpricing level, which the results are relatively fuzzy, mostly only studied the effect of individual characteristics. Based on upper echelon theory, this paper compared and analyzed the relationship between startup companies’ TMT individual and group characteristics and its IPO underpricing level, and found that TMT characteristics and startup companies’ IPO underpricing level show significant correlation, and startup companies should shift from external to internal, from their own perspective to dig into the effective signal transmission mechanism.