Research on the impact of investor research on SPO sponsoring and underwriting fees

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-05-06 DOI:10.1016/j.frl.2025.107530

Xiaohui Zhang , yuanyuan Tan

引用次数: 0

Abstract

This paper examines the impact of investor investigation activities on the refinancing sponsorship and underwriting expenses of listed companies, utilizing data from the Science and Technology Innovation Board (STIB) and Growth Enterprise Market (GEM) spanning the period from 2018 to 2023. Our findings reveal that investor research negatively affects the refinancing sponsorship and underwriting costs of listed companies. Specifically, investor research activities reduce refinancing sponsorship costs by enhancing the governance level of listed companies. Furthermore, compared to buy-side institutions, research conducted by sell-side institutions has a more pronounced effect on lowering the refinancing sponsorship and underwriting costs of listed companies.

查看原文本刊更多论文

投资者研究对SPO保荐承销费用的影响研究

本文利用2018 - 2023年中国科创板（STIB）和创业板（GEM）的数据，研究了投资者调查活动对上市公司再融资保荐和承销费用的影响。研究发现，投资者研究对上市公司再融资赞助成本和承销成本有负向影响。具体而言，投资者研究活动通过提高上市公司治理水平来降低再融资赞助成本。此外，与买方机构相比，卖方机构的研究对降低上市公司再融资保荐和承销成本的作用更为明显。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance