Subjects: Management Science >> Other Disciplines of Management Science submitted time 2024-03-16
Abstract： This article studies the role of bond issuance in building a cooperative relationship between underwriters and issuers. The results show that, firstly, bond issuance is an effective means for underwriters to establish cooperative relationships with listed companies. Both bond issuance experience and stock IPO issuance experience can significantly increase the probability of underwriters participating in the next private equity placement by the same issuer. Secondly, underwriters in IPOs of listed companies will reduce the risk premium of bonds to stabilize customer relationships by improving the quality of bond issuance; Listed companies are indeed more inclined to choose underwriters who have participated in their stock IPOs to issue bonds to enjoy lower financing costs. Thirdly, utilizing existing partnerships for bond issuance means that listed companies have higher risks. During the bond’s maturity, these issuers’ stocks are more likely to be subject to special treatment (ST) due to deteriorating fundamentals. In summary, these results provide evidence for the role of securities underwriting relationships in the Chinese capital market and also provide a reference for subsequent regulatory policy reforms.
Peer Review Status:
Awaiting Review
Subjects: Other Disciplines >> Synthetic discipline submitted time 2024-03-05 Cooperative journals: 《第八届海峡两岸暨港澳地区高校现代书院制教育论坛 》
Abstract：香港中文大学（深圳）祥波书院自2018年3月成立以来，一直致力于在坚持港中大书院制特色传统的原则上，根据书院学生具体情况、大学整体发展方针、国内高等教育发展情况等因素，积极探索本地化的改革，建设独特的祥波书院育人体系和学生管理方法体系。本文从祥波书院隶属教师与书院协同育人模式、舍监导师共膳制度、针对大一新生设立的新生摆渡计划以及书院宿生会运营模式等四个方面探讨港中大书院制在港中大（深圳）祥波书院本地化的成果和现状并进行思考。
Subjects: Other Disciplines >> Synthetic discipline submitted time 2024-03-03
Abstract： This article analyzes the impact of revising the China Securities Regulatory Commission’s private equity placement rules in 2017. Based on the private placement events from 2013 to 2020, we have a series of empirical findings. Firstly, policy reforms have weakened the ability of listed companies to timing in new stock issuance, and the phenomenon of stock prices excessively rising before issuance and sharply falling after issuance has significantly weakened. Secondly, the new regulatory policies have promoted the role of market-oriented pricing mechanisms in private equity placement, resulting in a decrease in the discount on stock issuance and an increase in the issuer quality. Thirdly, investor sentiment is an important factor for listed companies to conduct timing issuances. Policy modifications have suppressed the ability of listed companies to use investor sentiment to issue stocks at high prices, thereby reducing stock price fluctuations. These findings explain the reasons for the unsatisfactory returns of domestic stock issuance participants and evaluate the effectiveness of policy reforms.
Peer Review Status:Awaiting Review
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