證券承銷商之網絡關係與承銷績效之關聯性

• Main Author: 劉怡媛
• Other Authors: 司徒達賢
• Format: Others
• Language: zh-TW
• Online Access: http://ndltd.ncl.edu.tw/handle/72087668715061445359

博士 === 國立政治大學 === 企業管理研究所 === 97 === Securities underwriting syndicate is one of the most common forms of ties among the investment banks. Being different from the long-term nature of the formal alliances such as strategic alliances, each syndicate is organized only for a single offering. But its brief lifespan must be sustained by the stable informal relationships among underwriters. The relationship-intensive nature of the investment banking industry has therefore drawn attentions to researches from the viewpoint of social network in recent years. The focus has been the large-scale investment banks acing as lead managers and their tie strategies with syndicate members. Capital markets in emerging markets such as Taiwan are not as sophisticated as those of developed countries. There must exist some uniqueness in the ties among underwriters when forming syndicates. How and why do they differ from the findings of current empirical studies? This study takes views of so-called the core underwriting network –lead underwriters, issuing firms and syndicate underwriters—respectively to examine the effect of the tie strategies proposed by prior literature on lead underwriters’ performances in local market, to explore the uniqueness and the role of syndicate underwriters in syndicate formation, and finally to evaluate the effects of those findings on underwriting performances of syndicate underwriters, which have been considered to be peripheral actors in industry network. We conducted three studies to explore these issues. Using longitudinal industry data, the first study takes the rationale provided by the results from past research to empirically examine the influence of lead underwriters’ tie strength with syndicate partners on their underwriting performances. The study finds that the tie strength neither positively nor negatively associated with lead underwriters’ performances, showing that the tie strategies suggested by the empirical results from the sophisticated capital markets do not apply to the local market. Using a case study approach, the second study continues to explore how syndicate formation in local market differs from that of the western world. The study finds that the mediating role of lead managers in local market appears to be not as significant as that of lead managers in sophisticated markets if we view lead managers as the agents between issuing firms and syndicate underwriters. In most cases, the issuing firms are the decision makers of the syndicates instead of the lead managers. That is, the connections between issuing firms and co-lead underwriters, which have never been found in current literature, do exist in local market. The underwriters speak directly to the issuing firms for the syndicates. And the more resources, capabilities and social capital they have, the more central positions in the industry they occupy and so the more exchange relationships they can access. Furthermore, underwriters tend to connect with as many issuing firms as possible for few of their offerings instead of continuously transacting with a small group of issuing firm partners for most of their offerings. But how the central position and relationship expansion strategy affect their underwriting performances? Following the findings from the second study, the third study develops arguments that underwriters occupy more central positions in the industry network will have better underwriting performances. They also pursue an expansion strategy instead of a strengthening strategy in building up interorganizational linkages. That is, weak ties will mediate the positive effects of centrality of syndicate members on the performances. Using longitudinal industry data, the study empirically tests these hypotheses and the results support our arguments that underwriters’ central positions in the network are –directly or through the mechanism of relationship expansion strategy—positively associated with their performances.