THE JOURNAL OF CORPORATE FINANCE ·Volume 39, August 2016, Pages 1–17

IPO中的内部售賣：流動性需求引發的結果

作者： Ansley Chua（College of Business, Kansas State University）

Tareque Nasser（College of Business, Kansas State University）

摘要：我們研究了内部持有人由于有流動性需求而在IPO時售賣公司股票的原因和後果。主要有4條發現：（1）在IPO前現金持有水平較少的公司一般有着較低水平的高管薪酬，（2）（對于内部持有人的）較低的現金支付将導緻較高程度的内部持有人股票售賣，（3）（對于内部持有人的）股票支付并不直接影響内部持有人的股票售賣但是會影響IPO鎖定期的出現，這間接會影響内部持有人的售賣，（4）由流動性需求導緻的高水平内部持有人售賣會引發較低程度的股價低估和較低的長期收益率。以上結論整體說明，流動性需求引發的二級售賣可能是代理問題的起因之一。

關鍵詞：首次公開發行、現金、高管薪酬、内部售賣

Insider sales in IPOs: Consequences of liquidity needs

Ansley Chua (College of Business, Kansas State University), Tareque Nasser (College of Business, Kansas State University)

ABSTRACT

We examine the causes and consequences of insiders' liquidity needs as a motivation for the secondary sales in an initial public offering (IPO). Four main findings resulted from our analysis: (1) lower levels of pre-IPO cash holdings lead to lower levels of executive compensation, (2) smaller cash-pay results in greater levels of insider sales, (3) equity-pay levels do not directly affect the insider sales but do influence the presence of an IPO lockup period, which in turn affects the levels of insider sales, and (4) higher levels of insider sales due to liquidity needs result in lower levels of underpricing and long-run returns. Taken together these results also suggest that liquidity induced secondary sales can be a source of agency problems.

Keywords: Initial public offering、Cash、Executive compensation、Insider selling

原文鍊接：http://ac.els-cdn.com/S0929119916300657/1-s2.0-S0929119916300657-main.pdf?_tid=a1f0bb88-594c-11e6-b575-00000aacb362&acdnat=1470209815_bf1d64d223a0bf4484f8139f7a604085

翻譯：田佳琪