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

IPO中的内部售卖：流动性需求引发的结果

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

Tareque Nasser（College of Business, Kansas State University）

摘要：我们研究了内部持有人由于有流动性需求而在IPO时售卖公司股票的原因和后果。主要有4条发现：（1）在IPO前现金持有水平较少的公司一般有着较低水平的高管薪酬，（2）（对于内部持有人的）较低的现金支付将导致较高程度的内部持有人股票售卖，（3）（对于内部持有人的）股票支付并不直接影响内部持有人的股票售卖但是会影响IPO锁定期的出现，这间接会影响内部持有人的售卖，（4）由流动性需求导致的高水平内部持有人售卖会引发较低程度的股价低估和较低的长期收益率。以上结论整体说明，流动性需求引发的二级售卖可能是代理问题的起因之一。

关键词：首次公开发行、现金、高管薪酬、内部售卖

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

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

翻译：田佳琪