Institutional Investors" Sentiment,Reputation of Underwriter and Super Offering Financing——Evidence From China 's Growth Enterprise Market

Using 200 IPO sample data in China's growth enterprise market from 2009 to 2011,the authors researched the relationship between institutional investors' sentiment,the reputation of underwriters and super offering financing.The empirical result indicates that institutional investors' sentiment and the reputation of underwriters have significant positive influences on the rate of super offering financing.The better the sentiment of institutional investors and the higher the reputation of underwriters,the higher the rate of super offering financing.In order to guarantee the effectiveness of the result of the model estimation,the authors made a robustness test with the substitutive variables of the explanatory variables and the explained variables respectively,the result of which supports the empirical conclusions.