The advanced producer services complex as an obligatory passage point: Evidence from rent extraction by investment banks
The advanced producer services complex as an obligatory passage point: Evidence from rent extraction by investment banks
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DOI：
10.1177/1024529421992253
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发表时间：
2021-02
影响因子：
3.9
通讯作者：
Vladímir Pažitka;David Bassens;M. Meeteren;D. Wójcik
中科院分区：
文献类型：
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作者：
Vladímir Pažitka;David Bassens;M. Meeteren;D. Wójcik
长期以来，先进的生产者服务业一直被认为是组织全球经济的关键。在先进的生产者服务业综合体中，金融是全球流动的协调者，尤其是在投资承销和企业业绩评估方面。金融化全球化的兴起引起了人们的怀疑，即关键的先进生产者服务业在全球金融流动的协调中充当了榨取租金的“强制性通道点”。鉴于在集中市场经营的全球关联银行的持续利润，金融部门内部的竞争是有争议的。投资银行和其他先进的生产者服务在证券承销中发挥着关键作用，这就提出了承销是否是一个竞争过程的问题。本文探讨了投资银行在投资链中的作用的微观经济基础，以揭示其租金提取实践。使用1998-2017年期间美国，加拿大和欧洲的2940次首次公开募股的样本，我们研究了投资银行对股票承销收取的费用结构。我们的研究结果是一致的命题，即投资银行具有更多的市场力量和更强的网络关系，与机构投资者利用其在市场上的主导地位，以提取租金从发行人和机构投资者。总的来说，在空间和部门整合的时候，这些结果显示了令人信服的证据，证明投资银行以及更广泛的先进生产者服务综合体是金融化全球化下的必经之路。
Advanced producer services have long been theorized as pivotal in organizing the global economy. Finance takes centre stage in the advanced producer services complex as orchestrator of global flows, particularly in underwriting investment and evaluating corporate performance. The ascent of financialized globalization raises the suspicion that key advanced producer services act as rent-extracting ‘obligatory passage points’ in the orchestration of global financial flows. Competition within the financial sector is contentious given the sustained profits by globally connected banks operating in concentrated markets. Investment banks and other advanced producer services play key roles in underwriting of securities, raising questions whether underwriting is a competitive process. This paper interrogates the microeconomic foundations for the role of investment banks in investment chains to shed light on their rent extraction practices. Using a sample of 2940 initial public offerings for the USA, Canada, and Europe in the 1998–2017 period, we examine the structure of fees charged by investment banks for underwriting of equity securities. Our results are consistent with the proposition that investment banks with more market power and stronger network ties with institutional investors utilize their dominant position in the marketplace to extract rents from both issuers and institutional investors. Taken together, at times of spatial and sectoral consolidation, these results show compelling evidence for the status of investment banks and by extension the wider advanced producer services complex as obligatory passage points under financialized globalization.