中文摘要：

2014年初，券商被赋予了IPO网下配售的自主权。本文以投资者参加定向增发申购的积极程度来衡量投资者一券商关系，利用自主配售期间投资者参加IP0网下申购和入围数据，研究了券商对支持自己承销业务的关系投资者如何给予“关照”。研究发现，投资者在2013年参加券商承销定向增发申购的次数越多，在2014年初该券商承销的IPO网下配售中，该投资者入围的概率越大。这种正相关关系的存在与券商IPO资源的相对多寡及投资者在定向增发申购中报价积极程度有关。进一步研究发现，券商对关系投资者关照的手段是在网下申购快结束时，将可能的价格区间泄露给关系投资者。本文的实证结果说明，券商自主配售权已成为其对关系投资者投桃报李的新手段。

英文摘要：

Underwriters were given discretionary allocation right in the beginning of 2014. Using the data of investors bidding for private investment in public equity （hereafter PIPE） in 2013 and IPO in 2014, this paper takes investors＇ participation in private placement purchase as an indicator of investor-underwriter relationship, and investigates whether invest- ment banks favor the investors who have a good relationship with them when they are given discretionary allocation right during IPO in January,2014. It shows that an investor more ac- tive bid for PIPEs underwritten by an investment bank leads to higher possibility of alloca- ting IPO shares underwritten by the same investment bank to the investor. This positive cor- relation is related with IPO resources and investors＇ participation in private placement pur- chase. Further study indicates that the investment banks may release the pricing information to these active investors during the late period of bidding time. This paper discloses an undis- covered channel through which investors and investment banks exchange interests.