Yahya bin Hamzah (may Allah have mercy on him) says: I asked Ata al-Khurasani (may Allah have mercy on him): "What is the meaning of the child being held in pledge for the aqiqah?" He said: "The parents are deprived of the child's intercession."
(b) Imam al-Shafi'i (may Allah have mercy on him) says that the Prophet (peace and blessings be upon him) performed the aqiqah on behalf of Hasan and Husayn (may Allah be pleased with them both) and had their hair shaved, and Sayyidah Fatimah (may Allah be pleased with her) gave in charity silver equal to the weight of their hair.
Hadith Referenceالسنن الكبرى للبيهقي / كتاب الضحايا / 19266