双重保荐声誉、社会诚信与IPO过会

发布时间：2018-01-05 04:17

本文关键词：双重保荐声誉、社会诚信与IPO过会　出处：《金融研究》2014年06期 　论文类型：期刊论文

【摘要】：本文从保荐机构和保荐代表人双重保荐声誉这一独特的视角探寻影响IPO过会率的原因,并考察了地区社会诚信差异是否影响企业上市申请时对双重保荐声誉的依赖程度。研究发现:(1)在企业上市申请过程中,保荐机构的作用并不明显,真正起到关键作用的是保荐代表人;(2)虽然保荐机构声誉单独产生的影响有限,但在双重保荐制下,高声誉的保荐机构不仅在更大程度上提高企业通过审核的概率,而且也在一定程度上保证了企业上市后的业绩表现,从而验证了双重保荐制度的合理性和有效性;(3)社会诚信水平较差地区的企业,更倾向于聘请高声誉的保荐代表人,以获取较高的IPO过会成功率。本文研究为进一步完善新股发行制度、稳定资本市场提供了重要的理论和经验证据。
[Abstract]:This paper explores the reasons for the influence of the IPO meeting rate from the unique perspective of the double sponsorship reputation of the sponsor organization and the sponsor representative. And investigate whether the regional social integrity difference affects the degree of dependence on double sponsorship reputation when enterprises apply for listing. The study found that the role of sponsor organizations is not obvious in the process of listing application. What really plays a key role is the sponsor representative; 2) although the reputation of the sponsor institution alone has a limited impact, under the double sponsorship system, the high reputation sponsor organization not only improves the probability of the enterprise to pass the audit to a greater extent. And to a certain extent, it also ensures the performance of the enterprise after listing, which verifies the rationality and effectiveness of the double sponsorship system; In order to obtain a higher success rate of IPO, enterprises in poor social integrity level are more inclined to hire high reputation sponsor representative. This study is to further improve the new issue system. Stable capital markets provide important theoretical and empirical evidence.
【作者单位】：厦门大学;
【基金】：国家自然科学基金项目(71372071,71172051,71072052) 教育部“新世纪优秀人才支持计划”(NCET-10-0713) 中央高校基本科研业务费项目(XMU:2012221009)的资助
【分类号】：F832.51
【正文快照】： 一、引百2001年,我国的新股发行审核制度从原来的“额度制”过渡到“核准制”。在“核准制”下,企业申请上市过程中最重要的“关卡”是要通过证监会发行审核委员会(以下简称发审委)的审核(即实务界所称的“过会”)。根据证监会的统计数据,每年均有一定比例的IP0企业无法通过审

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