我国证券发行市场保荐制度有效性研究

发布时间：2018-05-13 16:45

本文选题：保荐制度 + 逆向选择　；参考：《浙江大学》2012年硕士论文

【摘要】：本文主要基于信息经济学视角,以中国证券发行保荐制度的历史演进和背景、保荐制度的理论研究和绩效检验位主要研究对象,并将信息经济学理论与中国证券发行市场相结合,构建发行市场的逆向选择模型、保荐制度有效性模型、监管制度下保荐制有效性模型,对保荐制度产生的必然性、价值及作用机制进行探讨。并在此基础上建立评价保荐制度是否有效的绩效评价体系,以此对保荐制度做出一个客观的绩效检验和评价。本文从宏观和微观两方面全面、客观的评价保荐制度的有效性情况,并用实证证明保荐制度实施以来对证券发行市场起到了较为显著的积极作用,起到了督促推荐优质企业上市、督促发行人披露真实有效信息、消除发行人与投资者、证监会的信息不对称的作用,达到了保荐制度建设的目标和预期效果。
[Abstract]:This paper is mainly based on the perspective of information economics, with the historical evolution and background of the sponsorship system of securities issuance in China, the main research object of the theoretical research and performance inspection of the sponsorship system. Combining the theory of information economics with the Chinese securities issuing market, the author constructs the reverse selection model of the issuing market, the effective model of the recommendation system, the effective model of the recommendation system under the supervision system, and the inevitability of the sponsor system. The value and mechanism of action were discussed. On the basis of this, a performance evaluation system is established to evaluate whether the recommendation system is effective or not, so as to make an objective performance inspection and evaluation of the recommendation system. This paper comprehensively and objectively evaluates the effectiveness of the sponsorship system from both macro and micro aspects, and proves that the sponsorship system has played a significant and positive role in the securities issuance market since its implementation. It has played the role of supervising and recommending the listing of high-quality enterprises, urging issuers to disclose true and effective information, eliminating the asymmetric information between issuers and investors, and the Securities Regulatory Commission, thus achieving the goal and expected effect of the construction of the recommendation system.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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