企业IPO过程中的利益冲突、利益制衡与制度约束研究

发布时间：2018-12-15 07:47

【摘要】：利益冲突广泛地存在于我们的社会活动、经济活动之中。在企业公开上市过程中，不同主体之间的利益关系主要包括：发行人和投资银行、发行人和投资者、投资银行和投资者、大型机构投资者和中小投资者的利益、监管层和发行人、监管层和投资银行等不同主体之间的利益关系，以及不同的组织机构与在各自机构中工作的个人之间的利益关系。这些不同的组织与组织之间、组织与个人之间存在潜在的利益冲突和利益制衡关系，由此构成了一个股票IPO市场中的利益冲突与利益制衡网。本文研究以企业公开上市过程中的各利益主体为研究对象，基本思路是：首先对企业公开上市过程中的利益冲突、利益制衡问题做经济学解析；然后在此理论基础上，剖析我国IPO市场中潜在的各种利益冲突现实状况及其引发的一些问题；最后有针对性地提出解决问题的有关政策建议。本文研究发现，我国股票IPO市场中各利益主体之间的“显性”与“隐性”关联复杂、多样，利益冲突问题十分突出，制度建设不够完善，作为关键中介机构的证券承销商对自己的声誉不够重视，投资银行声誉不能向市场传递有效信号。对此，我们提出，利益制衡和约束的具体措施应该包括发挥市场中多次博弈和声誉激励的作用，营造良好的市场竞争和商业伦理环境，借鉴美国等成熟市场的做法，，细化对发行人以及对关联投资银行、关联证券分析师等中介机构利益冲突问题的规制措施。
[Abstract]:Conflicts of interest are widespread in our social and economic activities. In the process of public listing of enterprises, the interests of different parties include: issuers and investment banks, issuers and investors, investment banks and investors, large institutional investors and small and medium-sized investors. Interests between regulators and issuers, regulators and investment banks, and between different organizations and individuals working in their respective institutions. There are potential conflicts of interest and interest checks and balances between these different organizations and between organizations and individuals, which constitute a network of conflicts of interest and checks and balances of interests in the stock IPO market. The basic ideas of this study are as follows: firstly, the conflicts of interest and the balance of interests in the process of public listing of enterprises are analyzed in economics; Then, on the basis of the theory, this paper analyzes the actual situation of potential conflicts of interest and some problems caused by the potential conflicts of interest in the IPO market of our country, and finally puts forward some relevant policy suggestions to solve the problems. This paper finds that the relationship between "dominance" and "recessive" in Chinese stock IPO market is complicated and diverse, the conflict of interest is very prominent, and the system construction is not perfect. As a key intermediary, underwriters do not pay enough attention to their reputation, and the reputation of investment banks can not send an effective signal to the market. In view of this, we propose that the specific measures of interest checks and balances and constraints should include giving play to the role of many games and reputation incentives in the market, creating a good market competition and business ethics environment, and drawing lessons from the practices of mature markets such as the United States. Detailed regulatory measures for issuers and related investment banks, related securities analysts and other intermediary agencies conflict of interest issues.
【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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