保荐制下承销商声誉与IPO企业质量研究

发布时间：2018-01-16 15:43

本文关键词：保荐制下承销商声誉与IPO企业质量研究　出处：《厦门大学》2014年硕士论文　论文类型：学位论文

【摘要】：保荐制度自2004年在我国实施以来,至今已经有十年,该制度有利于强化金融中介机构的“信息生产者”、“认证中介”的功能。日前证监会正在竭力改革股市发行制度,加快从核准制过渡到注册制,这对于证券市场的进一步市场化有积极的作用。我国股票市场成立时间不长,由于在发行环节中市场参与各方之间的利益冲突,因此股票发行环节是人们长期关注的焦点。本文将研究视角放在我国股票发行环节中的承销商声誉机制,考察在保荐制下承销商声誉与IPO企业经营质量间的相关性,希望得出我国承销商声誉机制初步形成的结论,肯定保荐制度的引导规范作用。本文运用文献研究与实证分析相结合的方法,从理论到实证,分析我国承销商的声誉机制。在实证分析过程中,选取2009年7月至2010年12月我国市场发行的新股经验数据进行实证研究,重点考察承销商声誉与IPO企业上市当年和上市后两年的经营质量因子综合得分间的相关性。先后选取描述性分析、单因素方差分析以及回归分析这三种实证分析方法进行研究。描述性分析与单因素方差分析结果显示第一级与第二级承销商承销企业的经营状况都较好不过差别不大,但两者总体好于第三级承销商承销发行的企业；单变量回归分析结果中声誉系数通过显著性检验,但总体拟合度不高,可以通过经济现象进行解释。综合实证分析结果,表明我国承销商在保荐制度实施期间形成了声誉机制的初步形态,体现了保荐制度对于我国证券市场具有一定的规范引导作用。研究结果显示仍需更为明细的规章制度出台,以加快完善我国承销商声誉机制。首先,需要政府提供更为公平优质的生产资料,保障企业持续稳定发展；其次,加快承销商声誉机制的建立,一方面要加强监管,加大对于承销商违法违规现象的惩处力度；另一方面,建立市场化的承销商声誉机制,使投资者在市场长期博弈过程中对承销商形成准确评估；最后,完善配套机制,理顺证券机构内保荐与承销的职责,保障保荐制度的有效运行。
[Abstract]:Since 2004, the sponsor system has been implemented in China for ten years, which is conducive to strengthening the "information producers" of financial intermediaries. The former Securities Regulatory Commission is working hard to reform the stock market issuance system and speed up the transition from approval system to registration system. This will play a positive role in the further marketization of the securities market. The stock market in our country has not been established for a long time, because of the conflicts of interest between the parties involved in the issuing link. Therefore, the issue of stock is the focus of people's long-term concern. This paper focuses on the underwriter reputation mechanism in the issue of stock in China. This paper investigates the correlation between underwriter reputation and IPO business quality under the recommendation system, and hopes to draw the conclusion that the underwriter reputation mechanism of our country is formed preliminarily, and confirm the guiding and normative function of sponsor system. This paper uses the method of literature research and empirical analysis to analyze the reputation mechanism of underwriters in China from theory to demonstration. In the process of empirical analysis. From July 2009 to December 2010, the empirical data of new shares issued in China's market are selected for empirical research. The relationship between the reputation of underwriters and the comprehensive scores of business quality factors in the year and two years after the listing of IPO enterprises was investigated. The descriptive analysis was selected successively. The results of descriptive analysis and univariate ANOVA show that the first and second level underwriter underwriting enterprises are better, but the difference is different. Not really. But they are generally better than the third level underwriter underwriting and issuing enterprises; The results of univariate regression analysis showed that the reputation coefficient passed the significance test, but the overall fitting degree was not high, which could be explained by economic phenomena. It shows that the underwriters in our country have formed the initial form of reputation mechanism during the implementation of the sponsorship system, which reflects the role of the sponsorship system in guiding the securities market in China to a certain extent. The results show that more detailed rules and regulations are needed in order to improve the reputation mechanism of underwriters in China. Firstly, the government needs to provide more fair and high-quality means of production to ensure the sustainable and stable development of enterprises; Secondly, to speed up the establishment of the underwriter reputation mechanism, on the one hand, to strengthen supervision and increase the penalties for underwriters illegal phenomenon; On the other hand, the establishment of market-oriented underwriter reputation mechanism, so that investors in the market long-term game process to form an accurate evaluation of the underwriter; Finally, perfect the supporting mechanism, straighten out the responsibility of recommendation and underwriting in securities institutions, and ensure the effective operation of recommendation system.
【学位授予单位】：厦门大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F272.3

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