【摘要】：利益沖突廣泛地存在于我們的社會(huì)活動(dòng)、經(jīng)濟(jì)活動(dòng)之中。在企業(yè)公開上市過程中，不同主體之間的利益關(guān)系主要包括：發(fā)行人和投資銀行、發(fā)行人和投資者、投資銀行和投資者、大型機(jī)構(gòu)投資者和中小投資者的利益、監(jiān)管層和發(fā)行人、監(jiān)管層和投資銀行等不同主體之間的利益關(guān)系，以及不同的組織機(jī)構(gòu)與在各自機(jī)構(gòu)中工作的個(gè)人之間的利益關(guān)系。這些不同的組織與組織之間、組織與個(gè)人之間存在潛在的利益沖突和利益制衡關(guān)系，由此構(gòu)成了一個(gè)股票IPO市場(chǎng)中的利益沖突與利益制衡網(wǎng)。 本文研究以企業(yè)公開上市過程中的各利益主體為研究對(duì)象，基本思路是：首先對(duì)企業(yè)公開上市過程中的利益沖突、利益制衡問題做經(jīng)濟(jì)學(xué)解析；然后在此理論基礎(chǔ)上，剖析我國(guó)IPO市 場(chǎng)中潛在的各種利益沖突現(xiàn)實(shí)狀況及其引發(fā)的一些問題；最后有針對(duì)性地提出解決問題的有關(guān)政策建議。 本文研究發(fā)現(xiàn)，我國(guó)股票IPO市場(chǎng)中各利益主體之間的“顯性”與“隱性”關(guān)聯(lián)復(fù)雜、多樣，利益沖突問題十分突出，制度建設(shè)不夠完善，作為關(guān)鍵中介機(jī)構(gòu)的證券承銷商對(duì)自己的聲譽(yù)不夠重視，投資銀行聲譽(yù)不能向市場(chǎng)傳遞有效信號(hào)。對(duì)此，我們提出，利益制衡和約束的具體措施應(yīng)該包括發(fā)揮市場(chǎng)中多次博弈和聲譽(yù)激勵(lì)的作用，營(yíng)造良好的市場(chǎng)競(jìng)爭(zhēng)和商業(yè)倫理環(huán)境，借鑒美國(guó)等成熟市場(chǎng)的做法，，細(xì)化對(duì)發(fā)行人以及對(duì)關(guān)聯(lián)投資銀行、關(guān)聯(lián)證券分析師等中介機(jī)構(gòu)利益沖突問題的規(guī)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.
【學(xué)位授予單位】：山東財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F224

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