【摘要】：聲譽機制通過激勵和約束兩種機制對證券承銷商的行為做出了規(guī)范,對聲譽造成影響的因素有證券承銷商的規(guī)模、定價水平、承銷業(yè)績、所承銷的IPO企業(yè)質(zhì)量和IPO企業(yè)在二級市場上的長期表現(xiàn)。根據(jù)聲譽理論,通過因子分析法建立了平安證券聲譽評價體系,發(fā)現(xiàn)承銷業(yè)績、所承銷的IPO企業(yè)質(zhì)量和IPO企業(yè)在二級市場上的長期表現(xiàn)對平安證券的聲譽水平影響較大,2010年后其聲譽水平明顯下降。盡職調(diào)查階段、內(nèi)部審核階段以及后續(xù)督導(dǎo)階段都出現(xiàn)較多的漏洞,這是導(dǎo)致平安證券受到證監(jiān)會處罰而聲譽受損的主要原因。為維護其聲譽,平安證券采取了設(shè)立賠償基金和進行內(nèi)部改革的措施,本文認為聯(lián)系造成聲譽受損的原因,后者能從根本上緩解聲譽受損所帶來的影響。最后,本文得出結(jié)論,券商應(yīng)充分認識到聲譽受損所帶來的嚴重后果,在保薦過程中勤勉盡責(zé),以避免受到監(jiān)管部門的處罰而導(dǎo)致聲譽受損。根據(jù)此結(jié)論,本文對券商、待IPO企業(yè)以及投資者提出了相應(yīng)的意見。
[Abstract]:Reputation mechanism regulates the behavior of securities underwriters through incentive and restraint mechanisms. The factors that affect reputation include the scale of securities underwriters, pricing level, underwriting performance, and so on. Quality of underwritten IPO and long-term performance of IPO in secondary market. According to reputation theory, the reputation evaluation system of Ping an Securities is established by factor analysis. It is found that the performance of underwriting, the quality of underwritten IPO enterprises and the long-term performance of IPO enterprises in the secondary market have great influence on the reputation level of Ping an Securities. The level of its reputation has declined markedly since 2010. Due diligence stage, internal audit stage and subsequent supervision stage all appear more loopholes, which is the main reason why Ping an Securities Security has been punished by the SFC and its reputation has been damaged. In order to protect its reputation, Ping an Securities has taken the measures of setting up compensation fund and carrying out internal reform. This paper argues that the cause of reputation damage can be fundamentally alleviated by the latter. Finally, this paper concludes that the securities companies should fully realize the serious consequences of reputation damage and work diligently in the process of sponsorship, in order to avoid being punished by the regulatory authorities and resulting in reputation damage. According to this conclusion, this paper puts forward the corresponding opinions to securities firms, IPO enterprises and investors.
【學(xué)位授予單位】：廣東財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.39

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