本文關(guān)鍵詞：保薦制下承銷商聲譽(yù)與IPO企業(yè)質(zhì)量研究　出處：《廈門大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

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【摘要】：保薦制度自2004年在我國實(shí)施以來,至今已經(jīng)有十年,該制度有利于強(qiáng)化金融中介機(jī)構(gòu)的“信息生產(chǎn)者”、“認(rèn)證中介”的功能。日前證監(jiān)會正在竭力改革股市發(fā)行制度,加快從核準(zhǔn)制過渡到注冊制,這對于證券市場的進(jìn)一步市場化有積極的作用。我國股票市場成立時(shí)間不長,由于在發(fā)行環(huán)節(jié)中市場參與各方之間的利益沖突,因此股票發(fā)行環(huán)節(jié)是人們長期關(guān)注的焦點(diǎn)。本文將研究視角放在我國股票發(fā)行環(huán)節(jié)中的承銷商聲譽(yù)機(jī)制,考察在保薦制下承銷商聲譽(yù)與IPO企業(yè)經(jīng)營質(zhì)量間的相關(guān)性,希望得出我國承銷商聲譽(yù)機(jī)制初步形成的結(jié)論,肯定保薦制度的引導(dǎo)規(guī)范作用。 本文運(yùn)用文獻(xiàn)研究與實(shí)證分析相結(jié)合的方法,從理論到實(shí)證,分析我國承銷商的聲譽(yù)機(jī)制。在實(shí)證分析過程中,選取2009年7月至2010年12月我國市場發(fā)行的新股經(jīng)驗(yàn)數(shù)據(jù)進(jìn)行實(shí)證研究,重點(diǎn)考察承銷商聲譽(yù)與IPO企業(yè)上市當(dāng)年和上市后兩年的經(jīng)營質(zhì)量因子綜合得分間的相關(guān)性。先后選取描述性分析、單因素方差分析以及回歸分析這三種實(shí)證分析方法進(jìn)行研究。描述性分析與單因素方差分析結(jié)果顯示第一級與第二級承銷商承銷企業(yè)的經(jīng)營狀況都較好不過差別不大,但兩者總體好于第三級承銷商承銷發(fā)行的企業(yè)；單變量回歸分析結(jié)果中聲譽(yù)系數(shù)通過顯著性檢驗(yàn),但總體擬合度不高,可以通過經(jīng)濟(jì)現(xiàn)象進(jìn)行解釋。綜合實(shí)證分析結(jié)果,表明我國承銷商在保薦制度實(shí)施期間形成了聲譽(yù)機(jī)制的初步形態(tài),體現(xiàn)了保薦制度對于我國證券市場具有一定的規(guī)范引導(dǎo)作用。 研究結(jié)果顯示仍需更為明細(xì)的規(guī)章制度出臺,以加快完善我國承銷商聲譽(yù)機(jī)制。首先,需要政府提供更為公平優(yōu)質(zhì)的生產(chǎn)資料,保障企業(yè)持續(xù)穩(wěn)定發(fā)展；其次,加快承銷商聲譽(yù)機(jī)制的建立,一方面要加強(qiáng)監(jiān)管,加大對于承銷商違法違規(guī)現(xiàn)象的懲處力度；另一方面,建立市場化的承銷商聲譽(yù)機(jī)制,使投資者在市場長期博弈過程中對承銷商形成準(zhǔn)確評估；最后,完善配套機(jī)制,理順證券機(jī)構(gòu)內(nèi)保薦與承銷的職責(zé),保障保薦制度的有效運(yùn)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.
【學(xué)位授予單位】：廈門大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F272.3

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