| IPO市场承销商声誉机制的形成机理及实证检验 |
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| 引用本文： | 黄春铃,陈峥嵘.IPO市场承销商声誉机制的形成机理及实证检验[J].证券市场导报,2007(2):19-25. |
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| 作者姓名： | 黄春铃 陈峥嵘 |
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| 作者单位： | [1]北京大学光华管理学院,北京100871 [2]上海通证券研究所,上海200021 |
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| 摘 要： | 本文认为，考虑到中国IP0市场的特殊背景，承销商声誉的形成高度依赖于证券监管力量。本文实证结果显示，中国IPO市场承销商声誉的阶段性积累虽已初具雏形，但并没有形成明朗的分化，承销商声誉机制在一定程度上仍处于缺位状态。制度的市场化改革取向和外部约束力量的增强，是中国承销商声誉阶段演进的动力。同时，IPO市场上监管制度的缺陷以及由此导致的监管效率低下、市场约束机制弱化，是阻碍承销商声誉阶段性推进的主要原因。
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| 关 键 词： | 承销商声誉机制 股票发行 发行企业 发行监管 |
| 文章编号： | 23790208 |
Empirical Study on Mechanism of Underwriter Reputation in China IPO Market |
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| Huang Chunling,Chen Zhengrong.Empirical Study on Mechanism of Underwriter Reputation in China IPO Market[J].Securities Market Herald,2007(2):19-25. |
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| Authors: | Huang Chunling Chen Zhengrong |
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| Abstract: | Reputation of underwriters at China IPO market depends highly on the strength of securities regulation. This paper reveals that the underwriter reputation assessment mechanism is gradually coming into shape. The market-oriented reform of IPOs system and external factors are the impetus for Chinese underwriters to improve their reputation. At the same time, the existing defects of IPO mechanism, which result in low efficiency and weak market power are the reasons why the reputation mechanism is yet to take into full effect. |
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| Keywords: | underwriter reputation mechanism stock issuance issuers supervision on stock issuance |
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