浅析我国保荐代表人制度的现状与完善建议

保荐代表人制度是我国证券发行上市制度中的一个关键的组成部分,是企业在资本市场发行证券时,需要保荐机构的保荐代表人对相关融资项目进行严格把关的一项制度。但是保荐人制度因其资源配置、权责监督等方面尚不完善,出现了许多问题,影响其效力发挥。通过对保荐人制度的分析,阐释对其内容、效力、局限性的认识及展望。     

保荐人制度显效尚待时日——保荐代表人责权亦须约束

第一批保荐机构和保荐代表人名单5月11日公布，主要参照香港制定的保荐人制度正式走向内地资本市场。由于两地证券发行制度的不同以及相关配套政策、法规不尽完善，内地要通过保荐人制度来保证上市公司的质量尚需时日。     

浅议保荐人制度

本文的创作意图源于《21世纪经济报道》于2010年11月26日一篇名为《143家上市公司保荐代表人变更的背后》的报道,笔者认为保荐行业的一系列问题并不单单是行业热度造成的,而应从制度设计层面进行深层次探讨。保荐制度,自05年正式引入《证券法》以来,备受关注,事实上自2004年2月1日起,保荐制度已经在《证券发行上市保荐制度暂行办法》(以下简称《暂行办法》)中亮相。我国的保荐制度设计主要借鉴了我国香港地区的相关制度,因为缺乏实践探索而颇具争议。本文拟从琼花事件入手,通过对制度本身设计和我国发展现状的探讨寻找问题所在,并且通过比较先进国家的保荐制度为我国制度提供解决方案。     

《证券发行上市保荐制度暂行办法》2004年2月1日起正式施行

我国证券发行将实行重大改革,保荐制度即将正式实施。日前,中国证监会发布了《证券发行上市保荐制度暂行办法》,拟于2004年2月1日起正式施行。 此次出台的《办法》设立了对保荐机构和保荐代表人的注册登记制度,明确了保荐责任和保荐期限,建立了监管部门对保荐机构和保荐代表人施行责任追究的监管机制。保荐制度主要包括以下内容:     

走下神坛的保荐代表人

曾经数量稀缺的保荐代表人，从诞生之时就成为市场追捧的对象，转会费过百万者曾比比皆是。2012年的IPO暂停和保荐人制度改革，则使其优势地位不保。伴随监管力度的加大，保荐代表人开始变成高危高压职业。     

保荐代表人准入门槛与IPO资源配置效率——基于中国A股市场的实证分析

保荐代表人准入门槛不断下降引发了业界各方对于其是否能够提高新股上市后表现与首发效率的担忧。研究基于我国证券发行注册制改革不断推进的背景,以2012-2016年A股IPO为样本,首次实证研究了保荐代表人市场准入门槛下降与IPO资源配置效率的关系。结果发现保荐代表人准入门槛越低,IPO资源配置效率越高,这表明保荐代表人的市场化改革能够对IPO资源配置效率产生显著影响。因此,坚持保荐代表人市场化改革,增强市场理性,尤为重要。     

次新股业绩“变脸”与发行监管制度改革——基于珈伟股份的案例研究

本文以我国发行监管施行核准制为制度背景,从发行监管、提高上市公司质量和投资者保护的理论角度出发,对珈伟股份IPO后不久便业绩突然“变脸”的现象进行研究.分析结果表明,珈伟股份事实上不符合上市条件,IPO过程中存在一定的欺诈行为,保荐代表人、保荐机构甚至是监管机构的工作也存在着一定的疏漏.针对这问题,本文建议监管当局应进一步改革股票发行监管制度,推进其市场化进程,同时也应加大对信息披露的监管,严惩违规上市公司,致力于建立一种保护投资者合法权益的机制.     

我国股票发行注册制下保荐制度的反思

股票发行注册制改革使资本市场进一步市场化,证监会和推荐人在信息披露中发行人和投资者之间的中间人“角色”,不可避免地发生变化。保荐制度自我国引入以来,曾历经多次修改和完善,在注册制背景下,保荐人的证券市场看门人和牵头人作用在新的保荐业务管理中被重申,对保荐制度的规定更趋于完善。但从多方面看,保荐制度仍存在很多不足,面对信息披露义务的严格要求,在新背景下完善保荐制度,继续发挥保荐人在发行上市过程中的作用尤为重要。     

证券上市保荐制度下IPO申报与审核的博弈分析

在我国证券上市保荐制度下,保荐机构与证监会在IPO申报与审核过程中存在博弈关系。本文通过建立一个含不确定性因素的完全但不完美信息的动态博弈模型,找到博弈参与方决策的主要决定因素,由此研究如何在信息不对称条件下,降低保荐机构保荐不合格股份公司和证监会审核方渎职审核的概率,从而为这一现实问题的解决提供理论依据和思路。     

试论完善我国创业板保荐制度

创业板保荐制度是支持中国创业板市场健康、高速发展的保障。保荐制度引入的时间并不长,它作为风险监管体系中的重要部分发挥着特有的监管职能。目前针对中国创业板的保荐制度存在的信息披露、保荐人职责缺失等造成风险失控的问题,文章从保荐制度的风险监管的设计理念出发,提出完善中国保荐制度的政策建议。     

论证券发行上市中保荐人职责制度的完善

被称为"第一看门人"的保荐人对自己所承诺保荐的产品具有法定的担保责任,其保荐意见是投资者作出投资决策的参考依据,可见保荐人肩负着巨大的职责.我国现行法律规定证券发行上市中保荐人要承担辅导、调查、核查、推荐等职责,但是该制度规定存在着保荐人职责过于繁重、职责的界限模糊等缺陷.借鉴英国和我国香港地区保荐人职责的相关规定,本文试图对改进我国保荐人职责制度提出一些建议.     

Drivers of brand image improvement in sports-event sponsorship

This stock-taking article re-examines 20 years of research on conditions that influence the magnitude of brand image improvement through sports-event sponsorship. The study suggests a procedure to adequately measure sponsor image change in field sponsorships and investigates potential factors related to the sponsored property, the sponsorship relationship, the sponsor, and the individual sports spectator that may affect the magnitude of sponsor image improvement. An empirical analysis in the context of a large sponsored sports event shows that some drivers influence sponsor image improvement directly in a multiple regression analysis (spectators’ perceived event image, event–sponsor fit, sponsor familiarity, and product category importance), while other drivers are related to sponsor image in bivariate analyses only (spectators’ event interest, sport interest, event exposure, and demographic characteristics). Reasons for these findings (e.g., interrelationship between drivers of sponsor image improvement), managerial implications, and consequences for the development of a comprehensive model of sponsor image formation are discussed.     

Promoting Public Health or Underlying Business Interests? The Effectiveness (or Ineffectiveness) of Responsible Drinking Social Causes by the Alcohol Industry Versus Non-Profits

This study examined differences in the effectiveness of responsible drinking campaigns in promoting public health or facilitating underlying interests between the alcohol industry and non-profit organizations. We examined college students' perception of advertisers' motives and evaluation of sponsors' credibility and explored the effects of this perception on multiple strategic goals established by alcohol responsibility campaigns. The results showed that participants perceived industry-sponsored campaigns as self-serving, and this affected sponsor credibility, which influenced attitudes toward sponsors and campaign messages in both sponsor types. These attitudes were significantly associated with intention. The effects of sponsor credibility on attitudes toward drinking differed according to sponsor types. Positive perception of sponsor credibility following exposure to an industry-sponsored campaign enhanced positive attitudes toward drinking, which strengthened intention to drink. When exposed to a non-profit organization's message, positive perception of credibility led to negative attitudes toward drinking and weaker intention to drink.     

The short- and long-term impact of brand placement in an advertiser-funded TV program on viewers' attitudes toward the sponsor brand and its main competitor

The present research investigates how viewers' liking of an advertiser-funded television program (AFP) influences viewers' attitude toward the brand that sponsors the program and its main competitor through a field study at two points in time (N_wave1 = 529 and N_wave2 = 256). An AFP is a television program which is fully sponsored by and built around a sponsoring brand. We test how the perceived program-sponsor brand fit moderates the effect of program liking one week and one month after the program finale. Program liking positively impacts brand attitude for the sponsor, and this effect becomes weaker over time. Program-sponsor brand fit reinforces the positive effect of program liking on brand attitude, especially in the longer term. In the longer term, program liking of an AFP also positively impacts viewers' attitude toward the main competitor of the sponsor.     

还权赋能：农地产权改革路径选择——以佛山市南海区土地股份合作制为例

土地问题是我国农村的重大问题,土地改革牵一发而动全身。在城镇化和经济发展的进程中,土地实现了从资源到资产再到资本的转变,这其中涉及到土地权属、土地流转和土地收益分配等问题。本文以佛山市南海区的土地股份合作制为例,试图呈现经济发达地区具有代表意义的土地产权改革过程。我们从中发现,南海的农地产权改革实现了从最初农地产权权能相对单一、模糊和残缺的土地产权形态到产权权能相对多元、具体和丰富的产权结构形态的转变。     

Does reputation of sponsors matter in IPO? Evidence from Hong Kong

Contrary to other markets where underwriters perform a combined role of underwriting and sponsoring in an Initial Public Offering (IPO), IPO issuers in Hong Kong must appoint at least one sponsor in addition to the underwriters. The splitting of the single role of underwriters into two separate ones offers an ideal setting to disentangle the effects of the two roles and to examine which of the two roles—sponsor or underwriter—is more important in explaining IPO underpricing and initial volatility in the Hong Kong equity market. Interestingly, our findings provide supportive evidence that the sponsor reputation does matter in an IPO and it is even more significant than the underwriter reputation in explaining the IPO underpricing phenomenon. Given the recent high-tech fervor, our research goes deeper to examine specifically the role of sponsors on high-tech firms, with results indicating that the reliance on sponsors is higher for traditional issuers than for technology firms. We further discover that sponsors and underwriters are playing substitution roles rather than complementary roles. In order to examine the regulatory policy impact, our research also compares the role of IPO sponsors before and after the launch of the new sponsor regulatory regime in 2013. The empirical findings lend support to our argument that after the launch of the new regulations, public awareness of sponsors is raised, respect towards more reputable sponsor increases, and thus, the role of sponsors becomes more important than before.     

Sports sponsorship effects on customer equity: an Asian market application

The authors of this study investigate sponsorship effects on customers in Korea and China, specifically to determine whether current sponsorship research applies to Asian countries and whether the model is significantly different between Korea and China. For this purpose, 251 Koreans and 309 Chinese participated in a survey. The findings suggest that appropriate fit between the sponsor and the sports event enhances brand loyalty and customer equity by positively influencing attitude toward the sponsor and brand image. However, in China, the sponsor's fit did not directly impact brand image. As expected, sporting event experience search positively affects attitudes toward the sponsoring brand, which enhances brand image. Koreans' more favourable attitude toward the sponsoring brand positively influences their brand preference, but favourable attitude does not significantly affect Chinese consumers' perceived congruency with a product. Brand image positively impacted brand preference, and therefore confirms brand personality's congruence effect in both countries. Both brand image and brand preference directly and positively enabled brand loyalty to develop more favourable customer equity. Koreans, however, showed higher effects in the relationships between brand image and brand loyalty and between brand loyalty and customer equity.     

Digital touch in sponsorship: Getting closer to the brand through virtual reality

Supporters are consuming more and more sporting events through digital platforms. Brands should adapt to these new consumption patterns in order to strengthen their connection with their customers. Today, researchers and practitioners can create more interactive and enjoyable experiences through virtual reality (VR) applications. Through two studies conducted on VR during sporting events, we show that mentally representing the touch experiences of players on the field reduces the psychological distance between the supporter and the player, which strengthens the supporter's attachment to the team and, through the same attachment, to the sponsor (Study 1). We also highlight that these positive effects of VR compared to real touch (using a player's jersey) is linked to the improvement of immersion, which stimulates touch imagery (Study 2). We discuss the implications of this research for theory and practice in the sports business and other sectors.     

论不动产税制改革与产权保护

从实质看,不动产税是对不动产产权的征税,产权保护是不动产税制良好运行的法律基础,上述结论在世界主要转轨国家的不动产税制改革过程中得到印证。而我国目前不动产产权格局是城乡二元结构、房地二元结构和城市多种产权性质的房产并立。如何在产权极其复杂的基础上开征不动产税,这是不动产税制改革要解决的首要难题。可以预见,不动产税的开征是产权保护工作中的推进器,而产权保护则为不动产税的开征奠定了良好的法律基础环境。     

集体林权制度改革的法律问题探讨

集体林权是指森林、林木、林地属于集体的所有权和使用权,具有产权的一般特性。现行集体林权制度存在着诸多实际问题。完善的自主经营权是集体林权制度改革的重点,排他性占有是集体林权制度改革的关键。必须构筑集体林权配套改革的长效机制,完善集体林权保护的法律制度。