我国证券承销商声誉与IPO企业质量关系的实证分析

本文利用中国证券发行市场上的数据资料检验了我国承销商声誉与IP0企业质量之间的关系，实证分析的结果显示“认证中介理论”和Chemmanur-Fulghieri模型所表明的承销商声誉与IPO企业质量之间正相关的关系在我国证券发行市场中被扭曲，因此投资者通过承销商的声誉等级来区分发行企业质量的信息甄别机制在我国证券发行市场基本上不存在。这种情形致使我国承销商的信息生产功能和“认证中介”职能严重缺位，这是导致我国证券发行市场信息不对称问题严重、投资者“逆向选择行为”普遍、低质量发行企业充斥市场的一个重要原因。本文认为，管理层改变这种状况的政策取向应包括IPO企业筛选机制的市场化、承销服务费用的市场化、推进和完善“保荐人制度”以及促进承销商股权结构多元化和分散化等几个方面的内容。

A Positive Analysis on Relationship Between China Security Underwriter''''s Reputation and IPO firm''''s Quality

This paper investigates the relationship between Underwriter's reputation of China and Quality of IPO firm using data of China's issuance market of security. It is shown that positive relationship, which was proved by Certifying Agent Theory and C - F model, is distorted, therefore, there isn't signal - screening mechanism by which investor can differentiate quality of issuing firm by Underwriter's reputation in China's issuance market. Consequently, Underwriter's function as an information producer and certifying agent is absent in China, which is an importam reason of asymmetric information, adverse selection of investor and lots of inferior issuance firm existing in China Security Market. In order to change the disordered situation above - mentioned, there are available policies for regulation authority of China, as follows establishing market mechanism of selection IPO firm and of underwriting fee, promoting and perfecting Sponsor Institution, promoting diversification and decentralization of Underwriter's property right structure, and so on.