摘要
关系与声誉是衡量非市场机制和市场机制的两大指标。2014年IPO重启至今,以中介机构声誉为代表的市场因素相较于以发审联系为代表的非市场因素,更能影响IPO申请企业的过会率。通过对2014年至2018年共1343家向证监会申请IPO的企业研究,发现“发审委关系”这一因素并不能影响过会;在中介机构层面,承销商声誉和律师声誉在IPO过会中起作用,但是律师事务所和会计师事务所声誉并不能影响IPO过会。在未来新股发行体制改革中,应当重视中介机构的声誉鉴证效应,形成通过“声誉”消除“关系”的市场化发行机制。
In the context of IPO restart in 2014,this paper aims to search for the factors that affect IPO approval rate from the perspectives of market and relation in China s securities market.By studying 1343 companies that applied for IPO from 2014 to 2018,we have drawn two conclusions.Firstly,the factor that IPO Insurance Examination Commission Relationship(IECR)couldn t affect the IPO approval rate.Secondly,as far as financial intermediaries are concerned,the reputation of underwriter and lawyer affect the outcome.These results mean that the rent-seeking of the Examination Commission is decreasing,while the certification effect of financial intermediaries reputation is increasing since 2014.In another word,China s IPO issuance system is changing from relation-oriented to market-oriented,and eliminating the relationship through reputation should be the direction of the IPO review system reform in the future.
作者
黄勇升
程金华
Huang Yongsheng;Cheng Jinhua(Koguan School of Law,Shanghai Jiao Tong University,Shanghai 200030,P.R.China)
出处
《山东大学学报（哲学社会科学版）》
CSSCI
北大核心
2020年第6期16-25,共10页
Journal of Shandong University(Philosophy and Social Sciences)
基金
国家社科基金重大项目“大数据与审判体系和审判能力现代化研究”(17ZDA130)
国家社科基金重大项目“合作治理:国家治理体系现代化与国家责任研究”(15ZDA031)。
关键词
IPO过会
声誉机制
发审委联系
律师声誉
IPO approval
Reputation mechanism
IPO Insurance Examination Commission Relationship
Lawyer reputation
