双重保荐声誉、社会诚信与IPO过会

Dual Sponsors' Reputation,Social Trust and IPO Approval

本文从保荐机构和保荐代表人双重保荐声誉这一独特的视角探寻影响IPO过会率的原因,并考察了地区社会诚信差异是否影响企业上市申请时对双重保荐声誉的依赖程度。研究发现:(1)在企业上市申请过程中,保荐机构的作用并不明显,真正起到关键作用的是保荐代表人;(2)虽然保荐机构声誉单独产生的影响有限,但在双重保荐制下,高声誉的保荐机构不仅在更大程度上提高企业通过审核的概率,而且也在一定程度上保证了企业上市后的业绩表现,从而验证了双重保荐制度的合理性和有效性;(3)社会诚信水平较差地区的企业,更倾向于聘请高声誉的保荐代表人,以获取较高的IPO过会成功率。本文研究为进一步完善新股发行制度、稳定资本市场提供了重要的理论和经验证据。

This paper explores how dual sponsors＇ reputation, including sponsor institutes＇ reputation and the reputation of the representative of sponsors, affects the probability of enterprises＇ passing IPO verification, and further investigate whether the difference of social trust between areas poses effects on how much the enterprises reliance on dual sponsors＇ reputation when they submit the application for IPO. Our study finds ： （ 1 ） Sponsor institutes do not play the significantly important role when enterprises submit the IPO application, but the representatives of sponsor do. （2） Although sponsor institutes＇ reputation makes little difference alone, it can pose a further impact on influence which the reputation of representative of sponsor makes. The effect includes not only the contribution to the greater probability for the finn to pass IPO verification, but also the guarantee for better post - IPO firms＇ achievement. Thus, dual sponsors system is proved to be justifiable and effective. （3） The enterprises, which are local in the area with poor social trust, prefer to hire prestigious representatives of sponsor in order to have greater probability of getting the IPO qualification. The research can lead theoretical and empirical evidence for improving the system of issuing new shares, and stabilizing the capital market.