IPO市场证券分析师的利益冲突与监管:以美国网络泡沫期间为例

The Conflicts of Interest and Regulation of the Securities Analysts in the IPO Market:A Case Study of the U.S.A during the Internet Bubble

在IPO市场中,证券分析师尤其是主承销商的附属分析师面临着种种潜在的利益冲突问题。从来源看,利益冲突主要源于分析师所属的投资银行、股票发行人以及证券分析师自身等。在网络泡沫期间,美国证券分析师的利益冲突问题表现得较为明显,对此美国证券交易管理委员会等监管机构采取了相应的监管措施,此后,分析师的利益冲突问题得到了明显的改善。近些年来,我国IPO市场也出现了一些违规行为,其中主承销商附属分析师对IPO股票的推荐方面也存在着种种问题,文章就此提出了相应的监管建议。

The securities analysts, especially the affiliated analysts of the leading underwriters, may face many potential conflicts of interest problems in the IPO market. The conflicts of interest faced by analysts may arise from the affiliated investment banks, the stock issuers, and the securities analysts themselves. During the internet bubble, these conflicts of interest problems were more serious. The Securities and Exchange Commission( SEC) and other securities regulators had taken appropriate supervisory measures, and the severity of the securities analysts' conflicts of interest problems had been mitigated. In recent years, there have been many violation activities in the IPO market of the Chinese stock market, and there are also many problems for IPO stocks recommendation from the affiliated securities analysts. Therefore, the article proposed some regulation suggestions on this issue.