注册制改革背景下券商保荐与承销职能研究——以IPO市场为例

Research on the Sponsoring and Underwriting Functions of Security Firms under the Background of the Registered System Reform——Take the IPO Market for Example

全面实行股票发行注册制是我国当前资本市场改革的重点内容。相比于核准制,注册制更加强调券商在事前把关和价值发现中的作用。基于相关法律法规和我国IPO市场的实践数据,以定量的方式评价券商在新股发行上市工作中取得的成绩和存在的现实问题。综合分析券商在项目遴选保荐、新股定价、合规管理等方面的表现,发现注册制试点启动以来,IPO数量和募集资金规模显著增长,新股发行审核效率和定价市场化程度相比于核准制阶段有所提升。从建立健全声誉机制、提高券商自主配售权、充分发挥行业协会作用三个方面完善我国新股发行制度,切实提高券商服务直接融资的水平。

Comprehensively implementing the registered system is the key content of the current capital market reform.Compared with the approval-based system,the registration-based system puts more emphasis on the role of security firms in prior checks and value discovery.Based on relevant laws and regulations and the practical data of our IPO market,we evaluate the achievements and practical problems in the work of IPO by quantitative means.According to a comprehensive analysis of the security firms’project selection,sponsor guidance,IPO pricing and compliance management,the results show that the number of IPOs and the amount proceeds have increased significantly,and the efficiency of IPO examination procedure and the degree of market-based pricing have improved since the pilot of the registered system.This paper suggests further improving China’s IPO system from three aspects-establishing the reputation mechanism,increasing the shares allocation rights of security firms,and leveraging the functions of industry associations-so as to effectively improve security firms’performance in serving direct finance activities.