注册制的效用——基于承销商声誉与债券违约

Bond Defaults and Reputation of Underwriters under Different Issuing Mechanisms

2023年2月,我国资本市场全面实行注册制,更加开放的上市制度实质上对市场“看门人”金融中介提出了更高的要求。我国债券市场中银行间和交易所双市场、核准制和注册制双发行制度并行的市场结构为研究金融中介在不同发审制度中的作用机制提供了极具研究价值的准自然实验样本,为新发行制度下我国股票市场健康有序发展提供了可参考的经验。本文从承销商的角度出发,对债券违约展开研究。研究发现,承销商声誉越高,其所承销债券的违约概率越低,承销商发挥了应有的作用。在注册制中,承销商声誉机制能够发挥更为显著的作用,但其声誉功能的发挥也需要依赖于外部治理机制和内部治理机制的约束。

The registration issuing system has been implemented in China's capital market since February 2023.The lower the entrance thresholds to a market,the higher the due diligence requests for financial intermediaries serving as market gatekeepers.The unique bond market structure in China,the registration issuing system has been used in the inter-bank bond market versus the approval issuing system was used in the exchange bond market,provides a valuable quasi-natural experimental sample for studying the mechanism of financial intermediation,which can provide referential experiences for the healthy and orderly development of China's stock market under the registration issuing system.This paper studies bond defaults from the perspective of underwriters.Our study found that the higher the reputation of the underwriter,the lower the probability of default of the bond it underwrites,the underwriter has played its due role.The underwriter reputation mechanism can perform better in the registration issuing system,however,its functionality still relies on the external governance and the internal governance.