我国承销商声誉与承销服务费用关系的研究

An Empirical Analysis on the Relationship between Underwriter's Reputation and Underwriting Fee in China

市场为高声誉承销商提供比低声誉承销商更高的承销服务费用是对承销商建立和保持市场声誉、提高承销服务质量的一种补偿和激励,因而也是确保证券发行市场有效性的一个重要机制。文章利用中国证券发行市场上的数据资料检验了我国承销商声誉与承销服务费用之间的关系,实证分析的结果显示虽然我国承销费用率与承销商声誉值正相关,但是不同声誉等级承销商之间的承销服务价格差别很小,这种状况既不利于承销商声誉资本的形成,也弱化了声誉机制对我国承销商行为的约束力,究其原因就在于我国缺乏市场化的承销服务费用率的形成机制。有鉴于此,文章认为要改变这种状况必须放松当前对承销服务费用的管制,建立市场化的承销服务价格形成机制。

The fact that the market offers much more underwriting fee to underwriters with higher reputation than to those with lower reputation is an important compensation and encouragement for underwriters to build, maintain their reputation and improve quality of underwriting service, therefore it is also an important mechanism to keep the effectiveness of the issuance market of security. This paper tests the relationship between the reputation of underwriters and underwriting fee in China by using data from China's security issuing market. The results of the empirical analysis show that, China's underwriting fee is positive in relation with the underwriters' reputation, the price difference between underwriters of different reputation rang is very little, which not only obstructs the formation of reputation capital of underwriters but also weakens the effects of reputation mechanism on the behavior of underwriters, because there is no market mechanism of underwriting fee in China. To change this situation analysed above, this paper suggests that China should deregulate fee of underwriting services in order to build market mechanism of underwriting price.