证券监管效率和承销商声誉——基于南方证券“麦科特事件”的案例研究

本文以“麦科特事件”为研究对象,分析了证券监管对承销商声誉资本的影响,从一个侧面考察了我国证券监管的效率。实证结果表明,证券监管通过影响目标承销商未来的市场份额,给承销商的声誉资本带来了负面影响。但成熟市场上显示的承销商声誉和IPO客户声誉的关联性在本文的案例分析中没有得到验证。我国证券监管在信息传递方面的缺陷以及投资者对承销商声誉的不关注,导致监管行动对承销商声誉的间接惩罚效应不足。我们认为,直接处罚和间接处罚并进,对于促成承销商声誉机制的形成、提高证券监管的效率具有重要的理论和现实意义。

The Efficiency of Securities Supervision,and Underwriters' Reputation

Taking what is called "the Maikete'!event" as case to be studied, I, in this article, have analyzed the impact of securities supervision upon underwriters'!reputation, and surveyed from one aspect the efficiency of China's securities regulation. My case study indicates that, by the impact on the future market share of the target underwriters, the administration of securities brings negative effect on the reputation of underwriters. In this case study, however, the association shown in the mature market between the underwriters'!reputation and IPO clients'!reputation has not been tested and verified. The drawbacks, in information transmission, of China's securities supervision, and the investors'!lack of attention to underwriters'!reputation have resulted in the insufficiency of the effect of indirect penalties imposed on underwriters'!reputation by supervision acts. In our view, inflicting both direct and indirect penalties is of important theoretic and practical significance to the improvement of efficiency of securities supervision.