股票首次公开发行、承销商声誉与我国保荐制度的建立

承销商在股票首次公开发行中起着决定性作用,而承销商声誉对于其作用的发挥则有着重要的影响。本文首先对股票首次公开发行的过程及承销商的作用进行了概述,接着在借鉴国外学者相关研究的基础上,分析了承销商声誉对首次公开发行定价的影响。研究发现,由有声望的承销商承销的股票其定价相对较高,同时其收取的费用也相对较多。最后本文对我国保荐制度的建立与具体实施提出了相关建议。

IPOs,Underwriter Reputation and the Establishment of Sponsor System in China

In the process of initial public offerings,underwriters play a crucial role,which in a great extend relies on its reputation.First,the process of IPOs and the function of underwriters are summarized in this paper,and then,based on the related research done by some foreigners,this paper analyzed the effects of underwriter reputation on the pricing of IPOs stocks,that is,the prestigious underwriters had priced the IPOs stocks relatively higher than nonprestigious underwriters,and the prestigious underwriters charge larger fees.Finally,some suggestions on how to establish and carry out the sponsor system in China are put forward in this paper.