论文部分内容阅读
公司股票首次发行中的主承销商通常由保荐人担当,尤其创业板股票发行保荐人就是承销商。承销商与保荐人的同一现象,直接导致发行人、保荐人与承销商三方不规范行为大大增加,影响股票发行审核质量,导致利益链条以及股票发行价格非市场化,三方成为利益共同体,串通式地损害公众投资者利益。证券发行市场的虚假陈述、内幕交易、不当竞争等,都与承销商保荐人的合一制度有关。为根治股票发行市场的不合理情形,建议在我国尤其是在创业板市场首次公开发行中,将承销商与保荐人相分离,建立科学的保荐与承销约束机制,用招投标方式选择确定承销商,区分保荐、承销与其他中介机构的义务责任。
The lead underwriter of a company’s IPO for the first time is usually sponsored by the sponsor. In particular, the sponsor of the GEM stock issuance is the underwriter. The same phenomena of underwriters and sponsors directly lead to the issuer, the sponsor and the underwriters three non-standard behavior greatly increased, affecting the quality of stock issuance examination, resulting in the interests of the chain and the stock issuance price of non-market, the three parties to become a community of interests, To the detriment of public investors. False statements, insider trading and improper competition in the securities issuance market are all related to the unification of underwriter sponsors. In order to eradicate the unreasonable situation of the stock issuance market, it is suggested to separate the underwriters from the sponsors in China, especially in the initial public offering of the GEM, establish a scientific sponsor and underwriting restraint mechanism and select the underwriters by means of bidding and tendering , Distinguish between sponsorship, underwriting obligations and other obligations of intermediaries.