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市场制度是国内承销商声誉认证失效的直观原因,也是国内承销商交易操纵的重要因素。为分析制度因素和交易操纵对国内承销商声誉形成的影响,本文建立了增发新股中的国内承销商声誉模型,以考察承销商声誉形成过程。结果表明,增发新股中交易操纵使得国内承销商声誉认证失效,一种是一致失职的恶性状态,另一种是类似蛛网理论的恶性循环,高声誉承销商不重视声誉而失职、低声誉注重声誉反而尽职,这与美国声誉认证效应完全相反。模型结果为国内承销商声誉认证失效提供新的模型解释,也为监管层提供建立国内承销商声誉机制的途径。
The market system is the direct reason for the failure of domestic underwriters’ reputation certification and an important factor in the manipulation of domestic underwriters. In order to analyze the influence of institutional factors and trading manipulation on the reputation of domestic underwriters, this paper establishes the domestic underwriters’ reputation model in new shares to examine the formation of underwriter reputation. The results show that the new shares in the trading manipulation of the failure of the domestic underwriters reputation certification, one is the vicious state of consistent dereliction of duty, and the other is a vicious cycle of cobweb theory, high reputational underwriters do not attach importance to reputation and dereliction of duty, low reputation reputation Instead, due diligence, this is exactly the opposite of the U.S. reputation certification. The model results provide a new model explanation for the failure of domestic underwriters’ reputation certification and also provide regulators with a way to establish a reputation mechanism for domestic underwriters.