中国证券发行市场的逆向选择模型与保荐制度  

On Reversal Selection Model and Sponsor System in Stock Offering in China's Securities Market

作　　者：杨健[1] 

机构地区：[1]南开大学经济学院,天津300071

出　　处：《开放导报》2009年第3期106-109,共4页China Opening Journal

摘　　要：本文建立了逆向选择条件下证券发行市场的基本模型,在进行拓展分析后认为,现实中证券发行市场逆向选择未明显发生的原因之一在于t的大小和质量分布图,并根据历史数据得出了实际的t和质量分布图。本文研究认为,消除信息不对称是证券发行市场得以健康发展的关键,中国证券发行保荐制度的出现既有深刻的历史原因,也得到理论分析和实证的检验。In this paper, we set up a basic model for the securities issuing market under the condition of adverse selection. After an in-depth analysis, we believe that adverse selection is not obvious in the real stock market, one of the reasons is the value oft and its quality distribution. We can get the actual t and its distribution map based on the historical data. We believe that the elimination of asymmetric information is the key for the health development of issuing market. Rooting in the profound historical reasons, the Sponsor System for securities issuing pass the theoretical analysis and empirical testing successfully.

关 键 词：证券发行市场 逆向选择 保荐制度 

分 类 号：F832.51[经济管理—金融学] F224