我国创业板IPO保荐模式差异及其监管部门角色因应  

The Difference of IPO Sponsor Model of GEM in China and the Role Respondence of the Supervisory Board

作　　者：刘惠萍[1] 

机构地区：[1]山东经济学院会计学院,山东济南250014

出　　处：《改革》2011年第5期115-119,共5页Reform

基　　金：山东省自然科学基金项目"山东区域创新网络运行机制研究--基于系统动力学和资源配置RPM法"(批准号:Y2007H31)

摘　　要：现阶段我国创业板IPO违规或作假行为频发,保荐人的收益与应承担的责任明显不对等,发行人股东有着先天的上市欲望。其原因主要在于以核准制为主导的发行体制、保荐人责任追究、激励机制等方面的不完善。基于此,要改革现行核准制保荐模式为备案制、市场化的脖间模式,明确保荐人的核心地位,引入保证金制度;转变保荐机构、监管部门职能;鼓励媒体监督,构建"三位一体"的保荐管理框架。At present,the illegal or false acts of IPO in China＇s GEM happen frequently,the benefits of the sponsors and the responsibilities of them are not equal,the role and its limitation of the Issue Audit Committee of CSRC is open to question,which results in the listed desire of shareholders.The main reason is the imperfections in the approval system,accountability of sponsors,incentive system and other aspects.Based on that,the first is necessary to reform the existing mode of sponsor model,confirm the core status of the sponsors,and introduce the deposit system.The second is to change the functions of the sponsor institution and the regulatory department.The third is to encourage the media supervision and establish the sponsor management framework.

关 键 词：创业板 保荐人 IPO 保荐模式 

分 类 号：F832.5[经济管理—金融学]