基于增发新股交易操纵的国内承销商声誉模型  

China Underwriter's Reputation in the SEO:Based on the Traded-based Manipulation

作　　者：邹晓峰[1] 傅强[2] 

机构地区：[1]贵州财经大学金融学院,贵州贵阳550004 [2]重庆大学经济与工商管理学院,重庆400044

出　　处：《中国管理科学》2013年第6期177-184,共8页Chinese Journal of Management Science

基　　金：国家自然科学基金资助项目(71061003)

摘　　要：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 domestic market system is not only the instinct reason of the invalidation of the underwriter＇s reputation certification in China, lation. In this paper, a model about C mation and the impact of the traded-b but also the key factor of China underwriter＇s traded-based manipuhina underwriter＇s reputation is set up to analysis the reputation forased manipulation and the system factor. The set up results indicate that the SEO traded-based manipulation makes China underwriter＇s certification invalid. One bad state is the consistency of the delinquency, another is a vicious circle similar to the cobweb theory, that the lower underwriter incline to due diligence instead, completely different form the mature market＇s certification effect. So that a new model is given for the invalidation of the underwriter reputation certification effect in China, and at the same time the governors can perfect the domestic underwriter＇s reputation mechanism.

关 键 词：承销商 交易操纵 声誉认证 尽职调查 增发新股 

分 类 号：F8[经济管理]