严监管对券商IPO收费的影响——基于证监会138号《新规》的准自然实验  

The Impact of Strict Regulation on IPO Fees of Securities Firms: Based on the Quasi-Natural Experiment of the No.138 Regulation of the CSRC

作　　者：吴斌[1] 冀郭冉 楼雯倩 高永峰 Wu Bin;Ji Guoran;Lou Wenqian;Gao Yongfeng

机构地区：[1]东南大学经济管理学院,江苏南京211189 [2]国家税务总局南京江宁经济技术开发区税务局,江苏南京211100

出　　处：《证券市场导报》2022年第3期33-42,共10页Securities Market Herald

基　　金：国家社会科学基金项目“财政引导基金协同风险投资提升创业质量的机理与对策研究”(批准号:16BJY154)。

摘　　要：本文基于券商IPO收费视角,利用2016―2019年资本市场数据,实证研究严监管对券商的影响以及可能产生的政策效应。研究发现:第一,《中国证券监督管理委员会行政许可实施程序规定》(2018年修订,以下简称《新规》)的实施普遍提高了券商的IPO收费;第二,相较于低声誉券商,高声誉券商表现得更显著;第三,相比于业务数量低增长的券商,《新规》对高增长券商的IPO收费提高作用更显著。究其原因,《新规》的"威慑效应"和"责任增加效应"强化了券商IPO收费定价对券商声誉溢价的敏感性,对券商高质量执业和抑制IPO业务的机会主义行为起到了积极作用。Based on the perspective of IPO fees of securities firms, this paper makes use of empirical evidence in the capital market from 2016 to 2019 to conduct an empirical study and finds that:(1) the implementation of Provisions on the Implementation Procedures for Administrative Licensing of the China Securities Regulatory Commission generally increases the IPO fees of securities firms.(2) The IPO fees of securities firms with higher reputation are more significant than those with lower reputation.(3)When compared with securities firms with low business growth, the provisions have a more significant effect on raising IPO fees for high-growth securities firms. The results show that the “threat effect” and “increasing responsibility effect” of the provisions have strengthened the sensitivity of IPO fee pricing to securities firms’ reputation premiums, and have positive impact on highquality practice and restraining opportunistic behavior in the IPO process.

关 键 词：严监管 IPO收费 券商声誉 威慑效应 

分 类 号：F830.9[经济管理—金融学]