保荐人制度

保荐人制度下新股发行定价效率的实证研究

An Empirical Study on the IPO Pricing Efficiency under the Sponsorship

保荐人制度起源于英国，发展于香港。

Sponsorship system originates England , developing in Hong Kong .

中国香港的保荐人制度目前在进行持续的改革。

The sponsor system in Hong Kong is being reformed constantly .

我国内地证券市场于2004年2月正式引入保荐人制度。

In February 2004 , the domestic securities market officially introduced the sponsor system .

第三部分位对完善我国保荐人制度的几点思考。

The third part places on the reflections of improving the system of our sponsors .

以达到完善我国保荐人制度的目的。

Thus to improve the sponsorship system .

2005年我国修订了《证券法》，以法律的形式正式确立了保荐人制度。

China amended the Securities Act in 2005 . A law of sponsor system had established .

提出我国证券市场的健康发展需要保荐人制度的同时，还需要多方参与者的共同努力。

The article concludes that the development of Chinese security market needs coooeration from different institutions .

保荐人制度下我国投资银行信息认证中介功能实证研究

The Empirical Studies of the Information Certification Function of the Investment Bank under the Sponsorship in China

第一章为保荐人制度的基本理论概述，分为三个部分。

The first chapter , consisted of three parts , introduces the basic theory of the sponsor system .

第二，主要介绍了保荐人制度有什么特点并且对其对于创业板市场有何关键的作用。

Secondly , describes characteristics of GEM and GEM sponsor system is an important role of the market .

保荐人制度的设立，平衡了发行人与投资者这两个处于信息分布不均衡状态的市场主体的地位和利益，从而降低了市场风险。

Sponsor Rules balance the information status and interests of issuers and investors , and therefore decrease market risk .

本章从承销商声誉与新股发行抑价的研究、新股发行定价效率的比较和保荐人制度的相关研究三个角度对相关研究进行了综述。

This chapter reviews former study from three perspectives : the underwriter reputation , IPO pricing efficiency and sponsors system research .

由于各个国家和地区的发展不同、国情不同、保荐人制度的设计也各有不同。

The sponsor systems are designed differently in different countries and areas due to their different development situations and national conditions .

保荐人制度作为我国证券发行制度改革的产物，对证券市场的长远发展具有重要意义。

Sponsor 's system as the product of securities issue system reform is most important to long-term development of securities market .

本文回顾了我国证券发行制度的变革历程，通过比较各国（地方）保荐人制度的异同，总结出我国上市保荐人制度的特点。

The article reviews the changes of security issue system in China and concludes the traits by comparing with the sponsors of other counties .

但是，世界上任何事物都是一分为二的，保荐人制度亦然，有利也有弊。

However , everything has two sides in the world , so does the sponsor 's system , which has both merits and deficiencies .

但由于创业板自身的特殊之处，创业板的保荐人制度同样应保持特色，以适应创业板市场的发展。

However , because of the special features of GEM , GEM sponsors keep the same characteristics to adapt to the development of GEM .

然而，保荐人制度在我国运行五年来的情况并不容乐观，在实践中引发了许多新的问题。

However , the sponsor system in China does not go well these five years . It causes a great many of new problems in practice .

为了有效实施保荐人制度，必须维持保荐人的适度规模，并建立保荐人质量保险制度体系。

In order to put system of sponsor into practice , we must control the scale of sponsor , and build the system of insurance of sponsor .

第三，在交易制度和监管制度方面，实行保荐人制度、竞争性做市商制度以及严格的、有差别的监管制度。

And thirdly , in terms of transaction system and regulatory system , carrying out recommendation system , competitive market-maker system and rigid , discriminatory regulatory system .

本文第一章从创业板保荐人制度的大致演变历程方面进行了简要的阐述，并就创业板保荐人制度的作用做了简要的总结。

The first chapter of this paper will carry out brief explanation on the evolvement progress and the functions of the Sponsor System of the Growth Enterprise Market .

在保荐人制度问题上，建议在保荐人资格、保荐方式、法律责任体系等方面进一步强化保荐人制度。

In the sponsorship system issue , it suggest to strengthen the sponsorship in the aspect of sponsor qualification , the way of recommend and the legal responsibility ;

然后，概括并分析了目前国内对保荐人制度相关问题的研究现状，并对研究现状作出评价。

Thereafter it sums up and analyzes the review of the study on the relative issues of our current sponsor system , and evaluates the review as well .

保荐人制度本质是通过强化保荐人在发行上市中的责任，促使保荐人对上市公司和其他专业中介机构进行强制性外部督导与核查，从而提高上市公司质量和证券市场的有效性。

The essence of sponsorship system is to urge to the sponsors to raise quality of listed company and the usefulness of stock market by enhancing to sponsors responsibility .

其次，完善保荐人制度，推动政府项目审批制度的改革，力争从源头上保证上市公司质量。

Secondly , the recommender system should be improved to push the innovation of governmental review and approval system , which will make sure the quality of listed company .

因此，我国保荐人制度的有效制度设计应当坚持在准确确定保荐人制度的价值定位的基础上进行系统化的立法设计。

Therefore , our prevailing sponsor 's system design should be carried on systematic legislative design , which is based on properly determining the value proposition of sponsor 's system .

要使保荐人制度在我国证券市场上达到预期的实施效果，做好保荐机构的评价工作是十分必要的。

It is very necessary to do this evaluation work of sponsors well if we want sponsor system to reach the anticipated implementing effect in securities market of our country .

本文正是基于这种背景，试图通过对比、分析等方法，对我国的保荐人制度展开深入的研究和探讨。

In this thesis , just being based on this background , through the methods of comparison and analysis etc , the sponsor system in China is further researched and discussed .

保荐人制度是以英国为代表发展起来的证券发行监管制度，随后被我国香港地区及其他国家的证券市场移植和应用。

Sponsor system of securities listing is a regulatory system , which is represented by the United Kingdom . Then it was transplanted and used by Hong Kong and other countries .