CAJ | 학술논문

以我国2006-2011年期间的企业IPO申请为样本，研究承销商声誉是否更有助于企业得到IPO机会，发现承销商声誉对公司的IPO机会存在显著影响，承销商声誉越高申请IPO的公司越可能通过股票发行审核委员会（简称发审委）审核。即在中国实行核准制的保荐制制度下，承销商声誉对IPO机会发挥着积极作用。
이아국2006-2011년기간적기업IPO신청위양본，연구승소상성예시부경유조우기업득도IPO궤회，발현승소상성예대공사적IPO궤회존재현저영향，승소상성예월고신청IPO적공사월가능통과고표발행심핵위원회（간칭발심위）심핵。즉재중국실행핵준제적보천제제도하，승소상성예대IPO궤회발휘착적겁작용。
Using the IPO application during the period of 2006-2011 in China as sample, the author does an empirical study on whether underwriters reputation is more helpful to enterprises IPO opportunity. From the study, we find that underwriters reputation have significant effect for enterprise IPO opportunities, which means if underwriters reputation is higher, enterprises will have higher possibility to pass the IEC IPO audit. The result shows that in the implementation of approval system under the sponsor system in China, the underwriters reputation plays an active role in IPO opportunity.