CAJ | 학술논문

本文从保荐机构和保荐代表人双重保荐声誉这一独特的视角探寻影响IPO过会率的原因，并考察了地区社会诚信差异是否影响企业上市申请时对双重保荐声誉的依赖程度。研究发现：（1）在企业上市申请过程中，保荐机构的作用并不明显，真正起到关键作用的是保荐代表人；（2）虽然保荐机构声誉单独产生的影响有限，但在双重保荐制下，高声誉的保荐机构不仅在更大程度上提高企业通过审核的概率，而且也在一定程度上保证了企业上市后的业绩表现，从而验证了双重保荐制度的合理性和有效性；（3）社会诚信水平较差地区的企业，更倾向于聘请高声誉的保荐代表人，以获取较高的IPO过会成功率。本文研究为进一步完善新股发行制度、稳定资本市场提供了重要的理论和经验证据。
본문종보천궤구화보천대표인쌍중보천성예저일독특적시각탐심영향IPO과회솔적원인，병고찰료지구사회성신차이시부영향기업상시신청시대쌍중보천성예적의뢰정도。연구발현：（1）재기업상시신청과정중，보천궤구적작용병불명현，진정기도관건작용적시보천대표인；（2）수연보천궤구성예단독산생적영향유한，단재쌍중보천제하，고성예적보천궤구불부재경대정도상제고기업통과심핵적개솔，이차야재일정정도상보증료기업상시후적업적표현，종이험증료쌍중보천제도적합이성화유효성；（3）사회성신수평교차지구적기업，경경향우빙청고성예적보천대표인，이획취교고적IPO과회성공솔。본문연구위진일보완선신고발행제도、은정자본시장제공료중요적이론화경험증거。
This paper explores how dual sponsors＇ reputation, including sponsor institutes＇ reputation and the reputation of the representative of sponsors, affects the probability of enterprises＇ passing IPO verification, and further investigate whether the difference of social trust between areas poses effects on how much the enterprises reliance on dual sponsors＇ reputation when they submit the application for IPO. Our study finds ：（ 1 ） Sponsor institutes do not play the significantly important role when enterprises submit the IPO application, but the representatives of sponsor do. （2） Although sponsor institutes＇ reputation makes little difference alone, it can pose a further impact on influence which the reputation of representative of sponsor makes. The effect includes not only the contribution to the greater probability for the finn to pass IPO verification, but also the guarantee for better post - IPO firms＇ achievement. Thus, dual sponsors system is proved to be justifiable and effective. （3） The enterprises, which are local in the area with poor social trust, prefer to hire prestigious representatives of sponsor in order to have greater probability of getting the IPO qualification. The research can lead theoretical and empirical evidence for improving the system of issuing new shares, and stabilizing the capital market.