技术经济
技術經濟
기술경제
Technology Economics
2015年
1期
69~76
,共null页
金融服务创新 创业板 金融监管 保荐人制度
金融服務創新 創業闆 金融鑑管 保薦人製度
금융복무창신 창업판 금융감관 보천인제도
financial service innovation ; GEM board ; financial regulation ;sponsor system
收集了自2009年以来创业板发行审核委员会审批的全部IPO项目的数据,实证分析了保荐人制度背景对项目过会率影响的无效性。指出：在中国复杂的制度环境下,地方证券金融监管有助于减少证券市场的“市场失灵”和其他问题造成的无序和混乱、提高市场效率,是金融服务创新的新举措。
收集瞭自2009年以來創業闆髮行審覈委員會審批的全部IPO項目的數據,實證分析瞭保薦人製度揹景對項目過會率影響的無效性。指齣：在中國複雜的製度環境下,地方證券金融鑑管有助于減少證券市場的“市場失靈”和其他問題造成的無序和混亂、提高市場效率,是金融服務創新的新舉措。
수집료자2009년이래창업판발행심핵위원회심비적전부IPO항목적수거,실증분석료보천인제도배경대항목과회솔영향적무효성。지출：재중국복잡적제도배경하,지방증권금융감관유조우감소증권시장적“시장실령”화기타문제조성적무서화혼란、제고시장효솔,시금융복무창신적신거조。
This paper uses the data of IPO approval failure ratio, the background information of every GEM board sponsor and individual finan cial figures of IPO companies of past five years to check whether there is correlation among them. The conclusion is the complex institutional en vironment in China determines that the financial regulation decentralization would play a new role in securities regulations and services of stock markets by deep exploration of financial service innovation, which is helpful for improving the disorder and chaos and increasing the efficiency of Chinese securities industry.
