摘要
本文考察了在证监会的IPO资源配置政策执行过程中,发审委的校友关系可能产生的影响。文中识别了证监会的三项IPO资源配置政策:一是产业调节政策;二是区域平衡政策;三是地区诚信政策。实证研究表明,证监会的IPO资源配置与上述政策相一致。具体而言,对于国家产业发展不予支持的企业,位于中部地区的企业,以及来自上市公司违规行为高发地区的企业,申请IPO时通过发审委审核的概率更低。但是,倘若发审委委员与拟上市企业的高管有校友关系,则可以削弱证监会IPO资源配置政策对上述企业过会的不利影响,提高此类企业的审核通过率。在拓展性分析中,本文发现,不同类型的发审委委员所能影响的政策类型亦有差异,且相对于审计师和律师,政府官员类发审委委员对政策的扭曲更为严重。
We examine whether CSIEC.s alumni network would distort CSRC's policy of IPO resources allocation,through which we want to answer a classic public policy question that is“how is a policy distorted during implementation”.CSRC has three IPO resource allocation policies:industrial regulation policy,regional balance policy and regional integrity policy.Firms that are not supported by industrial policy,or coming from the central area of China or regions with a large quantity of listed companies that violate regulations have a much lower probability of passing the CSIEC meeting.However,CSIEC's alumni network distorts CSRC.s policy of IPO resources allocation.In the extending analysis,we explore the impact of different types of CSIEC members on policy implementation.Compared with auditors and lawyers,government officials have more powers and are more likely to distort CSRC's policy of IPO resources allocation.
作者
杨玉龙
YANG Yulong(Zhejiang Gongshang University,310018)
出处
《财贸经济》
CSSCI
北大核心
2018年第7期96-112,共17页
Finance & Trade Economics
基金
国家自然科学青年基金"新闻传媒双轨制
资讯特征与资本市场信息整合"(71702165)
国家自然科学青年基金"资本市场中的社会关系及其经济后果研究"(71602112)
教育部人文社会科学基金"中国管理会计体系建设研究"(15JJD630008)
关键词
发审委
校友关系
IPO
政策扭曲
China Securities Issuance Examination Committee
Alumni Networks
Initial Public Offering Policy Distortion
作者简介
杨玉龙,浙江工商大学财务与会计学院副教授,310018。
