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dc.contributor.author张亦春
dc.contributor.author洪图
dc.date.accessioned2013-01-10T03:16:46Z
dc.date.available2013-01-10T03:16:46Z
dc.date.issued2012-07
dc.identifier.citation投资研究,2012(7):15-26zh_CN
dc.identifier.issn1003-7624
dc.identifier.urihttps://dspace.xmu.edu.cn/handle/2288/14500
dc.description.abstract证券公司直接投资业务从试点以来一直争议不断,市场广泛担心该业务中的直投保荐模式可能加剧承销商与一级市场投资者之间的利益冲突。为揭开事实真相,本文对A股市场数据进行了实证检验,发现直投保荐模式并未显著加剧利益冲突,有力地澄清了市场各方对直投保荐模式的质疑。此研究不仅表明我国监管层的监管和证券公司内部防火墙制度有效规制了直投保荐模式中的利益冲突,也为监管部门发展证券公司直接投资业务提供了新的决策参考。The security companies’direct investment business (SCDIB) has been under controversy since it was permitted in China. People worry that the underwriters' venture capital in SCDIB might intensify the conflict of interest between underwriters and IPO investors. this paper conducts empirical tests about A-share market. The results show no signs that conflict of interest is obviously intensified and clarify the query on underwriters' venture capital. This paper not only indicates that the supervision and the firewalls inside security companies regulate the conflict of interest effectively, but also provides new reference for the regulatory authority to develop the SCDIB.zh_CN
dc.language.isozhzh_CN
dc.publisher投资研究编辑部zh_CN
dc.subject证券公司直接投资业务zh_CN
dc.subject直投保荐模式zh_CN
dc.subject发行市盈率zh_CN
dc.subject利益冲突zh_CN
dc.subjectConflict of interestzh_CN
dc.subjectPrice earning ratiozh_CN
dc.subjectUnderwriters' venture capitalzh_CN
dc.subjectSecurity companies’direct investment businesszh_CN
dc.title直投保荐模式是否加剧了利益冲突?zh_CN
dc.title.alternativeDid Underwriters’Venture Capital Intensify the Conflict of Interest?zh_CN
dc.typeArticlezh_CN


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