社会资本产权性质与上市资格——来自中小板IPO的实证证据.pdfVIP

社会资本、产权性质与上市资格  ——来自中小板 IPO 的实证证据     李敏才 刘峰1[1]  中山大学管理学院 广州 510275     摘要：上市资格在我国资本市场是一种稀缺资源。证券市场成立初期，证券主管部门严格控制发行额度和 发行家数，资本市场准入证十分紧俏，并且带有十分明显的政策倾向，国企占据了大部分 IPO 资格；发审 制度改革后，主要由券商来推荐企业申请上市，但是券商多为地方政府控股，不可避免地依然卷入政府利 益。此外，在目前的核准制下，股票发行审核委员会成为企业进入证券市场的最重要的一道关卡，审核过 程中存在不少寻租环节，而发审委委员又主要从中介机构中选举，从而为企业利用发审委社会资本提供了 契机。随着中小板的成立，近年来 IPO 主要集中于中小板，且民营 IPO 公司大幅增加，因此本文采用中小 板成立以来至 2010 年 12 月 31 日止参加中小板过会审核的公司为样本，主要从企业的发审委社会资本的角 度，来研究企业上市的影响因素。实证结果表明，若过会时企业拥有中介机构发审委社会资本，则能够提 高上市成功率；区分企业性质后发现，民营企业更需要中介机构发审委社会资本。单独检验各个中介机构 发审委社会资本的作用时，则发现会计师事务所发审委社会资本能够显著提高上市成功率，律师事务所则 没有显著作用。  关键词：股票发行审核委员会，社会资本，产权性质，首次公开发行  Abstract ：The qualification of listing is a scarce resource in Chinese security market. In the security market’s early days, the qualification of listing was very rare, because that the securities regulatory authority controlled the quota of stocks and the number of issuers. The listing policies are obviously biased in this stage, resulting in that state-owned enterprises (SOEs) occupied most qualification of initial public offerings (IPOs). Securities traders became recommenders of companies which planned to be listed, since the innovation of the system for examining and verifying the issuance of securities. However, most securities traders are controlled by government, leading to government intervention during IPO inevitably. Under the Examination and Authorized System, the Stock Issuance Examination and Verification Committee (SIEVC) became the most important barrier for companies to list. There are a lot of rent-seeking opportunities during the examination and verification. Furthermore, the members of SIEVC are mainly elected from intermediaries, offering chances for companies to use intermediaries’ SIEVC social capital. In recent years, most