我国商业银行综合经营与股票市场资源配置效率研究—基于承销商独立性视角

项目名称： 我国商业银行综合经营与股票市场资源配置效率研究—基于承销商独立性视角

项目编号： No.71272183

项目类型： 面上项目

立项/批准年度： 2013

项目学科： 管理科学

项目作者： 梁琪

作者单位： 南开大学

项目金额： 53万元

中文摘要： 最近频发的券商失信违规现象，引发了学术界和实务界的激烈讨论。本课题结合金融业综合经营改革从承销商独立性角度对这一现象展开了分析。本课题特别强调国内券商、银行所处背景的影响，并主要从两个方面拓展了现有研究。一是构建了更一般化的承销商独立性的度量方法，不仅突出了发行人与承销商的选择决策及声誉差异的影响，还从银企信贷依赖性角度定量地测度承销商独立性。二是分析了银行贷款技术、组织形式（包括承销团结构）对承销商独立性的影响，以及这种互动对承销商失信违规行为、市场资源配置效率的影响。本课题不仅有助于在我国承销商声誉机制普遍缺失的情形下，为国内券商质量改善提供理论上的依据和改进方向，还为监管当局评估金融业综合经营的后果、优化监管措施提供了理论基础和经验证据。

中文关键词： 关系承销；制度因素；组织形式；关系密度；

英文摘要： The frequent occurrence of securities firms' dishonesty and violation has provoked great controversy in academe and industrial circles recently. Based on China's comprehensive financial operation reformation, our project plans to study this phenomenon from the perspectives of underwriters' independence. Under the institutional environment which the underwriters and banks have been operating in, we try to improve the existing researches in two aspects. Firstly, our project has constructed more generalized models for measuring underwriter's independence, which not only reflects the underwriter-issuer mutual selecting decision, the concern of the reputation gap, but also offers a quantitative measure for the extent of the underwriter's independence by focusing on the lending relationship intense. Secondly, we have analyzed the effect of lending technologies, organization form (including the structure of syndicate underwriting) on the underwriters' independence, as well as the role of which on the underwriters' dishonest and violating behaviors and market resource allocation efficiency. Our project not merely provides a theoretical quality improvement direction for the securities firms when there is a general lack of reputation mechanism in Chinese underwriting industry, but offers theoretical background and empiric

英文关键词： Relationship Underwriting；Institutional Factors；Organization Forms；Relationship Intensity；