朱玉杰,张上冉

• 1:清华大学经济管理学院金融系
• 2:清华大学经济管理学院

摘要(Abstract)：

全面推行、分步实施注册制是我国资本市场深化改革的重要一环。在以信息披露为核心的注册制中,承销商对净化资产市场环境、维护资本市场秩序具有重要作用。2008年,银行间债券市场推出采用注册制发行的非金融企业债务融资工具,经过10余年发展,已成为我国最重要的直接融资工具之一。与此同时,我国交易所债券市场一直采用审批制发行债券。基于我国债券双市场格局,本文对不同发审机制下承销商的作用展开研究。研究发现,高声誉的承销商能够降低债券融资成本,但在债券市场存在"刚性兑付",市场化程度不足时,承销商的声誉对债券融资成本并不具有显著的影响。此外,在注册制下,承销商的内部治理水平能够显著提高其履职能力,但在核准制下,承销商的内部治理水平并未得到市场认可。

关键词(KeyWords)： 注册制;承销商;债券融资成本

Abstract:

Keywords:

基金项目(Foundation):

作者(Author): 朱玉杰,张上冉

DOI: 10.16513/j.cnki.cje.2021.01.002

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