直投保荐模式是否加剧了利益冲突？

摘要

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 underwrit- ers and IPO investors, this paper conducts empirical tests about A-share market. The results show no signs that conflict of inter- est is obviously intensified and clarify the query on underwriters＇ venture capital. This paper not only indicates that the supervi- sion 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.%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。