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IPO(Initial public offerings),是指某公司(股份有限公司或有限责任公司)首次向社会公众公开招股的发行方式。近年来,随着我国证券市场的逐步开放与发展,越来越多的公司采取上市的外源融资策略募集资金。IPO过程中市场的各参与者利益冲突也开始逐渐暴露。近年来,国内已有学者从部分主体之间的利益冲突问题进行了考察分析。例如,司徒大年(2002)在对证券分析师的分析报告投资价值及其面临的利益冲突进行研究后提出了相应的政策建议。蔡庆丰、尹皎(2009)研究了机构投资者、商业银行、
IPO (Initial public offerings), refers to a company (limited liability company or limited liability company) for the first time to the public public offering of shares issued. In recent years, with the gradual opening up and development of the securities market in our country, more and more companies adopt the external financing strategy listed to raise funds. Conflicts of interest among participants in the IPO market are also gradually exposed. In recent years, some domestic scholars have carried out investigation and analysis from the conflicts of interest among some subjects. For example, Stuart Year (2002) put forward corresponding policy recommendations after studying the investment value and the conflicts of interest faced by analysts. Cai Qingfeng, Yin Jiao (2009) studied institutional investors, commercial banks,