The first janitor's trap.

This reporter Lu Ling from Beijing sponsor representative of the fate of the change is from 2004 onwards. According to an old investment bank, "2001 that, a master of finance in the domestic ordinary investment banks to pay a salary of only about 4000 yuan, not compared to banks or insurance companies." "2004 is the watershed.　　Precisely December 28, 2003, the SFC announced the "Provisional measures for the issuance and listing of Securities" (hereinafter referred to as "interim measures"), from February 1, 2004 onwards, the sponsor system began to implement formally. The original intention of the sponsor system is to improve the quality of the listed company by making the sponsor take legal responsibility for the sponsor project, which is known as "the revolutionary reform of the securities issuing system". The sponsor system is essentially the role of "the first gatekeeper" in the issue of securities. The original intention of introducing this system in China is to improve the quality of listed companies and protect the interests of investors through the sponsor's supervision on the continuous counseling of listed companies.　　But it actually backfired.　　After recommending the representative of the sponsor, the listed companies in mainland China, especially the gem listed companies, the quality of not only not much improvement, but also in China's capital market, there have been a group of millions of million and accompanied by high "transfer fee", "financial relief" and other special treatment of "privileged class". If the deputy president of a brokerage believes that the sponsor representative in the company before the listing of the gatekeeper, after the listing of supervision has become a mere formality. Because the current domestic sponsor representative of the job-hopping too frequently, the last company has not had the supervision period, the sponsor representative people have already gone to another company with the project. "Such a recommendation, there is no guarantee that the sponsor representative of the project with in-depth understanding, not to mention supervision and help enterprises."　　He said that even if there is a problem, the listed companies will not contact the sponsor representatives, because there is no right to punish them.　　According to the Securities and Futures Commission officials recently announced that the sponsorship system has been implemented, the Distribution department has adopted a "talk reminder" regulatory measure for 20 sponsor representatives or related principals, and has taken the regulatory measures of "not accepting recommendations for a certain period of time" for 7 sponsor representatives and 1 sponsoring agencies, and revoked the sponsorship qualification of 14 sponsor representatives. In the opinion of securities lawyer Song Yixin, the punishment to the sponsor is too lenient.　　For example, the market more controversial performance of the frequent face de Hao run Tatsu, high-tech Zhang Copper, the actual control of the illegal occupation of the criminal law of the Czech shares and other projects, have not been held responsible for the sponsors, this is obviously with the sponsor representative of the excess income is not commensurate. The current "interim measures" will be "Cooling-off period treatment" as the main way to undertake the responsibility of the sponsor. The so-called "Cooling-off period treatment" means that the sponsor, sponsor representatives violate the provisions of laws and administrative regulations, instigate, assist or participate in the issuer to interfere with the CSRC and its issue audit committee audit work, the CSRC will not accept the recommendation within three months from the date of confirmation,　　Six months will not accept the relevant sponsor representative specifically responsible for the recommendation. "If the sponsor and issuer are presentCollusion of the major false packaging listing will cause significant loss of interest to investors, should be severely punished. How could he ever get a chance to come out again and practise the business for investors?　　"Song Yixin said. Caofeng, director of the Center for Finance and Securities research at Peking University, points out that there must be a combination of system and law enforcement. "The first is the system level, because there are systems outside the law, only from the system of such sponsors violate the rules of regulation, can better prevent the emergence of such corruption." Law enforcement is also one of the important foothold of standardizing the illegal behavior of investment bankers. "There are still some difficulties in enforcing the law on the issue of specific convictions, such as the increasing concealment of the sponsor's shareholding channels, how to discover the abnormal situation and how to grasp the evidence of crime, which brings new challenges to the supervision and enforcement." "The most important thing at the moment is how to solve the problems that are exposed," said Yin Chengli, deputy director of the Financial Markets Research Institute of the Chinese Academy of Social Sciences.　　He believes that restricting the remuneration level of sponsors, improving the pass rate of the sponsors, and even abolishing the sponsor examination system and restricting the number of signatories to the sponsor's representative are all worthwhile ways to explore. Interestingly, just the "human evaporation" of the Shei couple has published in a securities newspaper "investment banking era will be the end of the IPO market," the paper gives a similar view. "Sponsor market-oriented means to relax the number of sponsors Representative's signature limit, to allow its free sponsorship enterprises listed, at the same time to increase the sponsor and sponsor representatives of the violation of responsibility to investigate and improve the cost of illegal investment banks to end the era of the lake." "This may be a good medicine to end the era of investment banking.