不可否认 ,保荐制将推动中介机构整体素质的提高 ,也将对投资银行业务格局、经营模式产生较大的冲击。通道制度下 ,投资银行业务的主要盈利来源是顾问费和承销费。保荐人制实施后 ,相应会增加一项收费———保荐费。香港创业板的保荐费一般可占承销费的三分之一 ,拓展出来的新 Undeniably, the sponsorship system will promote the overall quality of intermediaries, but also will have a greater impact on the business structure and mode of investment banking. Under the channel system, the major sources of earnings for investment banking are consultancy fees and underwriting fees. Sponsor system implementation, the corresponding increase will be a fee --- sponsorship fee. Hong Kong GEM sponsor fees generally account for one-third of the underwriting fees, expanded out of the new