同时，IPO市场上监管制度的缺陷以及由此导致的监管效率低下、市场约束机制弱化，是阻碍承销商声誉阶段性推进的主要原因。

At the same time, the existing defects of IPO mechanism, which result in low efficiency and weak market power are the reasons why the reputation mechanism is yet to take into full effect.

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如果承销商失去声誉，那么承销商作为“信息生产者”和“信用中介”的作用就失去基础。

If underwriter loses its reputation, underwriter's function of "information producer" and "certifying agency" will lose foundation.

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