证券公司股权投资业务尽职调查研究

发布时间：2018-04-19 14:26

本文选题：证券公司 + 股权投资　；参考：《山东大学》2013年硕士论文

【摘要】：20世纪90年代初期,我国一些证券公司(“券商”)开始尝试从事直接投资业务,即证券公司利用自身的专业优势,通过使用自有资金或者设立直投基金,对发现的优质投资项目或企业进行股权投资,期望在未来目标项目或企业的上市或并购时出售股权来获取股权收益的业务。证券公司的直投业务,即股权投资,与证券市场基金在证券二级市场买卖股票为主的投资活动不同,股权投资向被投资的企业提供资金,是直接投资的一种,该投资活动直接影响目标企业的生产经营、改变企业资产负债表,从而支持目标企业增加流动资金、开发新的产品和技术、降低资产负债率、进行企业重组或行业整合。证券公司的股权投资具有以下功效：首先,证券公司直投部门寻找有发展潜力的项目,将其与产业投资资本联系起来,起到“资本运作纽带”作用；其次,直投部门通过参与所投资企业的经营管理,既帮助企业解决融资问题,也有利于其规范操作使企业早日成熟；再次,直投业务是证券公司传统资产管理业务的延伸,通过帮助高端客户投资有潜力的企业,扩大高端客户的投资范围和渠道。 2000年后由于证券公司的直投业务发展过程中出现了一些违规操作行为,使得证监会在2001年4月发文禁止证券公司参与直投业务。2007年9月,中国证监会批准中金公司和中信证券开展直接投资业务的试点工作,2009年,中国证监会发布《证券公司直接投资业务试点指引》,开始落实“扩大证券公司直接投资试点范围”的部署,稳步推进证券公司直接投资试点。2011年11月,证监会发布《证券公司直接投资业务监管指引》,将证券公司股权投资业务纳入常规监管,标志着股权投资业务从试点业务转为证券公司常规业务。由于信息不对称问题的存在,证券公司在开展股权投资业务时往往处于信息的劣势。我国的股权投资基金和融资企业之间的信息不对称现象在一定程度上比西方发达国家更为严重。一方面,我国的证券公司股权投资发展时间较短,未能建立起完备的项目筛选和风险管理机制；另一方面,我国缺乏健全的信用体系。从投资项目的质量水平到企业家的工作能力和诚信水平都缺乏真实有效的信息。在决策过程中,证券公司与目标公司之间处于一种博弈状态,目标公司追求的目标是自身的利益最大化,往往有动机去美化自身公司经营业绩。证券公司开展一次成功的股权投资业务,不在于是否并购重组了目标公司,而在于在退出时是否得到了令人满意的收益回报。股权投资市场是高度信息不对称的,因此,证券公司有必要对投资项目展开尽职调查。所谓尽职调查,就是在企业的配合下,对企业的历史数据和文档、管理人员的背景、市场风险、管理风险、技术风险和资金风险做全面深入的审核,通过尽职调查使证券公司尽可能地发现有关他们要购买的股份或资产的全部情况。证券公司通过尽职调查,在谈判前后充分获得有关财务、法律、人事等各方面的信息,对目标公司潜在价值进行充分的认识,对可能存在的风险提前做好应对。因此,尽职调查是证券公司开展股权投资业务的重要前提和基础。本文从证券公司股权投资尽职调查的理论依据和基本内容入手,深入分析了股权投资尽职调查的必要性,通过设计尽职调查基本框架和进行案例分析,详细剖析了尽职调查面临的问题和不足,最后提出完善证券公司股权投资尽职调查的对策建议。本文的基本思路如下：第一章分析了论文选题的背景、意义及国内外相关研究综述。第二章主要分析了股权投资业务尽职调查的理论依据。第三章主要分析了尽职调查的必要性。第四章是尽职调查的基本内容和过程分析,归纳了尽职调查基本内容,并简单做了尽职调查策略过程分析。第五章设计了证券公司尽职调查基本框架,并详细剖析了框架的基本内容和信息要求。第六章通过案例分析,将尽职调查的理论和实践结合起来。第七章提出完善尽职调查的对策建议。
[Abstract]:In the early 1990s , some securities companies ( " securities firms " ) of our country began to try to engage in direct investment business , that is , securities companies use their own professional advantages . By using their own funds or setting up a direct investment fund , equity investment is expected to be obtained through the use of their own funds or the establishment of a direct investment fund . The direct investment business of the securities companies , namely equity investment , and the securities market fund ' s investment in securities secondary market trading stocks , is a kind of direct investment . The equity investment of the securities company has the following functions : First , the direct investment department of the securities company seeks the project with the potential for development and links it with the investment capital of the industry and plays the role of " capital operation link " ;
Secondly , through participating in the management of the invested enterprises , the direct investment department helps the enterprises to solve the financing problem , which is also conducive to the early maturity of the enterprises ;
Thirdly , the direct investment business is the extension of the traditional asset management business of the securities company . By helping the high - end customers to invest in the potential enterprises , expand the investment scope and channel of the high - end customers .

In September , China Securities Regulatory Commission ( CSRC ) issued a pilot project on direct investment in China and China . In September , China Securities Regulatory Commission ( CSRC ) issued a pilot guideline on the direct investment of securities companies . In November of 2011 , the CSRC issued a pilot guideline on the direct investment of securities companies . In November 2011 , the CSRC issued guidance on the direct investment business of securities companies . In November 2011 , the CSRC issued a direct investment business regulation guideline for securities companies , which marked the transfer of equity investment business from the pilot business to the regular business of the securities firm .

Because of the existence of information asymmetry problem , securities companies are often at the disadvantage of information when carrying out equity investment business . Information asymmetry between equity investment funds and financing enterprises in our country is more serious than that of western developed countries . On the one hand , the development time of equity investment in our country ' s securities companies is short , and the complete project screening and risk management mechanism could not be established ;
On the other hand , there is a lack of sound credit system in our country . From the quality level of the investment project to the entrepreneur ' s ability to work and the level of good faith , there is a lack of real and effective information . In the decision - making process , the securities firm and the target company are in a game state , and the goal of the target company is to maximize its own interests , and it is often motivated to beautify its own business performance .

Securities companies carry out a successful equity investment business , not whether the merger or merger reorganization of the target company , but in the absence of satisfactory return on return . The equity investment market is highly information asymmetry , so the securities firm has the necessary to carry out due diligence on the investment project . By due diligence , the securities company fully obtains information about the financial , legal , personnel and other aspects before and after the negotiation , and makes full understanding of the potential value of the target company . Therefore , due diligence is an important premise and foundation for the securities firm to carry out the equity investment business .

Starting from the theoretical basis and basic contents of the due diligence of equity investment in securities companies , this paper deeply analyzes the necessity of due diligence of equity investment , analyses the problems and shortcomings of due diligence by designing due diligence basic framework and case analysis , and finally puts forward some countermeasures to perfect the due diligence of stock investment due diligence . The basic idea of this paper is as follows :

The first chapter analyzes the background , significance and related research review of the thesis .

The second chapter mainly analyzes the theoretical basis of the due diligence of equity investment business .

Chapter three analyzes the necessity of due diligence .

The fourth chapter is the basic content and process analysis of due diligence , induces the basic content of due diligence , and simply makes the process analysis of due diligence strategy .

The fifth chapter designs the basic framework of due diligence and analyzes the basic contents and information requirements of the framework .

Chapter 6 combines the theory and practice of due diligence through case analysis .

Chapter 7 proposes the countermeasures to perfect the due diligence .

【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.39

【参考文献】