国信证券PE腐败案例研究

发布时间：2018-09-17 07:43

【摘要】：近年来，随着中国经济持续不断的快速发展，中国资本市场也是越来越繁荣。我国目前的证券市场已经成为了维护经济平稳发展的重要平台，大量在行业内处于举足轻重地位的公司在这个越渐繁荣的市场中进行IPO、投融资以及兼并与收购，并吸引了众多投资者的参与。但是投资相关的监管体制滞后以及高额的投资回报率，使得资本市场中违规操作的现象不断出现，而其中最引人关注的就是PE腐败。 PE腐败是指一些并非真正的PE投资人利用关系获得在公司上市前的投资机会，他们了解公司的相关情况，并利用获得的投资机会间接入股或者将之卖给其他人从而获得巨额利益，在此过程中便存在着腐败的风险。PE腐败现象屡次发生，给我国资本市场造成恶劣影响，，打击了投资者的信心，也阻碍了资本市场的健康发展。其中国信证券PE腐败案是第一个确证的投行PE腐败案，也是国内最有代表性的PE腐败案例。本文第一部分首先对最具代表性的“国内PE腐败第一案”国信证券PE腐败案进行梳理，完整地阐述案例发生的来龙去脉以及在此案例中国信证券涉及工作人员的PE腐败方式等相关情况。本文第二部分分析了国信证券PE腐败案对国信证券公司本身、对保荐人行业以及对监管机构的影响，并且深入分析国信证券PE腐败案所反映出的保荐代表人制度甚至股票发行审核核准制的问题，以及监管体系的漏洞。第三部分针对我国频发的PE腐败现象，建议将新股发行核准制过渡到注册制，同时完善股票上市发行过程中监管体系，加大监管力度，提高中介机构中立性以及建立完善的投行内部控制体系，以阻止PE腐败现象发生进而净化国内投资环境，提高资本市场运行效率。
[Abstract]:In recent years, with the continuous rapid development of China's economy, China's capital market is becoming more and more prosperous. The current securities market in our country has become an important platform for maintaining the smooth development of the economy. A large number of companies in a pivotal position in the industry carry out IPO, investment, financing, mergers and acquisitions in this increasingly prosperous market. And attracted a large number of investors to participate. However, the lag in the investment-related regulatory system and the high rate of return on investment have led to the emergence of irregularities in the capital market. And the biggest concern is PE corruption. PE corruption is the use of relationships by non-real PE investors to gain access to pre-IPO opportunities. They know about the company. Taking advantage of the investment opportunities to buy shares indirectly or sell them to other people to obtain huge profits, in the process there is a risk of corruption. PE corruption has occurred repeatedly, which has a bad impact on the capital market of our country. Hit the confidence of investors, but also hindered the healthy development of the capital market. Guoxin Securities PE corruption case is the first confirmed investment bank PE corruption case, but also the most representative case of PE corruption in China. The first part of this paper firstly combs the most representative "domestic PE Corruption first case" Guoxin Securities PE Corruption case. This paper gives a complete account of the origin of the case and the PE corruption involving the staff in this case. The second part of this paper analyzes the impact of the PE corruption case on Guoxin Securities Corporation itself, on the sponsor industry and on the regulatory body. And deeply analyzes the PE corruption case of Guoxin Securities, which reflects the sponsor representative system and even the issue of stock issuance audit and approval system, as well as the loopholes in the regulatory system. In the third part, aiming at the frequent corruption of PE in our country, it is suggested that the approval system of new stock issuance should be transferred to the registration system, and at the same time, the regulatory system in the process of stock listing should be improved and the supervision should be strengthened. In order to prevent PE corruption from happening and to purify the domestic investment environment and improve the efficiency of capital market, we should improve the neutrality of intermediary organizations and establish a perfect internal control system of investment banks.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;D922.287

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