国际机构投资者做空中国民生银行研究
发布时间：2019-06-24 17:52
【摘要】：自从2011年以来,国际做空机构就开始不断地唱空中国,包括去年3月华尔街做空机构称,中国房地产泡沫相当于1000个以上的拜迪；去年6月底,标准普尔和高盛联手唱空中国银行股,理由为地方融资平台问题；以美国浑水公司为代表的证券分析投资机构,从2011年6月开始不断地发难中国境外上市公司；这次的瑞银、摩通和三大评级机构袭击中国民生银行。这一次次的发难,给我国资本市场和相关企业都带来了巨大的负面影响。 近年来,中国经济发展过程中存在的重大问题逐渐的凸显,中国成为了国际机构投资者可选择的最佳的“做空”对象,国际上“做空”中国的力量越来越强劲。国际机构投资者做空民生银行可以说是给我们敲了一个警钟,也是我国金融界尤为重视的事件。因此,研究民生银行股价剧烈波动的背后原因,探讨应对国际机构投资者做空中资银行的对策,并探讨这次事件给我国银行业及其中国资本市场带来启示都是非常有意义的。 通过对国际机构投资者做空中国民生银行事件的研究,揭示国际机构投资者的真正目的和惯用的方法,为我国上市企业应对国际机构投资者的做空提供借鉴,使其在以后的发展中提前采取防御措施。并且本文通过揭示民生银行被唱空的原因,为中国民生银行在今后的经营中重视其资产质量和风险管理能力,加强和提高风险防控能力,提出了更高的要求。并且也对中资银行业起到了警示性的作用,使我国银行业完善其风险防控和预警机制提出了要求,也为其盈利能力的持续性提出了要求。在对该事件研究过程中,发现我国企业在做空面前反制无力,而且中国的做空机构没有挖掘国际上其他市场上的造假问题。通过对这两个问题的研究,认为我国资本市场做空机制存在不足,进一步加快做空机构构建的步伐是我国资本市场完善过程中的必然要求,为我国政府制定相关的法律政策以及促进我国资本市场发展适应国际形势具有现实意义。 中国企业屡次被国际机构投资者做空,近期我国银行业又成为国际机构投资者的沽空对象,这不得不使我国证券市场和企业对自身进行深思。在经济下行与稳增长的双重压力下,我国银行业的资产质量面临着新一轮的考验。从中国民生银行成功应对国际机构投资者对其的做空行为来看,面对做空,中国企业需要根据当前经济形,势实时调整对策,加强投资者之间的合作互助,同时也要提高自身资产质量安全度并建立完善的资本市场危机处理机制,必要时采用法律进行反击；中国证券市场则需要健全中国做空机制,保持我国经济持续增长趋势,着力发展我国机构投资者,加强卖空监督并完善对外国投行的监管。这些启示必将助推中国民生银行的可持续发展,也会为我国企业和证券市场的发展提供借鉴意义。
[Abstract]:International short sellers have been shorting China since 2011, including Wall Street short sellers in March last year, which said the Chinese real estate bubble was the equivalent of more than 1000 Baidi; at the end of June, Standard & Poor's and Goldman Sachs joined forces to short Bank of China stocks on the grounds of local financing platforms. Securities analysis and investment institutions, represented by Hunshui in the United States, have been cracking down on listed companies outside China since June 2011; this time UBS, Maitong and three major rating agencies attacked Minsheng Bank of China. This time and again, the capital market and related enterprises have brought great negative impact. In recent years, the major problems existing in the process of China's economic development have gradually become prominent. China has become the best "short" object that international institutional investors can choose, and the power of "short" China is becoming stronger and stronger in the world. International institutional investors shorting Minsheng Bank can be said to have sounded a wake-up call to us, and it is also a particularly important event in the financial community of our country. Therefore, it is very meaningful to study the reasons behind the volatility of Minsheng Bank's stock price, to explore the countermeasures to deal with the short selling of Chinese banks by international institutional investors, and to explore the implications of this incident to China's banking industry and its Chinese capital market. Through the study of the international institutional investors shorting the Minsheng Bank of China, this paper reveals the real purpose and usual methods of the international institutional investors, and provides a reference for the listed enterprises of our country to respond to the shorting of the international institutional investors, so that they can take defensive measures ahead of time in the future development. And by revealing the reasons why Minsheng Bank is short, this paper puts forward higher requirements for Minsheng Bank of China to attach importance to its asset quality and risk management ability and strengthen and improve its risk prevention and control ability in the future operation. It also plays a warning role in the Chinese banking industry, which makes the Chinese banking industry improve its risk prevention and control and early warning mechanism, and also puts forward the requirements for the sustainability of its profitability. In the course of the study of the event, it is found that Chinese enterprises are powerless in the face of short selling, and the short-selling institutions in China have not excavated the problem of counterfeiting in other markets in the world. Through the study of these two problems, it is considered that there are shortcomings in the short-selling mechanism of China's capital market, and further speeding up the construction of short-selling institutions is an inevitable requirement in the process of perfecting China's capital market. It is of practical significance for our government to formulate relevant legal policies and promote the development of China's capital market to adapt to the international situation. Chinese enterprises have been shorted by international institutional investors many times, and recently China's banking industry has become the short selling object of international institutional investors, which has to make China's securities market and enterprises ponder over themselves. Under the dual pressure of economic downturn and steady growth, the asset quality of China's banking industry is facing a new round of test. From the point of view of the successful response of Minsheng Bank of China to the short behavior of international institutional investors, in the face of shorting, Chinese enterprises need to adjust their countermeasures in real time according to the current economic shape and situation, strengthen the cooperation and mutual assistance among investors, at the same time, improve the quality and safety of their own assets and establish a perfect capital market crisis management mechanism, and if necessary, adopt the law to fight back. China's securities market needs to improve China's short-selling mechanism, maintain the trend of sustained economic growth in China, focus on the development of institutional investors in China, strengthen short selling supervision and improve the supervision of foreign investment banks. These revelations will certainly promote the sustainable development of Minsheng Bank of China, and will also provide reference for the development of Chinese enterprises and securities market.
【学位授予单位】：郑州大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.33;F830.59
本文编号：2505251
[Abstract]:International short sellers have been shorting China since 2011, including Wall Street short sellers in March last year, which said the Chinese real estate bubble was the equivalent of more than 1000 Baidi; at the end of June, Standard & Poor's and Goldman Sachs joined forces to short Bank of China stocks on the grounds of local financing platforms. Securities analysis and investment institutions, represented by Hunshui in the United States, have been cracking down on listed companies outside China since June 2011; this time UBS, Maitong and three major rating agencies attacked Minsheng Bank of China. This time and again, the capital market and related enterprises have brought great negative impact. In recent years, the major problems existing in the process of China's economic development have gradually become prominent. China has become the best "short" object that international institutional investors can choose, and the power of "short" China is becoming stronger and stronger in the world. International institutional investors shorting Minsheng Bank can be said to have sounded a wake-up call to us, and it is also a particularly important event in the financial community of our country. Therefore, it is very meaningful to study the reasons behind the volatility of Minsheng Bank's stock price, to explore the countermeasures to deal with the short selling of Chinese banks by international institutional investors, and to explore the implications of this incident to China's banking industry and its Chinese capital market. Through the study of the international institutional investors shorting the Minsheng Bank of China, this paper reveals the real purpose and usual methods of the international institutional investors, and provides a reference for the listed enterprises of our country to respond to the shorting of the international institutional investors, so that they can take defensive measures ahead of time in the future development. And by revealing the reasons why Minsheng Bank is short, this paper puts forward higher requirements for Minsheng Bank of China to attach importance to its asset quality and risk management ability and strengthen and improve its risk prevention and control ability in the future operation. It also plays a warning role in the Chinese banking industry, which makes the Chinese banking industry improve its risk prevention and control and early warning mechanism, and also puts forward the requirements for the sustainability of its profitability. In the course of the study of the event, it is found that Chinese enterprises are powerless in the face of short selling, and the short-selling institutions in China have not excavated the problem of counterfeiting in other markets in the world. Through the study of these two problems, it is considered that there are shortcomings in the short-selling mechanism of China's capital market, and further speeding up the construction of short-selling institutions is an inevitable requirement in the process of perfecting China's capital market. It is of practical significance for our government to formulate relevant legal policies and promote the development of China's capital market to adapt to the international situation. Chinese enterprises have been shorted by international institutional investors many times, and recently China's banking industry has become the short selling object of international institutional investors, which has to make China's securities market and enterprises ponder over themselves. Under the dual pressure of economic downturn and steady growth, the asset quality of China's banking industry is facing a new round of test. From the point of view of the successful response of Minsheng Bank of China to the short behavior of international institutional investors, in the face of shorting, Chinese enterprises need to adjust their countermeasures in real time according to the current economic shape and situation, strengthen the cooperation and mutual assistance among investors, at the same time, improve the quality and safety of their own assets and establish a perfect capital market crisis management mechanism, and if necessary, adopt the law to fight back. China's securities market needs to improve China's short-selling mechanism, maintain the trend of sustained economic growth in China, focus on the development of institutional investors in China, strengthen short selling supervision and improve the supervision of foreign investment banks. These revelations will certainly promote the sustainable development of Minsheng Bank of China, and will also provide reference for the development of Chinese enterprises and securities market.
【学位授予单位】：郑州大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.33;F830.59
【参考文献】
相关期刊论文 前3条
1 丁淼;;做空比做多容易[J];股市动态分析;2012年38期
2 张歆;;倒在美国做空机构猎杀下的中国概念股——基于绿诺科技退市的案例分析[J];商业文化(下半月);2012年11期
3 皮海洲;;股指期货是中国股市的一场革命[J];武汉金融;2010年04期
相关博士学位论文 前1条
1 蔡向辉;股指期货影响股市波动的机制解析与实证检验[D];复旦大学;2010年
相关硕士学位论文 前3条
1 徐雪;股指期货研究[D];首都经济贸易大学;2003年
2 房淑荣;股票指数期货的理论与实证分析[D];吉林大学;2006年
3 代雨君;我国股市做空机制研究[D];西南财经大学;2009年
，本文编号：2505251
本文链接：https://www.wllwen.com/jingjilunwen/fangdichanjingjilunwen/2505251.html
