平安证券声誉受损的案例研究

发布时间：2018-10-26 11:46

【摘要】：声誉机制通过激励和约束两种机制对证券承销商的行为做出了规范,对声誉造成影响的因素有证券承销商的规模、定价水平、承销业绩、所承销的IPO企业质量和IPO企业在二级市场上的长期表现。根据声誉理论,通过因子分析法建立了平安证券声誉评价体系,发现承销业绩、所承销的IPO企业质量和IPO企业在二级市场上的长期表现对平安证券的声誉水平影响较大,2010年后其声誉水平明显下降。尽职调查阶段、内部审核阶段以及后续督导阶段都出现较多的漏洞,这是导致平安证券受到证监会处罚而声誉受损的主要原因。为维护其声誉,平安证券采取了设立赔偿基金和进行内部改革的措施,本文认为联系造成声誉受损的原因,后者能从根本上缓解声誉受损所带来的影响。最后,本文得出结论,券商应充分认识到声誉受损所带来的严重后果,在保荐过程中勤勉尽责,以避免受到监管部门的处罚而导致声誉受损。根据此结论,本文对券商、待IPO企业以及投资者提出了相应的意见。
[Abstract]:Reputation mechanism regulates the behavior of securities underwriters through incentive and restraint mechanisms. The factors that affect reputation include the scale of securities underwriters, pricing level, underwriting performance, and so on. Quality of underwritten IPO and long-term performance of IPO in secondary market. According to reputation theory, the reputation evaluation system of Ping an Securities is established by factor analysis. It is found that the performance of underwriting, the quality of underwritten IPO enterprises and the long-term performance of IPO enterprises in the secondary market have great influence on the reputation level of Ping an Securities. The level of its reputation has declined markedly since 2010. Due diligence stage, internal audit stage and subsequent supervision stage all appear more loopholes, which is the main reason why Ping an Securities Security has been punished by the SFC and its reputation has been damaged. In order to protect its reputation, Ping an Securities has taken the measures of setting up compensation fund and carrying out internal reform. This paper argues that the cause of reputation damage can be fundamentally alleviated by the latter. Finally, this paper concludes that the securities companies should fully realize the serious consequences of reputation damage and work diligently in the process of sponsorship, in order to avoid being punished by the regulatory authorities and resulting in reputation damage. According to this conclusion, this paper puts forward the corresponding opinions to securities firms, IPO enterprises and investors.
【学位授予单位】：广东财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.39

【参考文献】