私募股权投资（PE）腐败的类型化分析和监管

发布时间：2018-01-07 16:22

本文关键词：私募股权投资（PE）腐败的类型化分析和监管　出处：《中央民族大学》2013年硕士论文　论文类型：学位论文

【摘要】：国内A股市场在2009年6月底恢复IPO以来,3年IPO募资9300总额9300亿元,居世界第一。与募集资金成果丰硕和造富效应明显形成鲜明对比的是,A股市场跌幅也大于美国等西方成熟资本市场。截至2011年12月,A股总市值较年初锐减50837.79亿元,流通市值锐减28866.94亿元,如果流通市值损失平摊,则股民人均亏损4.2万元。可以说,近3年来,A股市场是创业者的天堂,投资者的滑铁卢。我国A股市场发行新股采取审批制。整个IPO过程大概需要1年左右的时间。“PE腐败”行为主要就发生在拟上市公司IPO的过程当中。保荐机构的核心人员或者和拟上市公司有着特殊关系的人员,在IPO之前对公司突击入股,在公司股票上市之后卖出股票,赚取由发行价和原始股价之间的差额所带来的巨额利润。而由于PE腐败行为隐蔽性强,没有明显的违法性,使得其长期存在于拟上市公司的IPO过程当中。在谢风华和李绍武案被披露之后,PE腐败才真正受到关注。随着媒体对于“PE腐败”的持续关注,各式各样的与IPO有关的交易都被冠以“PE腐败”。但是目前为止,学界对于“PE腐败”的界定、它所带来的危害,以及有效的监管方式的研究基本还处于空白阶段。基于对“PE腐败”的认识,本文认为对其进行科学的界定是进一步研究的基础,也是对复杂的“PE腐败”各种情形展开监管的必要前提条件。本文为了科学的界定“PE腐败”,首先对传统的PE进行一个系统的介绍。在此基础之上,结合证券市场的实际情况对“PE腐败”进行了界定,并以行为主体为分类标准对“PE腐败”的常见行为进行了类型化分析。针对每一类“PE腐败”,从它的表现形式,对证券市场的危害以及现行和可能监管对策进行了较为全面的分析和评议。而且,对于与“PE腐败”密切相关的证券公司“直投+保荐”模式的合理监管,也结合了证券市场目前的监管背景,进行了分析。以期望在IPO重启之后,控制甚至是杜绝“PE腐败”的发生。从而使得中小投资者利益能够得到保护,中国证券市场能够长期健康发展。
[Abstract]:Since the domestic A-share market A IPO recovery at the end of June 2009, 3 years raising 9300 IPO total 930 billion yuan, ranking first in the world. With the funds raised and the effect of making the rich achievements in obvious contrast, A stock market decline is greater than the United States and other western mature capital market. As of December 2011, the total market capitalization of A shares dropped 5 trillion and 83 billion 779 million compared with the beginning yuan, the circulation market value dropped 2 trillion and 886 billion 694 million yuan, if the market capitalization loss rates, while the per capita stock of 42 thousand yuan loss. It can be said that in the past 3 years, A stock market is the entrepreneur's paradise, investors in Waterloo.
The issue of new shares in A stock market in China to take the examination and approval system. The whole IPO process takes about 1 years time. "PE corruption behavior mainly occurred in the process of listed companies. The IPO core staff or institutions and listed companies have a special relationship to the company personnel, assault shares in IPO before and sell the stock after the stock market, earn by between the issue price and the original price difference caused by the huge profits. But because the PE corruption concealment, no illegal obviously and makes it have long existed in the listed companies IPO process. After being disclosed in Fenghua Xie and Li Shaowu case. PE corruption really concern. With the continuous media attention for" PE corruption ", every kind of the IPO related transactions have been dubbed" PE corruption ". But now, for the academic definition of" PE "corruption, The harm it brings, and study the effective supervision mode is still in the blank stage. The understanding of "PE corruption" based on this thought to the scientific definition is the foundation of further research, but also to expand regulatory complex "PE corruption" in various situations should be a prerequisite.
In order to scientifically define "PE corruption", firstly, a systematic introduction to the traditional PE. On this basis, combined with the actual situation of the securities market "PE corruption" was defined, and the subjects as the common behavior of "PE corruption" classification standard for the type of analysis for each. A class of "PE corruption", from its form, harm to the securities market and the current and possible regulatory measures are analyzed and appraised comprehensively. Moreover, reasonable supervision for closely related with "PE corruption" securities companies direct investment + sponsor mode, combined with the present securities market supervision the background is analyzed. To expect in the IPO after the restart, control or even eliminate "PE corruption". So that the interests of small investors can be protected, Chinese stock market can long-term healthy development.

【学位授予单位】：中央民族大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D922.287;F832.51

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