本文選題：證券公司 + 股權(quán)投資�。� 參考：《山東大學(xué)》2013年碩士論文

【摘要】：20世紀(jì)90年代初期,我國(guó)一些證券公司(“券商”)開(kāi)始嘗試從事直接投資業(yè)務(wù),即證券公司利用自身的專業(yè)優(yōu)勢(shì),通過(guò)使用自有資金或者設(shè)立直投基金,對(duì)發(fā)現(xiàn)的優(yōu)質(zhì)投資項(xiàng)目或企業(yè)進(jìn)行股權(quán)投資,期望在未來(lái)目標(biāo)項(xiàng)目或企業(yè)的上市或并購(gòu)時(shí)出售股權(quán)來(lái)獲取股權(quán)收益的業(yè)務(wù)。證券公司的直投業(yè)務(wù),即股權(quán)投資,與證券市場(chǎng)基金在證券二級(jí)市場(chǎng)買(mǎi)賣(mài)股票為主的投資活動(dòng)不同,股權(quán)投資向被投資的企業(yè)提供資金,是直接投資的一種,該投資活動(dòng)直接影響目標(biāo)企業(yè)的生產(chǎn)經(jīng)營(yíng)、改變企業(yè)資產(chǎn)負(fù)債表,從而支持目標(biāo)企業(yè)增加流動(dòng)資金、開(kāi)發(fā)新的產(chǎn)品和技術(shù)、降低資產(chǎn)負(fù)債率、進(jìn)行企業(yè)重組或行業(yè)整合。證券公司的股權(quán)投資具有以下功效：首先,證券公司直投部門(mén)尋找有發(fā)展?jié)摿Φ捻?xiàng)目,將其與產(chǎn)業(yè)投資資本聯(lián)系起來(lái),起到“資本運(yùn)作紐帶”作用；其次,直投部門(mén)通過(guò)參與所投資企業(yè)的經(jīng)營(yíng)管理,既幫助企業(yè)解決融資問(wèn)題,也有利于其規(guī)范操作使企業(yè)早日成熟；再次,直投業(yè)務(wù)是證券公司傳統(tǒng)資產(chǎn)管理業(yè)務(wù)的延伸,通過(guò)幫助高端客戶投資有潛力的企業(yè),擴(kuò)大高端客戶的投資范圍和渠道。 2000年后由于證券公司的直投業(yè)務(wù)發(fā)展過(guò)程中出現(xiàn)了一些違規(guī)操作行為,使得證監(jiān)會(huì)在2001年4月發(fā)文禁止證券公司參與直投業(yè)務(wù)。2007年9月,中國(guó)證監(jiān)會(huì)批準(zhǔn)中金公司和中信證券開(kāi)展直接投資業(yè)務(wù)的試點(diǎn)工作,2009年,中國(guó)證監(jiān)會(huì)發(fā)布《證券公司直接投資業(yè)務(wù)試點(diǎn)指引》,開(kāi)始落實(shí)“擴(kuò)大證券公司直接投資試點(diǎn)范圍”的部署,穩(wěn)步推進(jìn)證券公司直接投資試點(diǎn)。2011年11月,證監(jiān)會(huì)發(fā)布《證券公司直接投資業(yè)務(wù)監(jiān)管指引》,將證券公司股權(quán)投資業(yè)務(wù)納入常規(guī)監(jiān)管,標(biāo)志著股權(quán)投資業(yè)務(wù)從試點(diǎn)業(yè)務(wù)轉(zhuǎn)為證券公司常規(guī)業(yè)務(wù)。 由于信息不對(duì)稱問(wèn)題的存在,證券公司在開(kāi)展股權(quán)投資業(yè)務(wù)時(shí)往往處于信息的劣勢(shì)。我國(guó)的股權(quán)投資基金和融資企業(yè)之間的信息不對(duì)稱現(xiàn)象在一定程度上比西方發(fā)達(dá)國(guó)家更為嚴(yán)重。一方面,我國(guó)的證券公司股權(quán)投資發(fā)展時(shí)間較短,未能建立起完備的項(xiàng)目篩選和風(fēng)險(xiǎn)管理機(jī)制；另一方面,我國(guó)缺乏健全的信用體系。從投資項(xiàng)目的質(zhì)量水平到企業(yè)家的工作能力和誠(chéng)信水平都缺乏真實(shí)有效的信息。在決策過(guò)程中,證券公司與目標(biāo)公司之間處于一種博弈狀態(tài),目標(biāo)公司追求的目標(biāo)是自身的利益最大化,往往有動(dòng)機(jī)去美化自身公司經(jīng)營(yíng)業(yè)績(jī)。 證券公司開(kāi)展一次成功的股權(quán)投資業(yè)務(wù),不在于是否并購(gòu)重組了目標(biāo)公司,而在于在退出時(shí)是否得到了令人滿意的收益回報(bào)。股權(quán)投資市場(chǎng)是高度信息不對(duì)稱的,因此,證券公司有必要對(duì)投資項(xiàng)目展開(kāi)盡職調(diào)查。所謂盡職調(diào)查,就是在企業(yè)的配合下,對(duì)企業(yè)的歷史數(shù)據(jù)和文檔、管理人員的背景、市場(chǎng)風(fēng)險(xiǎn)、管理風(fēng)險(xiǎn)、技術(shù)風(fēng)險(xiǎn)和資金風(fēng)險(xiǎn)做全面深入的審核,通過(guò)盡職調(diào)查使證券公司盡可能地發(fā)現(xiàn)有關(guān)他們要購(gòu)買(mǎi)的股份或資產(chǎn)的全部情況。證券公司通過(guò)盡職調(diào)查,在談判前后充分獲得有關(guān)財(cái)務(wù)、法律、人事等各方面的信息,對(duì)目標(biāo)公司潛在價(jià)值進(jìn)行充分的認(rèn)識(shí),對(duì)可能存在的風(fēng)險(xiǎn)提前做好應(yīng)對(duì)。因此,盡職調(diào)查是證券公司開(kāi)展股權(quán)投資業(yè)務(wù)的重要前提和基礎(chǔ)。 本文從證券公司股權(quán)投資盡職調(diào)查的理論依據(jù)和基本內(nèi)容入手,深入分析了股權(quán)投資盡職調(diào)查的必要性,通過(guò)設(shè)計(jì)盡職調(diào)查基本框架和進(jìn)行案例分析,詳細(xì)剖析了盡職調(diào)查面臨的問(wèn)題和不足,最后提出完善證券公司股權(quán)投資盡職調(diào)查的對(duì)策建議。本文的基本思路如下： 第一章分析了論文選題的背景、意義及國(guó)內(nèi)外相關(guān)研究綜述。 第二章主要分析了股權(quán)投資業(yè)務(wù)盡職調(diào)查的理論依據(jù)。 第三章主要分析了盡職調(diào)查的必要性。 第四章是盡職調(diào)查的基本內(nèi)容和過(guò)程分析,歸納了盡職調(diào)查基本內(nèi)容,并簡(jiǎn)單做了盡職調(diào)查策略過(guò)程分析。 第五章設(shè)計(jì)了證券公司盡職調(diào)查基本框架,并詳細(xì)剖析了框架的基本內(nèi)容和信息要求。 第六章通過(guò)案例分析,將盡職調(diào)查的理論和實(shí)踐結(jié)合起來(lái)。 第七章提出完善盡職調(diào)查的對(duì)策建議。
[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 .

【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.39

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