【摘要】：近年來，隨著中國經(jīng)濟(jì)持續(xù)不斷的快速發(fā)展，中國資本市場也是越來越繁榮。我國目前的證券市場已經(jīng)成為了維護(hù)經(jīng)濟(jì)平穩(wěn)發(fā)展的重要平臺，大量在行業(yè)內(nèi)處于舉足輕重地位的公司在這個越漸繁榮的市場中進(jìn)行IPO、投融資以及兼并與收購，并吸引了眾多投資者的參與。但是投資相關(guān)的監(jiān)管體制滯后以及高額的投資回報率，使得資本市場中違規(guī)操作的現(xiàn)象不斷出現(xiàn)，而其中最引人關(guān)注的就是PE腐敗。 PE腐敗是指一些并非真正的PE投資人利用關(guān)系獲得在公司上市前的投資機(jī)會，他們了解公司的相關(guān)情況，并利用獲得的投資機(jī)會間接入股或者將之賣給其他人從而獲得巨額利益，在此過程中便存在著腐敗的風(fēng)險。PE腐敗現(xiàn)象屢次發(fā)生，給我國資本市場造成惡劣影響，，打擊了投資者的信心，也阻礙了資本市場的健康發(fā)展。其中國信證券PE腐敗案是第一個確證的投行PE腐敗案，也是國內(nèi)最有代表性的PE腐敗案例。 本文第一部分首先對最具代表性的“國內(nèi)PE腐敗第一案”國信證券PE腐敗案進(jìn)行梳理，完整地闡述案例發(fā)生的來龍去脈以及在此案例中國信證券涉及工作人員的PE腐敗方式等相關(guān)情況。本文第二部分分析了國信證券PE腐敗案對國信證券公司本身、對保薦人行業(yè)以及對監(jiān)管機(jī)構(gòu)的影響，并且深入分析國信證券PE腐敗案所反映出的保薦代表人制度甚至股票發(fā)行審核核準(zhǔn)制的問題，以及監(jiān)管體系的漏洞。第三部分針對我國頻發(fā)的PE腐敗現(xiàn)象，建議將新股發(fā)行核準(zhǔn)制過渡到注冊制，同時完善股票上市發(fā)行過程中監(jiān)管體系，加大監(jiān)管力度，提高中介機(jī)構(gòu)中立性以及建立完善的投行內(nèi)部控制體系，以阻止PE腐敗現(xiàn)象發(fā)生進(jìn)而凈化國內(nèi)投資環(huán)境，提高資本市場運行效率。
[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.
【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51;D922.287

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