國際機(jī)構(gòu)投資者做空中國民生銀行研究
發(fā)布時(shí)間：2019-06-24 17:52
【摘要】：自從2011年以來,國際做空機(jī)構(gòu)就開始不斷地唱空中國,包括去年3月華爾街做空機(jī)構(gòu)稱,中國房地產(chǎn)泡沫相當(dāng)于1000個(gè)以上的拜迪；去年6月底,標(biāo)準(zhǔn)普爾和高盛聯(lián)手唱空中國銀行股,理由為地方融資平臺問題；以美國渾水公司為代表的證券分析投資機(jī)構(gòu),從2011年6月開始不斷地發(fā)難中國境外上市公司；這次的瑞銀、摩通和三大評級機(jī)構(gòu)襲擊中國民生銀行。這一次次的發(fā)難,給我國資本市場和相關(guān)企業(yè)都帶來了巨大的負(fù)面影響。 近年來,中國經(jīng)濟(jì)發(fā)展過程中存在的重大問題逐漸的凸顯,中國成為了國際機(jī)構(gòu)投資者可選擇的最佳的“做空”對象,國際上“做空”中國的力量越來越強(qiáng)勁。國際機(jī)構(gòu)投資者做空民生銀行可以說是給我們敲了一個(gè)警鐘,也是我國金融界尤為重視的事件。因此,研究民生銀行股價(jià)劇烈波動的背后原因,探討應(yīng)對國際機(jī)構(gòu)投資者做空中資銀行的對策,并探討這次事件給我國銀行業(yè)及其中國資本市場帶來啟示都是非常有意義的。 通過對國際機(jī)構(gòu)投資者做空中國民生銀行事件的研究,揭示國際機(jī)構(gòu)投資者的真正目的和慣用的方法,為我國上市企業(yè)應(yīng)對國際機(jī)構(gòu)投資者的做空提供借鑒,使其在以后的發(fā)展中提前采取防御措施。并且本文通過揭示民生銀行被唱空的原因,為中國民生銀行在今后的經(jīng)營中重視其資產(chǎn)質(zhì)量和風(fēng)險(xiǎn)管理能力,加強(qiáng)和提高風(fēng)險(xiǎn)防控能力,提出了更高的要求。并且也對中資銀行業(yè)起到了警示性的作用,使我國銀行業(yè)完善其風(fēng)險(xiǎn)防控和預(yù)警機(jī)制提出了要求,也為其盈利能力的持續(xù)性提出了要求。在對該事件研究過程中,發(fā)現(xiàn)我國企業(yè)在做空面前反制無力,而且中國的做空機(jī)構(gòu)沒有挖掘國際上其他市場上的造假問題。通過對這兩個(gè)問題的研究,認(rèn)為我國資本市場做空機(jī)制存在不足,進(jìn)一步加快做空機(jī)構(gòu)構(gòu)建的步伐是我國資本市場完善過程中的必然要求,為我國政府制定相關(guān)的法律政策以及促進(jìn)我國資本市場發(fā)展適應(yīng)國際形勢具有現(xiàn)實(shí)意義。 中國企業(yè)屢次被國際機(jī)構(gòu)投資者做空,近期我國銀行業(yè)又成為國際機(jī)構(gòu)投資者的沽空對象,這不得不使我國證券市場和企業(yè)對自身進(jìn)行深思。在經(jīng)濟(jì)下行與穩(wěn)增長的雙重壓力下,我國銀行業(yè)的資產(chǎn)質(zhì)量面臨著新一輪的考驗(yàn)。從中國民生銀行成功應(yīng)對國際機(jī)構(gòu)投資者對其的做空行為來看,面對做空,中國企業(yè)需要根據(jù)當(dāng)前經(jīng)濟(jì)形,勢實(shí)時(shí)調(diào)整對策,加強(qiáng)投資者之間的合作互助,同時(shí)也要提高自身資產(chǎn)質(zhì)量安全度并建立完善的資本市場危機(jī)處理機(jī)制,必要時(shí)采用法律進(jìn)行反擊；中國證券市場則需要健全中國做空機(jī)制,保持我國經(jīng)濟(jì)持續(xù)增長趨勢,著力發(fā)展我國機(jī)構(gòu)投資者,加強(qiáng)賣空監(jiān)督并完善對外國投行的監(jiān)管。這些啟示必將助推中國民生銀行的可持續(xù)發(fā)展,也會為我國企業(yè)和證券市場的發(fā)展提供借鑒意義。
[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.
【學(xué)位授予單位】：鄭州大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.33;F830.59
本文編號：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.
【學(xué)位授予單位】：鄭州大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.33;F830.59
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