本文選題：注冊(cè)制　切入點(diǎn)：投資銀行　出處：《貴州財(cái)經(jīng)大學(xué)》2017年碩士論文

【摘要】：隨著我國新股發(fā)行制度沿著市場(chǎng)化方向不斷改革,以及面對(duì)注冊(cè)制是否推出的疑問政府不斷給出肯定答復(fù),我們可以合理預(yù)期新股發(fā)行注冊(cè)制將在不遠(yuǎn)的將來推出實(shí)行。國內(nèi)投資銀行在過去實(shí)行核準(zhǔn)制的大環(huán)境下,行業(yè)中觀層面經(jīng)營粗放,業(yè)務(wù)鏈不連貫,相互之間協(xié)同性不強(qiáng),收入結(jié)構(gòu)失衡,業(yè)務(wù)鏈延伸不足。投行微觀層面存在部門間缺乏合作,客戶挖掘和客戶關(guān)系維護(hù)模式落后,對(duì)研究支持的重視程度不夠等問題。國內(nèi)投行只有及時(shí)轉(zhuǎn)型,才能很好地應(yīng)對(duì)注冊(cè)制的挑戰(zhàn)。本文通過比較分析注冊(cè)制與核準(zhǔn)制的不同,指出注冊(cè)制給投行帶來的機(jī)遇和挑戰(zhàn),提出了注冊(cè)制對(duì)國內(nèi)投行的角色定位和能力要求。然后又借鑒了國外典型投行的發(fā)展模式,從組織結(jié)構(gòu),收入結(jié)構(gòu),業(yè)務(wù)模式等方面細(xì)致分析了國外典型投行的成功之處。通過廣泛搜集國內(nèi)外投行發(fā)展的資料再結(jié)合注冊(cè)制對(duì)國內(nèi)投行發(fā)展的能力要求提出了我國投行面向注冊(cè)制的轉(zhuǎn)型方案。該方案在組織結(jié)構(gòu)上提出了按行業(yè)分工的矩陣制的組織結(jié)構(gòu),業(yè)務(wù)模式上提出了轉(zhuǎn)型為大投行制的業(yè)務(wù)模式,同時(shí)在業(yè)務(wù)能力上要加強(qiáng)研究隊(duì)伍建設(shè),提高研究定價(jià)能力。建立投行多層次的風(fēng)險(xiǎn)控制體系,提高風(fēng)險(xiǎn)控制能力。鼓勵(lì)業(yè)務(wù)模式創(chuàng)新,著力培養(yǎng)投行創(chuàng)新能力。國內(nèi)投資銀行只有積極創(chuàng)新,適時(shí)轉(zhuǎn)型才能更好地應(yīng)對(duì)注冊(cè)制這一重大變革。
[Abstract]:With the continuous reform of the new issue system in China along the direction of marketization, and in the face of the doubt whether the registration system is to be introduced, the government has repeatedly given a positive reply. We can reasonably expect that the registration system for new share issues will be introduced in the near future. In the general environment in which domestic investment banks have adopted the approval system in the past, they operate extensively at the mid-level of the industry, their business chains are not coherent, and their synergy is not strong. There are some problems such as unbalanced income structure, insufficient extension of business chain, lack of inter-departmental cooperation at the micro level of investment banks, backward customer mining and customer relationship maintenance model, insufficient attention to research support, and so on. Through comparative analysis of the difference between the registration system and the approval system, this paper points out the opportunities and challenges that the registration system brings to the investment banks. This paper puts forward the role orientation and ability requirement of the registration system for the domestic investment banks, and then draws lessons from the development mode of the typical foreign investment banks, from the organizational structure, the income structure, This paper analyzes the success of the typical foreign investment banks from the aspects of business model and so on. Through collecting extensive information about the development of investment banks at home and abroad and combining with the requirements of the registration system for the development of domestic investment banks, this paper puts forward the registrable system of investment banks in China. In terms of organizational structure, it presents a matrix structure based on the division of labour in the industry, At the same time, we should strengthen the construction of research team, improve the research pricing ability and establish a multi-level risk control system for investment banks. To improve the ability of risk control, to encourage innovation of business model and to cultivate innovation ability of investment banks. Domestic investment banks can better cope with the major reform of registration system only through positive innovation and timely transformation.
【學(xué)位授予單位】：貴州財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.2

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