本文關(guān)鍵詞：私募股權(quán)投資（PE）腐敗的類型化分析和監(jiān)管　出處：《中央民族大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 私募股權(quán)投資 PE腐敗 “保薦+直投”模式

【摘要】：國(guó)內(nèi)A股市場(chǎng)在2009年6月底恢復(fù)IPO以來,3年IPO募資9300總額9300億元,居世界第一。與募集資金成果豐碩和造富效應(yīng)明顯形成鮮明對(duì)比的是,A股市場(chǎng)跌幅也大于美國(guó)等西方成熟資本市場(chǎng)。截至2011年12月,A股總市值較年初銳減50837.79億元,流通市值銳減28866.94億元,如果流通市值損失平攤,則股民人均虧損4.2萬元�？梢哉f,近3年來,A股市場(chǎng)是創(chuàng)業(yè)者的天堂,投資者的滑鐵盧。 我國(guó)A股市場(chǎng)發(fā)行新股采取審批制。整個(gè)IPO過程大概需要1年左右的時(shí)間。“PE腐敗”行為主要就發(fā)生在擬上市公司IPO的過程當(dāng)中。保薦機(jī)構(gòu)的核心人員或者和擬上市公司有著特殊關(guān)系的人員,在IPO之前對(duì)公司突擊入股,在公司股票上市之后賣出股票,賺取由發(fā)行價(jià)和原始股價(jià)之間的差額所帶來的巨額利潤(rùn)。而由于PE腐敗行為隱蔽性強(qiáng),沒有明顯的違法性,使得其長(zhǎng)期存在于擬上市公司的IPO過程當(dāng)中。在謝風(fēng)華和李紹武案被披露之后,PE腐敗才真正受到關(guān)注。隨著媒體對(duì)于“PE腐敗”的持續(xù)關(guān)注,各式各樣的與IPO有關(guān)的交易都被冠以“PE腐敗”。但是目前為止,學(xué)界對(duì)于“PE腐敗”的界定、它所帶來的危害,以及有效的監(jiān)管方式的研究基本還處于空白階段�；趯�(duì)“PE腐敗”的認(rèn)識(shí),本文認(rèn)為對(duì)其進(jìn)行科學(xué)的界定是進(jìn)一步研究的基礎(chǔ),也是對(duì)復(fù)雜的“PE腐敗”各種情形展開監(jiān)管的必要前提條件。 本文為了科學(xué)的界定“PE腐敗”,首先對(duì)傳統(tǒng)的PE進(jìn)行一個(gè)系統(tǒng)的介紹。在此基礎(chǔ)之上,結(jié)合證券市場(chǎng)的實(shí)際情況對(duì)“PE腐敗”進(jìn)行了界定,并以行為主體為分類標(biāo)準(zhǔn)對(duì)“PE腐敗”的常見行為進(jìn)行了類型化分析。針對(duì)每一類“PE腐敗”,從它的表現(xiàn)形式,對(duì)證券市場(chǎng)的危害以及現(xiàn)行和可能監(jiān)管對(duì)策進(jìn)行了較為全面的分析和評(píng)議。而且,對(duì)于與“PE腐敗”密切相關(guān)的證券公司“直投+保薦”模式的合理監(jiān)管,也結(jié)合了證券市場(chǎng)目前的監(jiān)管背景,進(jìn)行了分析。以期望在IPO重啟之后,控制甚至是杜絕“PE腐敗”的發(fā)生。從而使得中小投資者利益能夠得到保護(hù),中國(guó)證券市場(chǎng)能夠長(zhǎng)期健康發(fā)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.

【學(xué)位授予單位】：中央民族大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：D922.287;F832.51

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本文編號(hào)：1393344