【作者】 张亮；

【导师】 张荣；

【作者基本信息】 重庆大学 ， 工商管理， 2008， 硕士

【摘要】 证券公司是证券市场最基本的主体和最重要的金融中介机构之一,对证券市场的健康发展起着极为重要的作用。在转型过程中,我国证券公司的监管制度、公司治理结构、内部机制设计等方面有待完善,前些年国内股票市场持续低迷,使得证券公司盈利水平下降,经营风险凸现,违法违规行为频繁,许多证券公司积累了很高的风险。自2002年以来,先后有近40家高风险证券公司被监管部门处置。但由于处置方式、法律制度缺失等相关因素的影响,在证券公司处置实践中遇到了诸多的问题和受到多方的质疑。即使从2006-2007年证券市场逐渐回暖,但由于2007年夏季美国次贷风暴所引发的金融危机对我国的经济产生的影响不容乐观,国际市场的动荡加大了A股的波动,证券公司风险严峻的局面并没有得到根本改变。虽然各国政府已经采取国有化、注资等多种措施和政策来应对金融危机,但是短期内危机还难言结束,在全球经济的弱势格局下,中国证券市场难以独善其身,势必会受到国际市场的极大冲击,证券公司依然面临着极为严峻的生存危机。作为金融市场的重要参与主体,证券公司的破产会给整个金融体系带来极大负面的连锁反应,直接威胁到整个金融体系的稳定和安全。因此,如何妥善处置高风险证券公司、以及如何防范高风险证券公司的出现,对我国证券市场乃至金融市场的健康发展具有重要意义。本文以此为题,采用归纳法和案例分析法对我国证券公司风险处置相关问题展开研究,主要工作如下:首先,回顾了国内外相关文献综述和介绍我国证券公司的风险形成及处置背景,对我国证券公司存在的主要风险、风险形成原因以及综合治理的背景进行了分析;其次,以时间为线索对我国证券公司风险处置历程进行了较为客观描述,同时借助对国内多个典型高风险证券公司风险处置案例的详细剖析,总结出处置过程中所存在的主要问题:证券公司风险处置的法律法规不完善、缺乏风险处置的长效机制、风险处置资金来源单一、政府等监管部门定位不明确和缺乏对证券公司风险监管的重视等问题;最后,通过对国外发达国家成熟证券市场上证券公司风险处置成功经验的归纳和典型境外证券公司风险处置案例的分析,发现健全的风险处置法律体系、多样化处置机制、建立中小投资者保护机制、明确政府监管部门在风险处置中的角色和有效的风险监管体系是成熟证券市场的基本特征,在此基础上,结合我国的社会、经济现实,从多个方面有针对性地提出完善我国证券公司风险处置体系的政策建议。更多还原

【Abstract】 As the basic elements and important financial intermediaries, securities companies play an essential role in the healthy development of stock market. However, in the background of transitional economy and the young age of Chinese stock market, the supervision of securities companies, the corporate governance and the design of internal mechanism are far from perfection.The level of capital gains of securities companies had been decreasing resulted from the downturn period, and thereupon large amount of risks were accumulated in securities companies. Since 2002, nearly 40 securities companies have been disposed by supervision department. Some problems and criticism appeared in the process of disposal because of legal deficiency or ways of disposal, consequently, the risky situation of some securities companies were not thoroughly changed, as well as the effect of the subprime mortgage crisis occurred in 2007, the companies are still being faced with threats of existing. Thus, how to properly dispose highly risky securities companies is still the important issue in stock market. More importantly, in the special period of development of Chinese stock market, the researches on the risk disposal of securities companies are meaningful to perfect relative laws and to establish a long term mechanism for risk disposal, and it is meaningful theoretically and pragmatically. Therefore, this paper researches on the issues of risk disposal of securities companies with inductive method and case study.Based on the literature review and the background introduction of risk disposal, this paper analyzed the reasons and problems in risk disposal. Then, this paper describes the history of risk disposal of securities companies in our country and summarizes the problems that include imperfect laws and rules, lack of long term mechanism and capital source is single, and all the problems above are exemplified by cases. In the end, through the induction of successful experience from foreign countries, this paper brings forward that perfect legal system of risk disposal, protection system for medium-small investors and marketization of supervision department are the basic characters of a mature stock market. Combined with the social and economic practice of China, the theoretic guidelines of how to build risk disposal system, to choose disposal means and to make a better supervisory system are given.更多还原