中外证券公司制度比较研究
|
摘要
随着电子信息技术的进步、金融监管的放松、离岸金融市场的发展、全球资本市场的一体化以及跨国资本的充分流动，西方投资银行资产规模不断扩大，业务经营范围不断拓展。如今，除传统的证券承销、自营和经纪业务外，西方投资银行还广泛涉及兼并收购、资产管理、风险投资、投资顾问等诸多领域，并参与管理养老基金、共同基金和风险资本基金等。与此同时，投资银行的交易工具和产品不断创新，分支机构遍布全球，并形成全球性业务网络。
西方投资银行的迅猛发展，固然与其外部法律法规的完善、金融体制改革的推进、现代信息技术的发展等密切相关，但关键还在于其本身成熟有效的制度安排。如，严谨规范的公司治理结构、运作高效的组织结构、内涵扩张的业务管理体系是西方投资银行各项业务成功拓展的内在保障；严谨的财务管理体系确保其资产的流动性、效益性和安全性；人力资源管理是以知识密集型的投资银行提供发展动力之源为宗旨；严密的内部风险控制体系以及科学的风险管理制度为投资银行各项业务的有序开展提供了安全保障。
十几年来，我国证券市场经历了一个从无到有、从空白到初具规模的高速发展过程。可是，我国证券公司的制度建设并没有取得同步的发展，这部分归咎于我国经济体制改革总体进程的滞后性。在证券公司制度建设的三大核心内容，即证券公司的股权结构、法人治理结构和组织制度等方面，我国证券公司有了长足的进步，但与西方投资银行相比还存在一些差距。我国证券公司制度建设上的上述差距，意味着我国证券公司离成熟的现代企业制度还有很长的路要走，而国外投资银行发展过程中积累的经验，正是我国可资借鉴的财富。总结国外投资银行的发展经验，再结合我国证券公司的发展现状，我们应该在以
八 硕士学位论文
④NL6TER’S TffeSIS
下方面使我国证券公司的制度得到进一步完善，并积极进行制度创新：通过设 尽
立金融控股公司进行混业经营的探索，以现代股份制公司的标准完善证券公司
的股权结构，完善我国证券公司治理结构的措施，实行组织制度的扁平化创新
g
The electronic information technology is improved; the fiscal supervision is weakened; the oversea fiscal market is expanded; the global capital market is monopolized; the transnational capital thoroughly circulates. Under these circumstances, the scale of assets and the range of businesses in the western investment banks are getting larger and larger. Today, apart from the traditional businesses of stocks, the western investment banks are also involved in merging and purchasing, the management of assets, the risky investment, the consultation of investment, the management of pensions, the management of the shared funds and the risky capital funds and so on. Meanwhile, their trading means and products keep improving and innovating. Their branches distribute all over the world and their global network is formed.
The rapid development of the western investment banks owes much to the improvement of the external principals and laws, the promotion of the financial systematic reform and the development of the modern information technology. But the key factor is its effective systematic arrangement such as the strict and standard administrative structure, the efficient organizational structure and the administrative system of the business expansion, which are the internal guarantee of the success of the businesses in the western investment bank. The strict administrative system of finance guarantees the mobility, the efficiency and the security of its assets; the labor administration guarantees the source of the developmental energy for the bank which requires the knowledgeable labor; the strict and scientific internal risk-control system guarantees the orderly development of the businesses in the western investment banks.
In the past decades, the stock market in our country saw its own beginning and development. However, its systematic construction has not been equally developed,
which is partly due to the stagnation of the reform of the economic system. The three core contents of the systematic construction in the stock market are as follows:
the structure of the share-right in the stock company;
the administrative structure of legal person;
the organizational system.
In the above three aspects, the stock market in our country has been greatly developed. But in contrast with the western investment bank, improvements are called for. The gaps between the two indicate that the stock market in our country has a long way to go to become a mature modern enterprise. The experiences that the western investment banks have accumulated in the process of development are what we can learn. To combine these experiences with the present situation in the stock market of our country, some measures should be taken to improve the stock market in our country by actively innovating its system in terms of the following aspects:
to set up the financial share-control company to explore the multi-management;
to improve the share-right structure with the standards of the modern stock company;
to improve the measures of the administrative structure in the stock market of our country;
to practise the flatized innovation of he organizational system.
西方投资银行的迅猛发展，固然与其外部法律法规的完善、金融体制改革的推进、现代信息技术的发展等密切相关，但关键还在于其本身成熟有效的制度安排。如，严谨规范的公司治理结构、运作高效的组织结构、内涵扩张的业务管理体系是西方投资银行各项业务成功拓展的内在保障；严谨的财务管理体系确保其资产的流动性、效益性和安全性；人力资源管理是以知识密集型的投资银行提供发展动力之源为宗旨；严密的内部风险控制体系以及科学的风险管理制度为投资银行各项业务的有序开展提供了安全保障。
十几年来，我国证券市场经历了一个从无到有、从空白到初具规模的高速发展过程。可是，我国证券公司的制度建设并没有取得同步的发展，这部分归咎于我国经济体制改革总体进程的滞后性。在证券公司制度建设的三大核心内容，即证券公司的股权结构、法人治理结构和组织制度等方面，我国证券公司有了长足的进步，但与西方投资银行相比还存在一些差距。我国证券公司制度建设上的上述差距，意味着我国证券公司离成熟的现代企业制度还有很长的路要走，而国外投资银行发展过程中积累的经验，正是我国可资借鉴的财富。总结国外投资银行的发展经验，再结合我国证券公司的发展现状，我们应该在以
八 硕士学位论文
④NL6TER’S TffeSIS
下方面使我国证券公司的制度得到进一步完善，并积极进行制度创新：通过设 尽
立金融控股公司进行混业经营的探索，以现代股份制公司的标准完善证券公司
的股权结构，完善我国证券公司治理结构的措施，实行组织制度的扁平化创新
g
The electronic information technology is improved; the fiscal supervision is weakened; the oversea fiscal market is expanded; the global capital market is monopolized; the transnational capital thoroughly circulates. Under these circumstances, the scale of assets and the range of businesses in the western investment banks are getting larger and larger. Today, apart from the traditional businesses of stocks, the western investment banks are also involved in merging and purchasing, the management of assets, the risky investment, the consultation of investment, the management of pensions, the management of the shared funds and the risky capital funds and so on. Meanwhile, their trading means and products keep improving and innovating. Their branches distribute all over the world and their global network is formed.
The rapid development of the western investment banks owes much to the improvement of the external principals and laws, the promotion of the financial systematic reform and the development of the modern information technology. But the key factor is its effective systematic arrangement such as the strict and standard administrative structure, the efficient organizational structure and the administrative system of the business expansion, which are the internal guarantee of the success of the businesses in the western investment bank. The strict administrative system of finance guarantees the mobility, the efficiency and the security of its assets; the labor administration guarantees the source of the developmental energy for the bank which requires the knowledgeable labor; the strict and scientific internal risk-control system guarantees the orderly development of the businesses in the western investment banks.
In the past decades, the stock market in our country saw its own beginning and development. However, its systematic construction has not been equally developed,
which is partly due to the stagnation of the reform of the economic system. The three core contents of the systematic construction in the stock market are as follows:
the structure of the share-right in the stock company;
the administrative structure of legal person;
the organizational system.
In the above three aspects, the stock market in our country has been greatly developed. But in contrast with the western investment bank, improvements are called for. The gaps between the two indicate that the stock market in our country has a long way to go to become a mature modern enterprise. The experiences that the western investment banks have accumulated in the process of development are what we can learn. To combine these experiences with the present situation in the stock market of our country, some measures should be taken to improve the stock market in our country by actively innovating its system in terms of the following aspects:
to set up the financial share-control company to explore the multi-management;
to improve the share-right structure with the standards of the modern stock company;
to improve the measures of the administrative structure in the stock market of our country;
to practise the flatized innovation of he organizational system.
引文
1、1997—2002年3月《中国证券报》；
2、1997—2002年3月《上海证券报》；
3、1997—2002年3月《证券时报》；
4、陈共、周升业、吴晓求《海外证券市场》，中国人民大学出版社，2000年版；
5、陈共、周升业、吴晓求《证券与证券市场》，中国人民大学出版社，2000年版；
6、杨瑞龙《现代企业产权制度》，中国人民大学出版社，1996年版；
7、历以宁《中国宏观经济的实证分析》，北京大学出版社，1992年版；
8、樊纲《渐进改革的政治经济学分析》，上海远东出版社，1996年版；
9、约翰．G．格利、爱德华．S．肖著，贝多广译《金融理论中的货币》，上海人民出版社，1994年版；
10、托马斯．梅耶、詹姆斯．S．杜森贝里、R．Z．阿利伯著，洪文金、林志军译《货币、银行与经济》，上海人民出版社，1994年版；
11、雷蒙德．W．戈德史密斯著，周朔等译《金融结构与金融发展》，上海人民出版社，1994年版；
12、刘波《中国证券市场实证分析》，学林出版社，1997年版；
13、谢平《中国金融制度的选择》，上海远东出版社，1996年版；
14、宋颂兴、金伟根《上海股市市场有效性实证研究》载《经济学家》，1995年4期；
15、张亦春、周颖刚《信息不对称、企业改革和证券市场》载《经济研究》，1997年第5期；
16、谢平《中国经济转轨中的利率市场化问题》载《财贸经济》，1995年第8期；
17、施东晖《上海股票市场风险性实证研究》载《经济研究》，1996年第
1、 Avinash k. Dixit &Robert S. Pindyck "INVESTMENT UNDER UNCERTAINTY" , Princeton University Press, 1994．
2、 John Hull "OPTION, FUTURES, AND OTHER DERIVATIVE SECURITIES" , 2nd ed. Englewood Cliffs, New Jersey: Prentice-Hall, 1993．
3、 Paul Wilmott & Jeff Dewynne &Sam Howisson "OPTION PRICING" , Oxford Financial Press, 1993．
4、 S. E. Satchel 1 & D. C. Damant "TESTING FOR SHORT TERMISM IN THE UK STOCK MARKET: A COMMENT" , The Economic Journal, November 1995．
5、 DavidMiles "TESTING FOR SHORT TERMISM IN THE UK STOCK MARKET " , The Economic Journal, September 1995．
6、 Black, F. & M. Scholes, "THE VALUATION OF OPTION CONTRACTS AND A TEST OF MARKET EFFICIENCY" , Journal of Finance, May 1972．
7、 Black, F. & M. Scholes, "THE PRICING OF OPTIONS AND CORPORATE LIABILITIES" , Journal of Finance, May-June 1973．
8、 J. Aitchison & J.A.C. Brown "THE LOGNORMAL DISTRIBUTION", Cambridge: Cambridge University Press, 1966．
9、 http://www. ml . com
10、 http://www. nasdaq. com
11、 http: //www. morganstanley. com
12、 http://www. gs. com
13、 http: //ww. ml . com
14、 http: //www. schwab. com
15、 http://www. leman. com
16、 http: //www. wallstree, com
2、1997—2002年3月《上海证券报》；
3、1997—2002年3月《证券时报》；
4、陈共、周升业、吴晓求《海外证券市场》，中国人民大学出版社，2000年版；
5、陈共、周升业、吴晓求《证券与证券市场》，中国人民大学出版社，2000年版；
6、杨瑞龙《现代企业产权制度》，中国人民大学出版社，1996年版；
7、历以宁《中国宏观经济的实证分析》，北京大学出版社，1992年版；
8、樊纲《渐进改革的政治经济学分析》，上海远东出版社，1996年版；
9、约翰．G．格利、爱德华．S．肖著，贝多广译《金融理论中的货币》，上海人民出版社，1994年版；
10、托马斯．梅耶、詹姆斯．S．杜森贝里、R．Z．阿利伯著，洪文金、林志军译《货币、银行与经济》，上海人民出版社，1994年版；
11、雷蒙德．W．戈德史密斯著，周朔等译《金融结构与金融发展》，上海人民出版社，1994年版；
12、刘波《中国证券市场实证分析》，学林出版社，1997年版；
13、谢平《中国金融制度的选择》，上海远东出版社，1996年版；
14、宋颂兴、金伟根《上海股市市场有效性实证研究》载《经济学家》，1995年4期；
15、张亦春、周颖刚《信息不对称、企业改革和证券市场》载《经济研究》，1997年第5期；
16、谢平《中国经济转轨中的利率市场化问题》载《财贸经济》，1995年第8期；
17、施东晖《上海股票市场风险性实证研究》载《经济研究》，1996年第
1、 Avinash k. Dixit &Robert S. Pindyck "INVESTMENT UNDER UNCERTAINTY" , Princeton University Press, 1994．
2、 John Hull "OPTION, FUTURES, AND OTHER DERIVATIVE SECURITIES" , 2nd ed. Englewood Cliffs, New Jersey: Prentice-Hall, 1993．
3、 Paul Wilmott & Jeff Dewynne &Sam Howisson "OPTION PRICING" , Oxford Financial Press, 1993．
4、 S. E. Satchel 1 & D. C. Damant "TESTING FOR SHORT TERMISM IN THE UK STOCK MARKET: A COMMENT" , The Economic Journal, November 1995．
5、 DavidMiles "TESTING FOR SHORT TERMISM IN THE UK STOCK MARKET " , The Economic Journal, September 1995．
6、 Black, F. & M. Scholes, "THE VALUATION OF OPTION CONTRACTS AND A TEST OF MARKET EFFICIENCY" , Journal of Finance, May 1972．
7、 Black, F. & M. Scholes, "THE PRICING OF OPTIONS AND CORPORATE LIABILITIES" , Journal of Finance, May-June 1973．
8、 J. Aitchison & J.A.C. Brown "THE LOGNORMAL DISTRIBUTION", Cambridge: Cambridge University Press, 1966．
9、 http://www. ml . com
10、 http://www. nasdaq. com
11、 http: //www. morganstanley. com
12、 http://www. gs. com
13、 http: //ww. ml . com
14、 http: //www. schwab. com
15、 http://www. leman. com
16、 http: //www. wallstree, com
© 2004-2018 中国地质图书馆版权所有 京ICP备05064691号 京公网安备11010802017129号 地址：北京市海淀区学院路29号 邮编：100083 电话：办公室：(+86 10)66554848；文献借阅、咨询服务、科技查新：66554700 |