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| 论文编号： | 15054 | |
| 作者编号： | 2320213760 | |
| 上传时间： | 2024/12/9 21:40:44 | |
| 中文题目： | 基于现场检查的A券商IPO保荐业务管理优化研究 | |
| 英文题目： | Research on the optimization of IPO sponsorship business management of A brokerage firm based on on-site inspection | |
| 指导老师： | 覃家琦 | |
| 中文关键字： | IPO；投资银行；现场检查 | |
| 英文关键字： | IPO；Investment Bank；On-site Inspections | |
| 中文摘要： | 中介机构是资本市场“看门人”，保荐机构作为企业首发上市的主要牵头中介机构，在注册制下的权力更大、担子更重、要求更高。国务院文件指出，对于股票发行环节要进一步加大现场检查的力度和现场督导的力度，要对业绩不符常理的快速增长等情形作为关注重点，严防股票发行注册阶段“带病闯关”。 2019年IPO注册制试点以来，一旦被现场检查/现场督导，多数发行人“一查即撤”“一督即撤”，甚至国内IPO保荐领域排名前十的A证券公司保荐的IPO项目也呈现此类特征。作为头部投行，A证券公司尤其在注册制试点的“科创板”“创业板”市场领先优势明显，但是其IPO保荐业务也面临投行业务质量评价较低、随机现场检查通过率较低的问题。这个问题的主要原因是什么，值得思考。 本文尝试从A证券公司IPO保荐业务尽职调查程序是否存在瑕疵、是否保持谨慎的职业怀疑、保荐业务内控是否薄弱等三个方面进行问题发现、问题具体表现分析、提出优化措施以及保障措施。希望以A证券公司IPO保荐业务为例，尝试找出“一查即撤”的原因所在，进而为证券公司当好资本市场“看门人”、提升有效通过“现场检查”的能力提供一些建设性的建议。 | |
| 英文摘要： | Intermediaries are the "gatekeepers" of the capital market, and sponsors, as the main lead intermediaries for the initial listing of enterprises, have greater power, heavier burdens and higher requirements under the registration system. The State Council document pointed out that the on-site inspection and supervision of the stock issuance link should be strengthened, focusing on the abnormal growth of performance and other situations, and strictly preventing "breaking through with illness". Since the pilot of the IPO registration system in 2019, once on-site inspection/on-site supervision has been carried out, most issuers have been "withdrawn upon inspection" or "withdrawn upon supervision", and even the IPO projects sponsored by the top 10 A securities companies in the domestic IPO sponsorship field have also shown such characteristics. As a leading investment bank, A Securities Company has a clear market lead in the "Science and Technology Innovation Board" and "Growth Enterprise Market" pilots of the registration system, but its IPO sponsorship business also faces the problems of low quality evaluation of investment banking business and low pass rate of random on-site inspections. What is the main reason for this problem, it is worth thinking about. This paper attempts to identify problems, analyze the specific performance of problems, and propose optimization measures and safeguard measures from three aspects: whether there are flaws in the due diligence procedures of securities company's IPO sponsorship business, whether it maintains cautious professional suspicion, and whether the internal control of sponsorship business is weak. It is hoped that taking the IPO sponsorship business of securities company A as an example, we will try to find out the reasons for the "withdrawal after investigation", and then provide some constructive suggestions for securities companies to be good "gatekeepers" of the capital market and improve their ability to effectively pass "on-site inspections". | |
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