上市公司参股券商问题研究
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摘要
自1999年以来，共有160多家上市公司对国内50多家证券公司进行参股，有的甚至达到了控股的地步。其参股的方式主要有三种：受让股权、投资参股、发起设立证券公司；其表现出来的特点是：中小券商受青睐、出现组合投资和近亲联姻多等。
论文分析了上市公司参股券商的动机、相关的财务问题、法律问题，深刻分析了参股行为难于克服的弊端。
鉴于上市公司参股券商有其存在的现实性，本文指出，新形势下上市公司应注重自己的主业，不要盲目投资虚体经济；而券商方面积极壮大自身实力，拓宽融资渠道，准备迎接国际竞争。
本文以辽宁成大参股广发证券为实例，详细论述了参股后引起的财务问题、法律问题，2001年，中国股市泡沫的破灭也打碎了“广发奇迹”，不过2002年辽宁成大和广发证券在当前形势下采取的措施和取得的成就对现在和未来要参股的行为有很好的启发。
论文的最后对当前形势下有必要采取的法律规范提出了自己的建议。
Since 1999, There have been about 160 public companies who invested in 50 local security agents to share their ownerships, some of those investments were even up to the percentage of controlling the target security agents. Three main kinds of those stock investments are buying stock share from market or other investors, investing directly and initiating and establishing new security agent. The main characters of it are that mid or small size security agents are favorable target, portfolio were taken and most public company preferred to invest into their security agent who used to help them issue stock.
Besides the malpractice coming up with the stock investments, the author analyzed the intention of those public companies investment into security agents, pertinent financial problems and law problems in this dissertation
Regarding the reality of stock investment into security agents by public company, the author pointed out that under current situation, public company should focus on their main business fields without any blind investments into virtual economy, and the security agents should build up their financial strength and extend their financing channel to meet the coming international competition.
With the case of investment into Guangfa Security by Liaoning Chengda, this dissertation analyzed and discussed the financial problems, legal problems brought out by those stock investments. Guangfa miracle was broken up by the shatter of China(?)stock market. But the actions taken by Liaoning Chengda and Guangfa Security and their achievements under present situation will instruct and enlighten those coming stock investments.
At the end of this dissertation, the author presented suggestions on those necessary legal regulations to be taken under current situation.
论文分析了上市公司参股券商的动机、相关的财务问题、法律问题，深刻分析了参股行为难于克服的弊端。
鉴于上市公司参股券商有其存在的现实性，本文指出，新形势下上市公司应注重自己的主业，不要盲目投资虚体经济；而券商方面积极壮大自身实力，拓宽融资渠道，准备迎接国际竞争。
本文以辽宁成大参股广发证券为实例，详细论述了参股后引起的财务问题、法律问题，2001年，中国股市泡沫的破灭也打碎了“广发奇迹”，不过2002年辽宁成大和广发证券在当前形势下采取的措施和取得的成就对现在和未来要参股的行为有很好的启发。
论文的最后对当前形势下有必要采取的法律规范提出了自己的建议。
Since 1999, There have been about 160 public companies who invested in 50 local security agents to share their ownerships, some of those investments were even up to the percentage of controlling the target security agents. Three main kinds of those stock investments are buying stock share from market or other investors, investing directly and initiating and establishing new security agent. The main characters of it are that mid or small size security agents are favorable target, portfolio were taken and most public company preferred to invest into their security agent who used to help them issue stock.
Besides the malpractice coming up with the stock investments, the author analyzed the intention of those public companies investment into security agents, pertinent financial problems and law problems in this dissertation
Regarding the reality of stock investment into security agents by public company, the author pointed out that under current situation, public company should focus on their main business fields without any blind investments into virtual economy, and the security agents should build up their financial strength and extend their financing channel to meet the coming international competition.
With the case of investment into Guangfa Security by Liaoning Chengda, this dissertation analyzed and discussed the financial problems, legal problems brought out by those stock investments. Guangfa miracle was broken up by the shatter of China(?)stock market. But the actions taken by Liaoning Chengda and Guangfa Security and their achievements under present situation will instruct and enlighten those coming stock investments.
At the end of this dissertation, the author presented suggestions on those necessary legal regulations to be taken under current situation.
引文
[1] 冯丽霞．《企业财务分析与业绩评价》．湖南人民出版社，2002
[2] 贺志东．《假帐与反假帐》．经济管理出版社，2002
[3] 储一昀．《中国第一起交互持股案例引发的思考》．《管理世界》双月刊，2001年第五期
[4] 财政部注册会计师考试委员会办公室编．《会计》．中国财经出版社 2002
[5] 财政部注册会计师考试委员会办公室编．《财务与成本管理》．中国财经出版社，2002
[6] 中国证券业协会编．《证券发行与承销》．上海财经大学出版社，2002
[7] 中国证券业协会编．《证券市场基础知识》．上海财经大学出版社，2002
[8] 《中华人民共和国会计法》．中国法制出版社，1999
[9] 《中华人民共和国证券法》．中国法制出版社，1999
[10] 中华人民共和国审计署法制司编．《企业会计准则与指南》．中国审计出版社，1999
[11] 彼德·F·德鲁克等著．《公司绩效测评》．中国人民大学出版社、哈佛商学院出版社，1999
[12] 克雷沙·帕利普等．《经营透视——企业分析与评价》．东北财经大学出版社，1998
[13] 王巍．《中国并购报告2002》．华夏出版社，2002
[14] 肯尼斯·汉克等．《现金流量与证券分析》．华夏出版社，2001
[15] 詹姆斯·范霍恩等．《现代企业财务管理》．经济科学出版社，1998
[16] 费雷德·R·戴维．《战略管理》．经济科学出版社，1998
[17] 杜胜利．《企业经营业绩评价》．经济科学出版社，1999
[18] 王开田．《会计行为论》．上海财经大学出版社，1999
[19] 杨德新．《股份公司评价》．华中理工大学出版社，1997
[20] 王世定．《企业内部控制制度设计》．企业管理出版社，2001
[21] 贺志东．《造假帐手法暴光》．经济管理出版社，2001
[22] 胡春元．《风险基础会计》．东北财经大学出版社，2001
[23] M.R. Vitale, S.C. Mavrinac:How Effective Is Your Performance Measurement System?
[24] Arthur A. Thompson, Jr.A.J, Strickland 3 Straegic Management. 7th ed. Boston:Homewood, 1993
[25] Peter F. Drucker, The information:Eceucitives Trully Need, Harvard Businees Review Jan.-Feb.,1995
[26] Paul. mcncann, Alfred, Nanni. Is Your Company Really Measuring Performance? Management Accounting(U.S),Nov. 1994
[27] Hirsh. Advanced Management Accounting. Boston:PWSKENT Campang. 1988
[28] J.L. Berens and C.L. Cuny, Inflation, Growth and Capital Structure, Universty of California at Irvine, 1993
[29] R.A. Brealeg & S.C. Myers. Principles of Coporate Finance 4th edition 1991
[30] Nobes C.W.,Parker R.H.: Comparative International Accounting. Prentice-Hall. Inc. 1998
[31] Fredrick D.S. Choi, Carol Ann Frost, Gary K. Meek:International Accouting. Prentice-Hall, Inc., 1999
[32] JamesC. Vanhorne, Financial Management and Polic, 11th edtion, Prentice-Hail, 1998
[33] William R. Scott: Finacial Accounting Theory. Prentice-Hall, 1997
[2] 贺志东．《假帐与反假帐》．经济管理出版社，2002
[3] 储一昀．《中国第一起交互持股案例引发的思考》．《管理世界》双月刊，2001年第五期
[4] 财政部注册会计师考试委员会办公室编．《会计》．中国财经出版社 2002
[5] 财政部注册会计师考试委员会办公室编．《财务与成本管理》．中国财经出版社，2002
[6] 中国证券业协会编．《证券发行与承销》．上海财经大学出版社，2002
[7] 中国证券业协会编．《证券市场基础知识》．上海财经大学出版社，2002
[8] 《中华人民共和国会计法》．中国法制出版社，1999
[9] 《中华人民共和国证券法》．中国法制出版社，1999
[10] 中华人民共和国审计署法制司编．《企业会计准则与指南》．中国审计出版社，1999
[11] 彼德·F·德鲁克等著．《公司绩效测评》．中国人民大学出版社、哈佛商学院出版社，1999
[12] 克雷沙·帕利普等．《经营透视——企业分析与评价》．东北财经大学出版社，1998
[13] 王巍．《中国并购报告2002》．华夏出版社，2002
[14] 肯尼斯·汉克等．《现金流量与证券分析》．华夏出版社，2001
[15] 詹姆斯·范霍恩等．《现代企业财务管理》．经济科学出版社，1998
[16] 费雷德·R·戴维．《战略管理》．经济科学出版社，1998
[17] 杜胜利．《企业经营业绩评价》．经济科学出版社，1999
[18] 王开田．《会计行为论》．上海财经大学出版社，1999
[19] 杨德新．《股份公司评价》．华中理工大学出版社，1997
[20] 王世定．《企业内部控制制度设计》．企业管理出版社，2001
[21] 贺志东．《造假帐手法暴光》．经济管理出版社，2001
[22] 胡春元．《风险基础会计》．东北财经大学出版社，2001
[23] M.R. Vitale, S.C. Mavrinac:How Effective Is Your Performance Measurement System?
[24] Arthur A. Thompson, Jr.A.J, Strickland 3 Straegic Management. 7th ed. Boston:Homewood, 1993
[25] Peter F. Drucker, The information:Eceucitives Trully Need, Harvard Businees Review Jan.-Feb.,1995
[26] Paul. mcncann, Alfred, Nanni. Is Your Company Really Measuring Performance? Management Accounting(U.S),Nov. 1994
[27] Hirsh. Advanced Management Accounting. Boston:PWSKENT Campang. 1988
[28] J.L. Berens and C.L. Cuny, Inflation, Growth and Capital Structure, Universty of California at Irvine, 1993
[29] R.A. Brealeg & S.C. Myers. Principles of Coporate Finance 4th edition 1991
[30] Nobes C.W.,Parker R.H.: Comparative International Accounting. Prentice-Hall. Inc. 1998
[31] Fredrick D.S. Choi, Carol Ann Frost, Gary K. Meek:International Accouting. Prentice-Hall, Inc., 1999
[32] JamesC. Vanhorne, Financial Management and Polic, 11th edtion, Prentice-Hail, 1998
[33] William R. Scott: Finacial Accounting Theory. Prentice-Hall, 1997