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Research on Internal Control of Investment Banking of M Securities Company
Internal control,Risk management,Investment banking,Securities company,Countermeasure proposals,
|Publication Year :||2020|
In recent years, the investment banking business of securities companies has experienced rapid development. Simultaneously, an increasing number of problems have arisen more and more frequently, such as excessive emphasis on business expansion, weak awareness of risk management, ineffective internal control and declining quality of professional service, which posed a threat to the healthy and sustainable development of security industry. In order to regulate the development of the industry and prevent the accumulation of risks, CSRC issued Guidelines for Internal Control of Investment Banking Business of Securities Companies in March 2018, urging securities companies to strengthen internal control over investment banking business and perfect self-restraint mechanism. Following the special inspection of annual financial reports of initial public offering enterprises in 2012 and the self-inspection and regulation of non-sponsored investment banking business in 2017, this is another crucial action taken by CSRC over the supervision of investment banking business of securities companies, which is of milestone significance.
Under this background, this paper takes M securities company as object to study the internal control of investment banking business. In 2013, due to the IPO financial fraud case of TN technology, M securities company was required by CSRC to rectify its investment banking business. During the self-examination, self-correction and regulation activities of investment banking business throughout the industry in 2017, M securities company carried out a comprehensive self-examination of the internal control of investment banking business again, and found some problems in practice and internal control, which exist in the whole industry. As for practice, problems mainly lied in due diligence, follow-up management and working papers. When it comes to mechanism problems, extensive business model, orientation to acquire approval, loose execution of internal control, and ineffectiveness of compliance risk control seem to attract the most attention. Furthermore, according to Guidance on Internal Control of Investment Banking Business of Securities Companies, M securities company improved the internal control of investment banking business. Considering the practice and mechanism problems of investment banking, to prevent investment banking risks more effectively, this paper suggests M securities company to enhance risk awareness, adjust organization structure, perfect the internal control system, strengthen process control, standardize the salary incentive system and establish a clear, reasonable and effective internal control system and a self-discipline mechanism.
|Appears in Collections:||臺大-復旦EMBA境外專班|
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