M證券公司投資銀行業務內部控制研究

Abstract

近年來，隨著證券公司投資銀行業務快速發展，行業中存在片面追求業務規模、風險意識淡薄、內部控制缺失、執業品質下滑等現象，影響了行業的健康、可持續發展。為規範行業發展，防範風險積聚，中國證監會於2018年3月發佈實施《證券公司投資銀行類業務內部控制指引》，督促證券公司加強投行業務內部控制，完善自我約束機制。這是繼首次公開發行企業2012年度財務報告專項檢查活動及2017年非保薦類投資銀行業務自查和規範活動之後，中國證監會在證券公司投資銀行業務監管方面的又一重大舉措，具有里程碑的意義。 本文正是在此背景下以M證券公司為案例研究投資銀行業務內部控制問題。2013年，M證券公司因保薦的TN科技IPO財務造假案被中國證監會責令對投資銀行業務進行整改和規範。2017年，在全行業“自查自糾、規整規範”活動中，M證券公司對投資銀行業務內部控制再次全面自查，發現一些帶有行業共性的執業和內控方面的問題。其中，執業方面的問題主要體現在盡職調查、後續管理、工作底稿等方面；機制方面的問題主要表現在業務模式粗放、以過會為導向、內控執行流於形式、合規風控有效性不足等方面。2018年，M證券公司根據《證券公司投資銀行業務內部控制指引》，對投資銀行業務內部控制進一步調整和完善。針對M證券公司投資銀行業務存在的執業問題，以及由此所反映出來的背後更深層次的機制問題，本文最後建議M證券公司通過強化風險意識、理順組織架構、完善內控體系、加強流程控制、規範薪酬激勵，建立起清晰、合理、有效的內部控制體系和自我約束機制，切實防範投資銀行業務風險。

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.