上市公司参股券商问题研究-工商管理(MBA)专业论文.docxVIP

西南交通大学硕士研究生学位论文 西南交通大学硕士研究生学位论文 第1页 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， 有酌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。 关键词：参股上市公司 券商 西南交通大学硕士研究生学位论文 西南交通大学硕士研究生学位论文 第Ⅱ页 ABSTRACT Since 1 999．There have been about l 60 public companies who invested in 50 IocaI security agents to share their ownerships．some of those investments were even up to the percentage of controlling the target security agents．Thine main kinds of those stock jnvestments 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 smalJ size security agents are favorable target． portfolio were taken and most public company prefened 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 ofthose public companies investment into security agents． pertinent financial problems and 1aw problems in tIlis dissertation Regarding the reality of stock investment into security agents by public company,the author pointed OUt that under current situation，public company should foCBS on their main business fields without any blind investments into virtual economyand the security agents should build up their finaneial strength and extend their financing channel to meet the coming intemational competition． W油the case of investment into onangra Security by Lianning Chengda，this dissertation analyzed and discussed the financial problems，legal problems brought out by those stock investments．Guangfa miracle was broken llp by the shatter of China撮stock market．But the actions taken by Liannin