完善证券公司业务信息隔离机制问题探讨

A Study on Improving the Information Isolation Mechanism of Securities Companies

近年来,证券公司投行、投资等业务部门相互利用敏感信息炒卖股票,研究人员发表严重失实的研究报告和炒卖研究报告所推荐股票等情形时有发生,部分证券行业人士甚至认为"靠山吃山"是证券行业的潜规则。这些问题,反映出证券公司内部业务信息隔离机制存在严重缺陷,研究人员独立性、公正性和客观性缺失。本文分析了目前证券公司在信息隔离方面存在问题的外在表现形式和内在实质,对国内外证券业信息隔离制度进行了比较,提出了加强证券公司业务信息隔离工作、防范利益冲突和杜绝利益输送的几点建议。

In recent years, the investment banking division and asset management division and other business divisions etc. within securities companies often mutually employed sensitive information to speculate in stocks. It＇ s not uncommon for researchers of securities firms to publish severely untrue research report to manipulate stock price. And some practitioner even took these as unspoken rules within securities industry. The above problems reflected serious defects of current information isolation mechanism, and the lost of independence, faimess and objectivity of researchers. The article hence analyzes the external patterns and inner nature of information isolation problems of securities companies, and compares the information isolation mechanism with foreign practice. Based on the study, the article proposed on how to strengthen information isolation, prevent conflict of interests and stop illegal transfer of interest.