投资银行业务内部控制研究

A Study of the Internal Control Mechanisms of the Investment Banking Business in Chinese Securities Firms

通过考察2010—2013年证券一级市场中暴露出的相关问题案例,以及上市证券公司年报和内部控制自评报告中的相关内容,本文剖析了投资银行业务的内部控制制度,发现某些投资银行部门存在包括内控监督部门缺位、保荐方与拟上市企业共谋、人员管理政策不当、项目筛选失误、尽职调查和持续督导走过场、信息隔离制度失效等诸多问题。因此,证券公司应该重视在完善投资银行业务考核指标、建立有效的发行人质量评价体系、完善内部信息沟通和信息隔离相制度、完善对内部控制的监督等方面的制度建设,探索建立起行之有效的内部控制机制。

Based on the relevant cases in the securities primary market from 2010 to2013,and the securities firms’annual reports and their internal control self-assessment reports,this paper analyzed the present situation of the investment banking internal control.We found that there exist many problems including the mal-function of the internal control supervision departments,the collusion between sponsors and their customers,the faultiness of human resource policies,improper due diligence and continuous supervision perfunctory,the faultiness of information isolation systems.Therefore,securities firms should pay enough attention to such issues as the improvement of the business assessment system,the establishment of the issuers quality evaluation system,the mechanism for information communication and information isolation,and the supervision of the internal control performance.Effective internal control mechanisms should be explored and applied.