券商上市募资研究.pdfVIP

商上市募资研究 李相栋 （银河证券博士后工作站，北京 100033） 摘要：过去几年，国内券商业出现了一波 上市融资风潮”，方兴未艾。文章认为，风潮产生于综合治理结 束后行业竞争的加剧。国内券商融资渠道相对狭窄和券商业转型需要更多的资本金支持是券商上市募资的 内因。新募集资金运用有益于交易成本降低和资本市场活跃，虽然它推动了部分券商做大做强，但是它并 非券商之间竞争的制胜因素。在券商业的当前发展阶段，券商上市募资还存在非理性的一面。测算表明， 券商上市融资虽然增加了其净资产和净利润，但是不同券商的运用收益存在较大不同。文章最后给出了若 干政策建议。 关键词：券商，券商综合治理，上市募资，资本中介 Abstract: In recent years, it has been a wave” in the ascendant that investment banks in China try to become listed companies. The article argues that wave grew out of the intensified competition situation which followed the accomplishment of comprehensive management in investment banking in China. The relatively narrow financing channels and the more fund demand caused by transition are the internal factors of securities companies ’ public offerings. And the use of new funds can benefit the capital market both in decreasing the cost of trading and in making the market active. While they push some of the securities companies ’ expanding and strengthening, the new funds from public offering are not the definitive factor in the intensified competition. In the present period, the financial decision such as IPO in some securities companies still seems irrational. The test shows that the financings of securities companies add its net assets (NA) and retained profits, but the return of added fund is different for specific company. At last, some suggestions is shown. Keywords: Securities Company, the Comprehensive management of Securities Companies, Capital raising by going public, Capital intermediary 作者简介：李相栋，金融学博士，银河证券博士后科研工作站博士后，研究方向为证券业与 金融市场。 中图分类号： 文献标识码：A 问题的提出 近些年，中国券商业（即由所有券商组成的狭义证券业）自身和经营环境都发生了重 大变化。从行业自身看，经历2004～2007 三年的综合治理，行业内功得到夯实，行业整体 初步具备了自我发展能力。以综合治理启动时期的2005 年财务数据作为参考，行业净利润 和净资产分别由-118 亿元和628 亿元增加到2010 年的776 亿元和5664 亿元，分别增长7.58 倍和 8.02 倍。财务指标的显著改善从侧面反