【作者】 彭明生；

【导师】 林万祥；

【作者基本信息】 西南财经大学 ， 会计学， 2008， 博士

【摘要】 证券市场的良性运转对国民经济的安全至关重要,规范的证券市场有利于防范风险、有利于促进市场发展、有利于发挥证券市场各项功能、更有利于保护广大投资者的合法利益。在加入WTO后,国内证券公司不仅要面对国内同行的竞争,还要面对国外投资银行的挑战,国内证券公司强化风险控制、提高核心竞争力刻不容缓。近些年来,我国一大批证券公司因管理失控、经营粗放等问题而被撤销、关闭或行政接管,证券公司内部控制薄弱造成的后果已经相当严重。证券公司的规范运作和健康发展须从加强外部监管和强化内部控制建设两方面入手,国外证券业的发展实践证明:外部监管固然是十分重要的,但证券公司加强自身内部控制建设则是根本性措施。国外机构特别是投资银行有关证券公司内部控制的研究方面,主要通过建立各种风险控制模型,采用定量分析的方法进行风险内部控制,国内证券公司真正出于自身健康发展需要而进行风险控制的还不多,风险控制体系还不完善,加强和完善证券公司的内部控制制度已经成为我国证券公司面临的重大课题。本文在吸收和借鉴证券界内部控制理论研究成果的基础上,界定了证券公司内部控制能力和内部控制机制的概念、构成要素;探讨了内部控制能力和内部控制机制之间的相互依托关系和内部控制能力和机制的构建;从风险管理的视角下探讨了证券公司的内控机制创新问题;从证券公司的业务流程和资金流程两个方面进一步探讨如何提升证券公司内部控制能力。最后试图构建一套证券公司内部控制能力综合评价指标体系,并将平衡记分卡引入内部控制机制评价中,以期为证券公司内部控制能力和内部控制机制的评价建立一套具有可操作性的评价体系。全文共分五大部分:第一部分(第一章)是全文研究的理论基础。该章首先回顾了内部控制理论的发展与演进过程,从中我们可以看出内部控制的发展经历了制度观——过程观——风险观的演进历程,揭示了内部控制的本质是针对风险进行识别、评估和管理;接着对证券公司内部控制的需求动因进行了分析,指出证券公司由于在证券市场上同时担任多种角色(发行中介、交易中介、投资者、融资者、信息提供者等)而处于证券业的核心位置,从而成为证券业风险的聚合处和焦点。对于证券公司来说,风险是无处不在的,这就使证券公司风险的控制成为证券公司内部控制的核心内容。第二部分(第二章)是全文研究的概念基础。该章界定了内部控制能力和内部控制机制的概念,探讨了内部控制能力和内部控制机制的构成要素及二者之间的相互依托关系。文章认为内部控制能力是指按照系统来设计和实施内部控制的能力,这种能力的存在将使内部控制实现一体化,能更好地体现内部控制的内在逻辑和运作规律。这种内部控制能力应包括:风险识别和评估能力、风险控制与应对能力、信息沟通与反馈能力、内部控制监督与评价能力四个方面。证券公司内部控制机制是公司的一种特殊形式的管理机制,它把整个证券公司看成是一个总系统,并把构成总体的各个组成部分要素看成是一个个子系统,根据各系统制定一套完善而又严密的纵横联系的程序和方法,使各项经济活动在各个职能部门和环节之间保持分工、协调、均衡和衔接,自动监督检查,纠正错误,使各项经济活动按照企业的方针、政策、计划的要求正常地进行,以完成计划,实现预定的目标。证券公司内部控制能力与内部控制机制是通过管理目标联系起来的,证券公司管理人员为了实现其管理目标,必然要注重内部控制能力的培养以规避风险,而内部控制机制是内部控制能力形成的系统保障;内部控制能力是内部控制机制设计和实施效果的体现,如果没有建立健全并确保内部控制机制有效性,证券公司风险就得不到必要的防范和化解,内部控制能力就表现出缺失的现象。内部控制机制应从权责机制、组织机制、风险管理机制、监控和评价机制等方面构建。第三部分(第三、四、五章)是全文研究的主体部分。第三章是结合第一章证券公司内部控制核心-风险管理对第二章内部控制机制进一步的深化研究,从风险管理的视角下探讨了证券公司的内控机制创新问题。证券公司内部控制机制的创新应从树立风险管理观念,引入首席风险管理官,建立风险的免疫机制和前馈机制,采用先进的VAR和BMP控制技术手段等方面加以创新;第四章从证券公司的业务流程和资金流程两个方面进一步探讨如何提升证券公司内部控制能力。内部控制能力的形成和强化除了需要一个完善的内部控制机制作为系统保障外,还需从流程层次设计科学、合理的控制程序和方法。以证券公司的经纪业务为例,详细阐述了经纪业务的每个流程步骤的控制要点与优化措施;从客户保证金存储与清算、资金的筹资、自有资金运用等资金流程提出具体的优化手段;第3-4章从动态角度对内部控制机制的创新和内部控制能力的提升进行了深入的阐述,第五章从静态的角度对证券公司的内部控制能力和内部控制机制进行评价。该章在界定了内部控制能力概念的基础上构建了证券公司内部控制能力综合评价指标体系,并将平衡记分卡引入内部控制机制评价中,试图为证券公司内部控制能力和内部控制机制的评价建立一套具有操作性的评价体系。本文试图在以下几个方面作出创新:1、从风险管理视角,界定证券公司内部控制能力的科学含义,提出证券公司内部控制能力的构成、形成的制度保障及途径。为论文的研究奠定了基础。2、将免疫机制引入证券公司内部控制机制的研究中,将证券公司视为一个复杂自适应的有机体,将内部控制看作其免疫系统,既形象的模拟了“器官—行为—要素”的内部控制立体框架,又借鉴系统科学的先进理论,从而设计出符合证券公司新的经营环境的新的内部控制模式——免疫型内部控制。3、从营销和风险管理双重视角对证券公司的业务流程和资金流程的优化进行较为细致、深入的论述,具体探讨提升内部控制能力的路径。4、内部控制能力提升和控制机制的创新,需要一套完整的内部控制评价体系,本文系统地构建了证券公司内部控制能力评价指标体系,并将平衡记分卡引入内部控制评价机制中,为内部控制评价的实践操作提供了可行的方案。内部控制是一个复杂系统,需要政策制定者、监管者、参与者、行业协会以及社会等多方面的共同参与,本文只是从风险管理的角度、证券公司自身的角度来研究的。另外,本文所提出的内部控制设计理念、财务指标、模式等也缺少数据支撑,需要在实践中不断得到完善和补充。更多还原

【Abstract】 The positive operation of the stock market is important to the safety of the national economy, the standard stock market is advantageous to guard against the risk and advantageous to promote the market’s development, is advantageous to exert various functions of stock market and even advantageous to protect most investors’legal benefits. After entering WTO, domestic securities companies not only must face domestic competition, but also must face the challenge of the abroad investment bank, it is urgent for the domestic securities company to strengthen the risk control and enhance the core competitive ability .These years, many security companies are closed or taken- over for losing management control and rough operation. Normal operation and healthy developments of the securities companies is assured form strengthening the external supervising and enhancing the internal control, the development of the foreign securities company practices that: even though the external supervising is surely very important, the securities companies’construction of internal control is a critical measure. Strengthening internal control system of securities companies has already become important topic in our country. This dissertation tries to systematically analyse the capacity and the mechanism of the internal control from the angles of risk management and perfecting process based on the research literature.This dissertation is divided into five parts:The first part (Chapter I) is the theoretical basis of the study. The chapter first reviewed the development of the internal control theories, We can see that the development of the internal control system has experienced the process of system view - process view- risk view, it revealed the nature of internal controls is identification, assessment and management against the risk; For securities companies, the risk is everywhere, which makes the risk control of securities companies become the core of the securities company’s internal control. The second part (Chapter II) is the conceptual basis of this dissertation. This chapter defines the concept of the internal control capability and internal control mechanism, discusses the constituent elements and the mutual relationships between them. This dissertation maintains that the internal control capacity is the kind of capacity which can design and implement the internal control, the existence of such a capability would enable the integration of internal control, and better reflect the inherent logic of internal controls and operational law. Such internal control capability should include four aspects: risk identification and assessment capabilities, risk control and coping ability, information communication and feedback capability, internal control monitoring and evaluation capacity.。Internal control capacity reflects the internal control mechanisms’design and implementation. Internal control mechanisms should be established from accrual mechanisms, organizational mechanisms, risk management mechanism, monitoring and evaluation mechanisms.The third part (the chapter III, IV and V) is the main parts of study. The third chapter studies the internal control mechanism’s innovation from the perspective of the securities companies’risk management. the innovation of internal control mechanisms in securities companies should be established by constructing risk management view, introducing chief risk management officer, establishing the risk immune mechanisms and feed-forward mechanism, as well as taking advantage of the advanced technological means of VAR and BMP; The fourth Chapter further studies how to improve internal control capability from securities companies’business process and funds process. Internal control capability’s formation and promotion not only needs a sound internal control mechanism, but also needs to design scientific and reasonable control procedures and methods from the process level. The third chapter and fourth chapter study the internal control mechanism’s innovation from the dynamic perspective. And the fifth chapter evaluates the securities companies’internal control and internal control mechanism from the static perspective. The chapter constructs the internal control comprehensive evaluation system on the basis of defining the concept of the internal control capability, and introduces the Balanced Scorecard evaluation into the internal control mechanisms evaluation; the chapter tries to establish a series of feasible evaluation mechanism for the internal control capability and internal control mechanism evaluation.The major innovations of this text are as follows:1.This dissertation defines the scientific concept of the internal control capacity of security companies from the angle of risk management, analyses the components of internal control capacity,builds the systematic ensuring mechanism and paths.2. This dissertation introduces the immune mechanism into the internal control, regards the securities company as a complicated self-adoption system, regards the internal control as its immune system, which not only simulates the internal control framework of organ-action-element, but also quotes the advanced theory of system science and design a new internal control model-- immune internal control that fits the securities company’s new operation environment.3. This dissertation deeply and delicately explores the perfect of business process and fund process of securities companies and puts forwards the paths of enhancing capacity of internal control from the dual angles of marketing and risk.4.The enhance of capacity of internal control and innovation of internal control mechanism needs a series of complete valuation system of internal control. This dissertation constructs the valuation system and methods of the capacity and mechanism of internal control of security companies,and introduces the Balance Score into the valuation mechanism to provide a proper program for the practice of the valuation of internal control.This dissertation also has some defects, this study is just from the angle of the securities company, but the internal control is a complicated system which needs the participance of the policy establisher and supervisors. Moreover, the internal control’s design principles, finance indexes and mode lake of data to support. Therefore, this dissertation also needs to be continuously improved and complied in practice.更多还原