同时，我国金融行业步入快速发展阶段，各类金融机构吸收国外先进的金融
产品设立和管理经验，结合国内投资者的实际需求，为投资者提供了多元化
的金融产品

在国外成熟市场，证券公司已经被允许代销各类金融产品，于是中国证
券监督管理委员会于2012年公布的《证券公司代销金融产品管理规定》明确，
证券公司在自行创设理财产品的同时，可以向客户提供其他金融机构发行的
金融产品。这意味着证券公司正式成为金融产品销售的主要渠道之一，对于
证券公司实现零售业务由传统的经纪商向财富综合管理的战略转型具有重要
的意义

经过这些年来的实践，国家监管部门通过出台各项监管制度和规范指引，
进一步完善了证券公司金融产品销售业务监管的法律环境。但随着金融产品
类型和销售模式的创新，证券公司金融产品销售业务的违法违规事件逐渐增
多，影响范围和程度也在逐渐增大，给光明的市场前景蒙上了一层阴影，不
仅给投资者造成了经济损失，金融消费者权益保护难以实现，也让拥有销售
渠道优势的证券公司遭受了严厉的处罚。在此形势下，证券公司急需建立健
全金融产品销售业务的内部控制，完善风险管理体系，从而提升证券公司金
融产品销售业绩，重树良好的品牌形象，最终实现证券公司零售业务财富综
合管理的战略目标

本文以研究证券公司零售业务中的金融产品销售业务内部控制为主要内
容，基于理论结合实际的原则，以A证券公司西南分公司金融产品销售业务内
部控制相关真实数据为基础，通过案例分析法、实地调查法等，以COSO内部
控制整合框架理论为基础，从控制环境、风险评估、控制活动、信息与沟通、2
监控五个方面，评价A证券公司西南分公司金融产品销售业务的现状，发现并
总结其内部控制存在的问题，并针对这些问题提出优化建议。本文既为证券
公司基于COSO框架开展零售业务内部控制评价提供参考，又对证券公司提升
零售业务金融产品销售业务内部控制水平有一定的指导作用，为证券公司在
资本市场改革进程中的存续和发展有着重大的现实意义

本文的创新之处在于研究A证券公司西南分公司金融产品销售业务的实
际案例，笔者通过查阅公司的真实经营数据和现行的规章制度，并以现场访
谈和实地调查的形式搜集写作素材，归纳出证券公司金融产品销售业务存在
的共性问题，侧重于将COSO内部控制整合框架理论运用于证券公司金融产品
销售业务的研究，并提出了很多切实可行的改进措施，兼顾了理论性和实务
性，既为证券公司金融产品销售业务的规范作出了一定的贡献，又为我国证
券行业金融产品销售业务的内部控制优化提供了可操作性的借鉴

关键词：COSO 证券公司 金融产品销售 内部控制1
Abstract
With the rapid development of China&39;s economy, the increasing disposable
income of residents and the growing demand for investment and financial
management provide a favorable market environment and adequate market
demand for the development of financial products. At the same time, China&39;s
financial industry has entered a stage of rapid development, various financial
institutions learn from advanced foreign companies on financial product
development and management. They combined the foreign experiences with the
actual needs of domestic investors to provide a wide range of financial products
for the investors.
In the mature foreign markets, securities companies have been permitted to
sell various types of financial products. According to the The Regulations of
Consignment of Financial Products for Securities Company announced by the
China Securities Regulatory Commission in 2012, securities companies are
allowed to sell not only their own financial products, at the same time, they can
provide financial products issued by other financial institutions for their investors.
This means that the securities companies have become one of the major channels
of financial product sales. This also means great significance for the securities
companies, as they transform from the traditional broker to the comprehensive
manager of wealth.
After years of practice, through the introduction of the regulatory system and
guidelines, the state regulatory authorities further improves the legal environment
of the supervision of company&39;s financial products sales business. However, with
the innovation of new financial product type and sales model, we see more and
more violations to the regulations as securities companies sales their financial
products. The scope and extent of the impact of those violations also increase
gradually. Those violations cast a shadow to the bright future of the market. They
not only caused economic losses for the investors, but also have other securities
companies, that have the advantage of the sales channel, suffered severe penalties.2
In this situation, the securities companies need to establish and improve the
internal control of financial products sales business and to improve the risk
management system, so as to enhance the securities company&39;s financial product
sales performance and also to re-shape a good brand image. Only by doing so, the
ultimate goals of the securities companies retail business, which is to become a
comprehensive manager of wealth, could be realized.
This paper studies the internal control of financial product sales business of
securities companies. According to the principle of combining theory with practice,
this paper is based on the real data of the internal control of the financial products
sales business of the southwest branch of securities company A. Through case
analysis and the field analysis, based on the COSO framework of internal control
and integration, this paper evaluates the current situation of financial products
sales business of the southwest branch of securities company A. This evaluation is
based on five aspects of environment control, risk assessment, activities control,
information and communication and monitoring. We finds out and summarizes the
existing problems of the internal control of company A and we make
recommendations for solutions of these issues. This paper not only provides a
reference for the securities companies to carry out the internal control evaluation
of the retail business based on the COSO framework, but also guides securities
companies to enhance their internal control of the retail business. This means great
significance for securities companies as they develop and reform in the capital
market.
The innovation of this paper lies in the study of the actual case of financial
products sales business of company A. Through the study of the company&39;s real
business data and the existing rules and regulations and through field interviews
and field surveys, we summarized the common problems of the financial products
sales business of the securities companies. We focus on applying COSO internal
control and integration framework to the research of the financial product sales
business. This paper puts forward a lot of practical improvement measures, taking
into account of both theories and real practices. This paper not only contributes to
the further regulations of the financial products sales business, but also acts as a
great reference for excellent internal control of the business.
Keywords: COSO；Securities Company；Financial Product Sales Business；
Internal Control1
目 录
1 绪论.......... 1
1.1 研究的背景.... 1
1.1.1 我国金融产品销售业务的发展现状 ..... 1
1.1.2 证券公司金融产品销售业务的内部控制现状 .. 1
1.2 研究目的和意义 ........ 3
1.3 研究思路、篇章结构和研究方法 .... 4
1.3.1 研究思路 . 4
1.3.2 篇章结构 . 5
1.3.3 研究方法 . 6
1.4 本文的贡献和局限性 6
2 证券公司内部控制发展状况概述.......... 8
2.1 国外内部控制的发展历程 .... 8
2.1.1 内部牵制阶段 ..... 8
2.1.2 内部控制阶段 .....
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