保荐业务是我国金融服务行业中的重要环节，随着我国国内金融经济逐渐走 向活跃，近年来很多证券机构开始积极寻求外部市场的拓展，而不断扩大的保荐 业务市场领域则成为众多证券机构进行市场拓展的首要目标。但随着证券机构在 保荐业务市场实践的逐渐深入，很多证券机构的经营管理开始陷入市场竞争力不 明显的问题之中，因此需要对证券机构的保荐业务设计和管理问题加以研究。基 于此，文章以XN证券公司为研究案例，思考保荐业务管理的完善对策。 调查显示，当前XN证券公司保荐业务在业务管理层面尚存不足之处。具体 表现在如下四个方面，首先，保荐业务审查懈怠，项目调查不够深入。部分保荐 项目存在信息核查不足，引发后续业务开展风险。其次，缺乏对第三方机构意见 审核，一些合作的第三方机构并未做到公正尽责。此外，XN证券公司存在保荐 代表人“一对多”问题，导致公司保荐业务开展的风险进一步增多。第三，部分 内核工作流于形式，业务监督机制欠缺。最后，后续督导能力不足，缺乏风险问 题持续跟进，一些进入资本市场的业务项目，在上市后出现了收益造假等问题。 针对上述问题与不足，当前XN证券公司在保荐业务主要可从提升保荐业务 人员工作能力、加强第三方相关项目意见审核、完善内部控制监管体系以及构建 风险识别管控制度几个维度入手，提升XN证券公司所提供的保荐业务质量。首 先，提升业务人员能力，加强保荐业务调查，进一步提高保荐业务人员专业胜任 力。其次，严格审查第三方机构意见，构建风险防控体系，加强对于律师、会计 师事务所出具意见的核查。第三，强化内部审核制度，保障内核部门独立性，完 善内核流程并提高内核部门独立性。最后，重视持续督导工作，优化持续督导制 度。通过构建系统性的保荐业务内部管理制度体系，可有效提升XN证券公司保 荐业务运营管理能力，进一步降低公司保荐业务风险发生的可能性。 关键词：XN证券；保荐业务；业务管理 II XNSecuritiesSponsorshipManagementResearch Author:HuyuewenMajor:MBAGrade:2018Specialty:MasterofBusiness Administration:FinanceandInvestmentManagementTutor:Sunliuyun Abstract SponsoringbusinessisanimportantlinkinChina'sfinancialserviceindustry. WiththegradualactivationofChina'sdomesticfinancialeconomy,manysecurities institutionshavebeguntoactivelyseekexternalmarketexpansioninrecentyears,and theexpandingmarketofsponsoringbusinesshasbecomeamarketformanysecurities institutions.Theprimarygoalofexpansion.However,withthegradualdeepeningof thepracticeofsecuritiesinstitutionsinthesponsoringbusinessmarket,the managementofmanysecuritiesinstitutionsbegantofallintotheproblemofunclear marketcompetitiveness.Therefore,itisnecessarytostudythedesignand managementofthesponsoringbusinessofsecuritiesinstitutions.Basedonthis,the articletakesXNSecuritiesCompanyasaresearchcaseandthinksabouttheperfect countermeasuresforsponsorbusinessmanagement. ThesurveyshowsthatthecurrentXNsecuritiescompany'ssponsorshipbusiness stillhasdeficienciesinbusinessmanagement.Thespecificperformanceisshownin thefollowingfouraspects.First,thesponsorbusinessreviewisslack,andtheproject investigationisnotdeepenough.Somesponsoredprojectshaveinsufficient informationverification,whichleadstotheriskofsubsequentbusinessdevelopment. Secondly,thelackofreviewofthird-partyinstitutions'opinions,somecooperative third-partyinstitutionshavenotbeenabletodotheirduediligence.Inaddition,XN Securitieshasa"one-to-many"problemwithsponsorrepresentatives,whichleadstoa furtherincreaseintheriskofthecompany'ssponsorshipbusiness.Third,partofthe coreworkflowisformal,andthebusinesssupervisionmechanismislacking.Finally, thefollow-upsupervisioncapacityisinsufficient,andthelackofriskcontinuesto followup.Somebusinessprojectsthathaveenteredthecapitalmarkethaveproblems suchasincomefraudafterlisting. Inresponsetotheaboveproblemsanddeficiencies,thecurrentXNsecurities company'ssponsorshipbusinesscanmainlystartfromimprovingtheworking capacityofthesponsoringbusinessstaff,strengtheningthereviewofthird-party relatedprojectopinions,improvingtheinternalcontrolregulatorysystem,and buildingtheriskidentificationcontrolsystemtoimproveXNsecuritiesThequalityof III sponsorshipprovidedbythecompany.First,enhancethecompetenceofbusiness personnel,strengthentheinvestigationofsponsorshipbusiness,andfurtherimprove theprofessionalcompetenceofsponsorshipbusinesspersonnel.Second,strictly reviewtheopinionsofthird-partyinstitutions,buildariskpreventionandcontrol system,andstrengthentheverificationofopinionsissuedbylawyersandaccounting firms.Third,strengthentheinternalauditsystem,ensuretheindependenceofthecore department,improvethecoreprocessandimprovetheindependenceofthecore department.Finally,attachimportancetocontinuoussupervisionandoptimizethe continuoussupervisionsystem.Byconstructingasystematicinternalmanagement systemforthesponsorshipbusiness,itcaneffectivelyimproveXNSecurities’ sponsorshipbusinessoperationmanagementcapabilities,andfurtherreducethe possibilityofthecompany’ssponsorshipbusinessriskoccurring. Keywords:XNsecurities；sponsorship；operationcontrol IV 目录 摘要.........................................................................................................................I Abstract..........................................................................................................................II 绪论.................................................................................................................................1 （一）选题背景和研究意义.................................................................................1 1、选题背景....................................................................................................1 2、研究意义....................................................................................................2 （二）国内外研究现状综述.................................................................................3 1、国外相关研究综述....................................................................................3 2、国内相关研究综述....................................................................................4 3、国内外研究述评........................................................................................4 （三）研究的方法.................................................................................................5 1、文献研究法..............................................................................................5 2、案例分析法..............................................................................................5 （四）研究内容.....................................................................................................5 一、保荐业务管理理论概述........................................................................................7 （一）基本概念界定.............................................................................................7 1、保荐制度....................................................................................................7 2、保荐业务....................................................................................................7 3、保荐机构与保荐代表人............................................................................7 （二）我国保荐制度和保荐业务的主要风险点...............................................9 1、我国保荐制度的主要内容........................................................................9 2、保荐业务的主要风险点..........................................................................10 （三）保荐业务管理理论基础.........................................................................12 1、内部控制理论..........................................................................................12 2、委托代理理论..........................................................................................13 二、XN证券保荐业务管理现状及存在的问题.......................................................14 （一）XN证券公司概况....................................................................................14 （二）XN证券公司保荐业务管理现状............................................................14 1、XN证券保荐业务基本情况...................................................................14 2、保荐业务管理机构设置..........................................................................15 3、保荐业务流程及主要管理措施....