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Jingdong book

资本的游戏:投行笔记

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一个10年投行人的洞鉴
说说咱们中国的投行
首部全景展现国内一线工作的投行札记!

Content Description

《资本的游戏:投行笔记》内容分为三篇,第一篇职业篇,以一个资源从业者的角度,论述了对投行职业、市场、制度以及一些常见业务品种的认识和反思;第二篇项目篇,为投行项目操作实录,有业务经过描述、项目问题分析,也有经验和教训的总结,展现了投行一线“战事风云”;第三篇专业篇,是对业务实践中一些具有共性的专业问题的分析小结,以及探讨中国证监会发行审核中常见问题的解决方法等。
《资本的游戏:投行笔记》为一名资本市场从业多年的亲历者和实践者,以局内人身份所展示的“风光而神秘”的投行工作的“画外音”。
Author Description

徐子桐,国内投行专业人士。从2003年开始在国内大型证券公司从事投资银行相关工作,先后任证券研究所研究员、并购业务部业务董事及投资银行部高级副总裁、总监、执行总经理,参与多起企业上市改制辅导、IPO(首次公开发行股票)、上市公司再融资、债券承销和并购重组等实务操作案例,曾在《法学》《中国证券报》《证券市场周刊》《证券市场导报》等发表若干专业文章。
Comments

★投行究竟是一个什么样工作状态的行业,有哪些背后的故事,以及涉及哪些专业知识?子桐先生所著的这本书向大家描绘、阐述了若干场景和重点问题。我觉得这些观点和经历对于准备投身以及正在从事投行的人来说都很有参考价值,尤其是对新入投行的年轻人来讲有很大帮助。
——王常青中信建投证券董事长

★中国资本市场正面临改革的时刻,读者若能了解到投行的运作和经验,定能把握住大时代的发展契机。作为一个投资银行家,我认为本书内容有不少可供同业借鉴之处。作为香港证券专业学会专业委员、中国人民大学讲座教授,我更全力向读者推荐子桐的新作,阅读本书能洞悉资本市场的精粹,知己知彼,百战百胜。
——温天纳资深金融及投资银行家

★作者以丰富的从业经验,高层次、多角度地介绍了投行相关的业务技术、心得体会,内容系统而理性、平实而具有针对性,是投行从业人员全方位武装提高自己非常好的选择。
——投行小兵知名投行博主著有《企业上市解决之道》等系列书

★“投行男”徐子桐先生,十年磨一剑,将自己在国内投行工作的“投行经”撰写成了“职业篇”“项目篇”与“专业篇”。愿这三篇成为投身中国投行业的仁人志士人人必读的“老三篇”!
——马方业经济日报集团社高级编辑证券日报社副总编辑
Catalogue

推荐序一专注成就梦想,创新引领未来
推荐序二知己知彼,百战百胜

职业篇
投行这个行当
投行干什么和怎么干
“易”观投行
投行项目竞标
竞标现场的专业细节
投行业务开发十大原则
影响项目执行效率的100个因素
招股书的结构和学问
内核标准
IPO财务专项核查“运动”
发审会细节情况
保荐代表人“代表”什么
项目负责人负责什么
对于保荐代表人管理的若干意见
我们需要什么样的发行制度
注册制改革意味着什么
壳价几何
再析壳价
借壳与IPO谁合算
怎样理解公司债
公司债市三重门
我们该怎样做私募债业务
银行间债市发展启示

项目篇
积渐与危情
拿单的态度
“争球”
角色和经验
步步为营
我能上市吗
开方子
改制前期三事
审核预判二则
历史综合征
谁在控制公司
要不要“认账”
上会与备考
配股四问
非公开三题
股东大会这一关
致客户的信
一个IPO项目的回顾
HT吸并预案
DL公司境外并购
上市公司重组的两个基础问题
项目申报五失
遭遇乌龙
SC公司债的担保问题
公司债销售侧记
私募债的困惑
“此路不通”

专业篇
注册资本与实收资本
出资不实及其处理
出资对应股权的差异化处理
交叉持股问题
有限合伙的上市公司股东资格
间接持股的股份锁定
社会公众股与限售流通股
怎么看待利润指标
怎么看待短期偿债能力的指标
票据保证金的列示
融资租赁的认定
融租事项的会计处理
并购的会计处理
反向收购的会计处理
怎么认识关联方及关联交易
“财务造假”辨析
B股回购相关问题
业务合并
母公司对子公司合并的程序问题
重组办法的两次变革
重组事项对发行上市的影响
资产注入上市公司过程中的节税问题
关于募投还贷的披露问题
业绩变脸与信息披露
后记
Book Abstract

从风险来看,最重要的是信用风险(或违约风险)与流动性风险。目前私募债券(考虑增信)信用评级大致在A级以下,不能达到交易所市场质押式回购的条件,交易所的交易平台(沪市称“综合电子交易平台”,深市称“综合协议交易平台”)投资人少,没有做市制,交投不活跃,几乎没有什么流动性可言,债券持有人大多只能持有到期。以上问题是发展私募债的两大难题。
对于我们做私募债承销业务的机构来说,针对上述问题需要有自己的应对措施,或业务思路。目前大致包括以下几个方面。(1)定位。与私募债竞争的主要是银行信贷与信托产品,私募债的主要优势是担保宽松、备案简单。信贷附加条件多,而信托则收益要求高,私募债大致介于二者之间,似乎应该有相当大的空间。实践中,客户发行私募债的需求比较强烈,在做到风险预期可控制和可管理的情况下,我们为什么不做?正如历史上曾有过的股权分置改革、中小板、创业板等所谓“新业务”一样,必须敏感、主动、抢先、坚决行动,才能把握先机,甚至弯道超车(例如,业内一般认为,国信等券商大致是抓住中小板、创业板的机遇而促进自身发展、提升行业地位),因为新业务可能意味着重大机会,在看不清的情况下只管摸黑朝前走,等大家都看清了也就没有什么机会了。总之,私募债应当作为一种创新型、战略性重点业务,它是一种重要的基础产品,这种产品不但本身可以盈利,而且可以带动投行其他业务(如新三板、IPO)以及经纪业务(服务客户)、自营和资管业务等发展。
(2)立项。究竟什么项目可做?由于私募债业务完全不同于传统的“通道”业务(保荐业务),一方面监管部门没有详细的指导规则,无法像传统业务那样照章办理;另一方面这种业务开展的结果很大程度上是风险自担——一旦发生违约风险,损害的是我们的客户,同时也损害我们的品牌、声誉,如果履职不当,比如信息披露违规,我们作为承销商甚至还要承担法律责任。以满足风控需要而言,立项应当从严,而为了鼓励业务发展,还是应当持开放、切实、发展的态度,也就是说,确能控制违约风险即可。刚开始我们立项主要有净资产(3000万元)、净利润(1000万元)和负债率(发行前后分别不超过70%和80%)等指标,后来我们加上利息保障倍数(发行前后分别大于3倍和2倍)、对外担保余额(发行前小于净资产30%)。
除了这些硬指标,还有些原则要求,比如规模上限于中小企业;行业上禁止金融、地产企业,回避周期性、过剩性行业,鼓励战略新兴产业;增信方面要求提供外部增信措施;评级要求达到BB级以上(投机级别的最高级,指外部评级或本公司内部评级)。此外还有业务量占用净资本比例等要求(集中度要求:同时承销规模不超过净资本的3%;已承销未兑付自有项目不超过净资本的100%)。
实际上,总起来看,我觉得主要看三个方面:一个是自身信用,也就是企业怎么样,所处行业、自身历史、资产与负债、收入与利润、现金流、成长性等是什么情况;一个是外部增信;一个是个人诚信。除立项标准外,还有立项流程的问题。目前,私募债立项与内核一体化,先搞适销性评价,但不作为能否提交立项前提,立项召集人通过后经部门协调人同意,然后形式审核人员审查,部门行政负责人批准即可申报。其中协调人的角色是否必要不无疑问。(3)尽调。这是一个非常复杂的问题。证券业协会至今已经起草了三稿尽调指引,多次征求券商意见,但似乎还远不如人意。目前私募债业务盈利模式尚未成熟,盈利空间相对有限,这决定了券商不太可能像IPO业务那样投入时间、精力、人员去做尽调,而且没有传统业务那套相对成熟的尽调样本、审核要点等,尽调似乎难以下手、难以到位。不过,回归到私募债本身的私募性质、债券性质,我觉得调查的重点还是比较明确的,大致来说,前述所谓立项所看重的三个方面,就是调查的重点,即企业信用、担保增信与个人诚信。根据近期我们组织的几十个项目的立项情况来看,关于企业经营(自身信用)主要关注:①主要股东和对外投资;②业务模式与市场排名;③资产方面的固资与存货明细、应收账款与其他应收、预付前五或大额明细;④负债方面的长短期借款明细、应付账款与其他应付、预收前五或大额明细;⑤收入方面的产品(服务)收入贡献或收入结构、收入前五客户或主要客户明细、关联交易明细、订单及实现情况。
……

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About the brand

Jingdong book