我国证券公司盈利能力提升问题研究

发布时间：2018-01-03 11:42

本文关键词：我国证券公司盈利能力提升问题研究　出处：《西南政法大学》2013年硕士论文　论文类型：学位论文

【摘要】：证券市场是现代金融市场中的不可或缺的部分，在国民经济的发展中的作用一直不断的提升。而证券公司则是证券市场中一个非常重要的中介机构，它既是证券市场的参与者也是证券市场的组织者，是影响资源配置的一个主导力量。证券公司盈利能力的提升既有利于证券公司自身的发展壮大，在国际市场中能与国外成熟证券公司相抗衡，同时对我国整个证券业和证券市场的发展都有极其重要的影响。从我国证券公司的诞生以来，都是主要依靠经纪业务来进行盈利，利润来源于二级市场的经纪业务和自营业务，其中经纪业务占比最大，一般都在50%以上。这就造成了证券公司的盈利水平与证券市场的行情有着高度的相关性，在2002-2005年间我国出现了全行业亏损的情况，随着2006年行情的好转、牛市的到来，才逐步缓解了这一状况，开始盈利，但是与美国成熟的投资银行相比，我国证券公司的盈利水平仍然较低，还有很大的提升空间。从我国第一家证券公司的成立到现在只有三十年的时间，我国证券业已处在产业发展的成长阶段，但是我国证券公司目前的盈利状况并不理想，这与市场政策和市场环境的变化是密不可分的，但是最主要的原因则在于我国证券公司自身的经营模式和抵御市场风险的能力。本文将在对美国投资银行与我国证券公司盈利模式、业务范围、收入结构及盈利能力对比的研究基础上，找出影响我国证券公司盈利水平的主要影响因素，进行理论及实证分析。在分析结果的基础上，对我国证券公司提出对策建议，，使得证券公司能够在扩展市场空间，提高核心竞争力，提升其盈利能力的稳定性方面做出改进。
[Abstract]:The securities market is an indispensable part of the modern financial market, and the role in the development of the national economy has been continuously improved. And the securities company is a very important intermediary in the securities market. It is not only the participant of the securities market but also the organizer of the securities market and a leading force influencing the allocation of resources. The promotion of the profitability of the securities companies is beneficial to the development and growth of the securities companies themselves. In the international market, it can compete with foreign mature securities companies, and at the same time, it has an extremely important influence on the development of the whole securities industry and securities market in our country. Since the birth of the securities companies in our country, they have mainly relied on the brokerage business to make profits. The profit comes from the brokerage business and the proprietary business in the secondary market, in which the brokerage business accounts for the largest proportion. Generally more than 50%. This caused a high degree of correlation between the profit level of securities companies and the stock market, in 2002-2005, there was a loss of the whole industry in China. With the improvement of the market in 2006 and the arrival of the bull market, this situation was gradually alleviated and began to profit. However, compared with the mature investment banks in the United States, the profit level of China's securities companies is still relatively low. There is still a lot of room for improvement. Since the establishment of the first securities company in China only 30 years ago, the securities industry has been in the growth stage, but the current profit situation of the securities companies in China is not ideal. This is inextricably linked to market policy and changes in the market environment. However, the main reason lies in the operating mode of our securities companies and the ability to resist market risks. This paper will focus on the profit model and business scope of American investment banks and Chinese securities companies. On the basis of the comparative study of income structure and profitability, this paper finds out the main factors that affect the profit level of securities companies in China, and makes theoretical and empirical analysis. On the basis of the results of the analysis. This paper puts forward some countermeasures and suggestions to the securities companies in China so that they can improve the market space, improve the core competitiveness and improve the stability of their profitability.
【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.39

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