基于产业生态位视角的券商盈利模式创新研究

发布时间：2018-05-21 12:44

本文选题：产业生态位 + 券商　；参考：《西南财经大学》2013年博士论文

【摘要】：产业生态位理论是产业经济学理论与生态位理论互相融合和相互作用的一种创新理论,由Hutchinson提出的“n维超体积”在生态位的研究中具有深远影响。产业生态位理论将生态位理论引入到产业经济学中,据此提出产业组织生态位理论、产业生态位理论等。基于产业生态位理论,可以将证券行业的发展看作一个产业种群生态系统,该种群生态系统包含了种群数量、种群生态环境、种群竞争格局、种群生命周期等相关内容,每一项内容都是影响生态系统优化与变革的生态因子。盈利模式则是综合反映该种群利用资源环境输出产品和服务,以及随之形成的业务模式、业务结构、收入规模、利润增长的战略规划和制度安排。随着生态系统内外部环境的不断变化,生态因子必须通过不断调整(内部优化与外部关系整合)才能获取更多的发展能量。因此从这个角度来看,券商盈利模式创新是券商行业和个体不断适应内外生态因子变化,寻求资源获取和产品输出路径改变的过程。盈利模式创新的本质是在特定资源维度和规模形态的空间结构中,内部各行为主体通过与外部环境进行互动和矛盾冲突,不断打破自身发展限制、努力获取最佳战略位置的过程和状态。因此,利用产业生态位理论对券商行业转型和产业,研究盈利模式创新具有重要意义。当前我国证券行业的发展,既面临内部生态位错乱,竞争无序的压力,又面临金融领域其他行业的挑战。券商行业总体存在规模较小,竞争加剧,业务单一,资金效率低下、行业周期性强、融资渠道窄的现实特征,盈利模式面临严重挑战。券商行业生态位水平较同为金融行业的银行、保险和信托低,且近年来出现继续下行趋势。在产业生态多维影响因素中,盈利模式是一个能够影响行业升级和业务结构调整的重要生态因子,因此利用产业生态位理论分析行业现状、解释产生各种现实情况产生的原因,并在此方向下深入研究行业和企业发展战略、业务规划,和解决证券行业盈利模式创新问题,既有重要的理论价值,也具有十分重要的现实意义。基于此,本文在研究中拟解决三个主要问题：(1)为什么用产业生态位理论分析券商行业,以及本文分析券商行业问题着眼点；(2)基于产业生态位理论视角,券商盈利模式存在的3大主要问题,即对比资产收益率低下,收入周期性特征明显、收入模式单一；(3)针对出现的问题,分析出现问题的深层次原因及改变现状的政策建议,即基于存在的3大主要问题如何进行券商盈利模式进行创新。带着这样的研究思路和研究目的,按照提出问题、分析问题、解决问题的研究范式,进行了7个部分的研究。第一章绪论部分。绪论部分针对本文研究背景、研究目的、研究意义、研究内容、研究方法进行简单说明,并根据研究的主要内容,来描述文章整体研究框架。通过对文章研究内容的总体介绍,有助于从整体上把握文章研究思路和脉络。第二章是理论和文献综述部分。首先,该部分主要针对国内外关于产业生态位理论研究及应用状况进行综述分析,从而为本文后续研究奠定理论基础。通过文献综述部分,可以发现产业生态位理论作为一种产业经济学的衍生性理论,逐渐得到了人们的认可和接受,并在现实的实践中得到了越来越广泛的应用。但是迄今为止,将产业生态位理论应用到券商盈利模式创新当中,还属于一个全新课题。如何从本质上分析产业生态位理论以及理解该理论与券商盈利模式创新之间的关系,从深层次上认识券商盈利模式创新的现实意义、探寻到具有前瞻性的券商盈利模式具有关键性的影响。其次、文章对盈利模式的理论基础作了相应的介绍,明确了盈利模式构成要素及特征,盈利模式的本质。文章认为盈利模式是构成价值获得的各种因素的综合体,是基于战略层面的以客户和利润为导向的企业资源运营方式,其本质是企业竞争优势的体现,是实现企业利润和价值的最大化。再次,文章对券商发展和创新的文献进行了综述。现有文献总体认为,我国证券公司之间的业务过于同质化,公司之间缺乏业务分工,且恶性竞争严重,这样的盈利模式造成证券公司的收入来源严重依赖于市场行情周期,使证券行业很难持续发展壮大。相关的研究多立足于行业竞争和收入结构,对于更深层次的机理分析,以及扭转行业盈利模式的着力点和具体措施相对缺乏。第三章是基于产业生态位视角的盈利模式现状研究和实证分析。首先,该部分从产业生态环境的角度分析券商盈利模式转型的宏观环境,即经济发展趋势、产业政策调整、资产证券化、产业转型和升级对盈利模式的积极影响。其次,文章接着分析行业内部生态环境,从行业当前盈利模式特点、行业竞争状况,经纪业务现状和佣金率下滑等方面作了相应的分析。再次,文章在分析内外生态环境的基础上,再利用相关的量化理论对前文研究作相应的实证分析。文章利用基于生态位时空分异测度的相关理论,利用行业集中度、行业结构定量模型分析了行业竞争格局,实证分析券商行业当前过度竞争,行业集中度度过低,产业绩效低下的判断。最后,文章通过构建产业生态位值测度的数量模式,分别对金融行业内券商生态位水平,以及行业内券商之间的生态位水平的差异,研究行业生态环境所处的态势和变化趋势。研究发现,券商行业与金融领域其他行业相比,其生态位值偏低,且仍处于下滑趋势。通过该部分的理论实证得出结论,券商行业盈利模式的三大症结在于盈利周期性波动严重、行业资产收益率低、行业收入结构狭窄。针对以上三大问题,后文将分别从逆周期调节机制研究、券商行业资金使用效率研究和功能定位三个方面分别予以分析。第四章是关于券商盈利模式与逆周期调节机制的研究。券商行业靠天吃饭的特征明显,市场行情的波动直接决定着券商行业收入曲线。盈利模式具有较强的周期性是我国券商行业盈利模式的一大显著特征。发达资本市场投资银行收入曲线并未呈现如此大的波动。文章第四部分就证券行业顺周期性特征以及逆周期调节机制作相关分析,以促进券商盈利模式创新。第五章是关于券商盈利模式与资金使用效率研究。资金使用效率低下,杠杆率低是我国券商行业盈利模式的主要特征。该部分对国内券商融资和资金使用特点,对券商风险管理和资产负责等作了相关研究,并对比分析发达资本市场资金效率情况后,提出提升资金使用效率的政策建议。第六章是关于券商盈利模式与功能定位的研究。券商业务收入来源单一业务结构过于集中是行业的又一弊端。证券行业作为金融市场的核心,广泛参与投资融资业务、证券发行承销、资产管理、财务咨询业务,但经纪业务仍是收入结构的主体。券商盈利模式的创新必须明确业务功能和定位,拓宽业务范围,深化券商作为金融中介和资本服务职能。该部分通过梳理发达市场券商功能发展历程,对比分析与成熟市场的差距,提出完善我国券商行业功能定位的政策建议。第七章是结论与建议。主要对文章研究内容进行全面总结和概括,并提出政策建议。本文研究创新点主要表现在：(1)本文将产业生态位理论引入到券商盈利模式创新当中,以产业生态位的视角研究券商行业存在的问题,是对产业生态位理论运用的一种新尝试,也是券商盈利模式创新研究视角创新。文章通过为券商盈利模式创新提供新的理论基础,寻找新的注脚和依据,对于推动券商盈利模式创新与实践具有重要的现实意义。(2)本文基于产业生态位的视角得出券商行业三大根源性痹症,在此基础上将盈利模式主要问题归纳为分析了三大痹症,即券商行业盈利模式的三大症结在于盈利周期波动严重、行业资产收益率低、行业收入结构过窄造成竞争过度。这一分析有别于行业盈利模式痼疾在于竞争加剧、佣金率下滑的普遍认识。(3)文章结合行业规制和盈利模式现状,分别针对三大弊病提出与之相应的政策建议和措施,这为监管部门改善行业生态外部环境,券商个体转变企业经营思路,构架新的盈利模式具有现实参考意义。本文研究不足主要表现在：(1)理论深度需要进一步加强。产业生态位理论属于一种产业经济学理论与生态位理论结合式的创新。产业生态位理论既融合了产业经济学一些基本的理论(诸如产业制度理论、组织理论、交易理论等),也吸纳了生态位理论的基本观点,因此产业生态位理论包含了丰富的内容。鉴于本人理论基础相对薄弱,对于产业生态位的理解的层次还需要提高,因此本文针对产业生态位的一些论述以及尝试性创新,可能还有一些值得商榷之处。因此进一步提高本文研究的理论深度,是日后仍然需要完善的课题。(2)定量研究不足。定量研究是为理论研究提供现实论据的主要研究手段,鉴于本文研究过程中,涉及的变量比较复杂,因果关系难以进行单线条式的梳理,因此模型构建显然十分困然,从而造成本文定量研究只能提供一些基本的数据分析作为研究论据,导致本文定量研究不足。这些对于本文得出的一些结论合理性以及说服性产生一定的负面影响。本文将产业生态位理论引入到券商盈利模式创新之中,是采用产业经济学理论解决券商盈利模式问题的一种全新尝试。从理论来看,这种尝试对于丰富产业经济学理论的内容,提高产业经济学理论的实战价值、拓展产业经济学理论应用边界,具有十分重要的意义。从实践来看,券商盈利模式创新是一个比较复杂的问题,它涉及到诸多方面因素,使用产业生态位理论去系统研究券商盈利模式创新问题,有助于我们从现实的角度,站在战略高度去认识券商盈利模式创新的内在迫切性,同时有助于从比较凌乱的现实中,寻求到正确的方向,不再局限于细枝末节问题处理,而是着眼于未来战略性方向,从根本上为券商盈利模式创新提供不竭动力。
[Abstract]:The theory of industrial niche is an innovation theory of the integration and interaction of industrial economics theory and niche theory. The "n-dimensional hyper volume" proposed by Hutchinson has a profound influence on the research of niche. The theory of niche theory introduces niche theory into the industrial economics and puts forward the ecological niche of industrial organization. On the basis of industrial niche theory. Based on the theory of industrial niche, the development of the securities industry can be regarded as an ecological system of industrial population. The population ecological system includes the number of population, the ecological environment of the population, the competition pattern of the population, the life cycle of the population and other related contents, and each content is the life which affects the optimization and change of the ecosystem. The profit model is the strategic planning and institutional arrangement that comprehensively reflects the product and service of the population using the resources and environment, and the business model, the business structure, the income scale and the profit growth. With the continuous change of the environment inside and outside the ecosystem, the biological factors must be continuously adjusted (internal optimization and external). From this point of view, the innovation of the broker's profit model is the process that the brokerage industry and the individual constantly adapt to the change of the internal and external ecological factors and seek the change of the resource acquisition and the product output path. The essence of the profit model innovation is in the space structure of the specific resource dimension and the scale form. Through the interaction and conflict with the external environment, the internal actors break the process and state of their own development restrictions and strive to obtain the best strategic position. Therefore, it is of great significance to use the theory of industry niche for the transformation and industry of the brokerage industry and to study the innovation of profit model.
At present, the development of China's securities industry is facing the pressure of internal dislocation, competition disorder and the challenge of other industries in the financial field. The securities business has a small scale, intensified competition, single business, low capital efficiency, strong periodicity of the industry, and narrow financing channels, and the profit model faces serious challenges. The level of industry niche is more than that of banks in financial industry, insurance and trust are low, and in recent years there has been a downward trend. In the multidimensional impact factors of industrial ecology, the profit model is an important ecological factor that can affect industry upgrading and the adjustment of business structure. Therefore, the industry niche theory is used to analyze the industry status and explain the emergence of the industry. It is of great theoretical value and very important practical significance to study the causes of various realities, and to study the development strategy of industry and enterprise, business planning, and solve the innovation of the profit model of the securities industry. Based on this, this paper will solve three main problems in the study: (1) why use industrial students The theory of state of state analysis of the securities business industry, as well as the analysis of the problem of the securities business industry, (2) based on the perspective of the industrial niche theory, the 3 major problems of the profit model of securities firms, namely, the low rate of return on assets, the obvious income periodicity, the single income model, and (3) in view of the problems appearing, the deep-rooted original problems are analyzed. On the basis of the policy suggestions of changing the status quo, that is, how to innovate the profit model of securities dealers based on the 3 major existing problems. With such research ideas and research purposes, 7 parts have been studied in accordance with the research paradigm of putting forward questions, analyzing problems and solving problems.
The first chapter is the introduction part. The introduction section describes the research background, research purpose, research significance, research content, research methods, and describes the overall framework of the study according to the main content of the study. Through the overall introduction of the content of the article, it is helpful to grasp the whole idea and the context of the article.
The second chapter is a part of the theory and literature review. First, this part is mainly aimed at summarizing and analyzing the research and application of industrial niche theory at home and abroad, so as to lay a theoretical foundation for the follow-up study of this paper. It has been accepted and accepted by people, and has been used more and more widely in practical practice. But so far, it is a new topic to apply the theory of industrial niche to the innovation of the profit model of securities dealers. How to analyze the theory of industrial niche and how to understand the theory and the profit model innovation of the securities dealers from the essence. The relationship between them, from the deep level, to understand the practical significance of the profit model innovation of the securities dealers, and explore the key impact of the forward-looking brokerage profit model. Secondly, the article introduces the theoretical basis of the profit model, clarifies the elements and characteristics of the profit model, and the essence of the profit model. Form is the complex of various factors that constitute value. It is based on the strategic level of customer and profit oriented enterprise resource operation. Its essence is the embodiment of the competitive advantage of the enterprise and the maximization of the profit and value of the enterprise. Thirdly, the article reviews the literature of the development and innovation of the securities companies. In addition, the business of the securities companies in China is too homogeneous, the company lacks division of labor and the vicious competition is serious. This profit model makes the income source of securities companies depend heavily on the market cycle, making it difficult for the securities industry to continue to grow and grow. The underlying mechanism analysis and the focus and specific measures to reverse the profit model of the industry are relatively lacking.
The third chapter is the research and empirical analysis of the profit model based on the perspective of industrial niche. Firstly, this part analyzes the macro environment of the profit model transformation from the perspective of the industrial ecological environment, namely, the trend of economic development, the adjustment of industry policy, the securitization of assets, the industrial transformation and upgrading of the profit model. In the analysis of the internal ecological environment of the industry, this paper makes a corresponding analysis from the characteristics of the current profit model, the competition status of the industry, the status of brokerage business and the decline of commission rate. Thirdly, on the basis of the analysis of the internal and external ecological environment, the article makes a corresponding empirical analysis on the previous study by using the related quantitative theory. The related theory of spatio-temporal differentiation measure, the industry competition pattern is analyzed by industry concentration and industry structure quantitative model. The empirical analysis of the current excessive competition, low degree of industry concentration and low industrial performance in the brokerage industry. Finally, the article builds the quantitative model of the industrial niche value measure, respectively, to the financial industry. The niche level of securities firms and the difference of niche level between securities firms in the industry, and study the trend and trend of the ecological environment in the industry. It is found that the niche value of the brokerage industry and other industries in the financial field is on the low side and is still in the downward trend. The three major crux of the model lies in the serious cyclical fluctuation of profit, the low yield of industry assets, and the narrow industry income structure. In view of the above three major problems, the latter will be respectively analyzed from the reverse cycle regulation mechanism, the research on the efficiency of the securities business and the functional positioning of the three aspects respectively.
The fourth chapter is about the research on the profit model and the reverse cycle regulation mechanism of the securities dealers. The characteristics of the securities business industry are obvious. The fluctuation of the market prices directly determines the income curve of the brokerage industry. The strong periodicity of the profit model is a significant feature of the profit model of the securities business in China. The income of the developed capital market investment bank is the main feature. The fourth part of the paper makes the correlation analysis on the cyclical characteristics of the securities industry and the reverse cyclical regulator in order to promote the innovation of the profit model of the securities companies.
The fifth chapter is about the profit model and the use efficiency of the securities companies. The low efficiency of capital use and the low leverage ratio are the main characteristics of the profit model of the securities firms in China. This part studies the characteristics of the domestic securities firms' financing and capital use, the risk management and the asset responsibility of the securities dealers, and compares and analyzes the funds of the developed capital market. After the efficiency situation, the policy recommendations for improving the efficiency of capital use are put forward.
The sixth chapter is about the research on the profit model and function positioning of the securities dealers. The single business structure of the securities business income source is another disadvantage of the industry. As the core of the financial market, the securities industry is widely involved in the investment and financing business, the underwriting of securities, the management of assets, and the consulting business of the financial affairs, but the brokerage business is still the income structure. The innovation of the profit model of the broker must clear the business function and position, broaden the business scope, deepen the securities business as the financial intermediary and capital service function. By combing the development process of the securities dealers' function in the developed market, the gap between the mature market and the mature market is compared and analyzed, and the policy suggestions for improving the position of the securities business in China are put forward.
The seventh chapter is conclusions and recommendations. The main contents of the article are summarized and summarized, and policy recommendations are put forward.
The main innovation points of this paper are as follows: (1) this paper introduces the industrial niche theory into the innovation of the profit model of securities firms, studies the problems existing in the brokerage industry with the perspective of industrial niche, is a new attempt to apply the theory of industry niche and is also the innovation of the profit model innovation of securities dealers. The innovation of profit model provides a new theoretical basis and search for new footnotes and basis. It is of great practical significance to promote the innovation and practice of the profit model of securities firms. (2) this paper, based on the perspective of industrial niche, draws the three root arthralgia syndrome in the brokerage industry. On this basis, the main problems of profit model are summed up as the analysis of three arthralgia syndrome, that is voucher. The three main crux of the business profit model lies in the serious profit cycle fluctuation, the low income of the industry assets and the excessive competition in the industry income structure. This analysis is different from the widespread understanding that the chronic disease of the industry lies in the intensification of competition and the decline of commission rate. (3) the article is based on the industry regulation and the current situation of profit model, which are respectively aimed at three major The malady puts forward the corresponding policy suggestions and measures, which is of practical reference significance for the regulatory departments to improve the ecological environment of the industry, to change the business thinking of the securities dealers and to frame the new profit model.
The deficiencies of this paper are as follows: (1) the theoretical depth needs to be further strengthened. The theory of industrial niche belongs to a combination of industrial economics theory and niche theory. The theory of industrial niche combines some basic theories of Industrial Economics (such as industrial degree theory, organizational theory, transaction theory, etc.), and also absorbs According to the basic viewpoint of niche theory, the theory of industrial niche contains rich content. In view of the relatively weak theoretical foundation of my theory, the level of understanding of the niche of industry needs to be improved, so this paper may be debatable in view of some discussion and tentative innovation of industrial niche. In order to improve the theoretical depth of this study, it is still a subject that still needs to be perfected in the future. (2) quantitative research is insufficient. Quantitative research is the main research means to provide practical arguments for theoretical research. In view of the complexity of the variables involved in this study, the causal relationship is difficult to carry out a single line type arrangement, so the model construction is very obvious. As a result, the quantitative research of this paper can only provide some basic data analysis as the research argument, which leads to the lack of quantitative research in this paper. These have some negative effects on the reasonableness and persuasiveness of some conclusions in this paper.
This paper introduces the theory of industrial niche to the innovation of the profit model of securities firms. It is a new attempt to solve the problem of profit model of securities companies by industrial economics theory. From the theory, this attempt will enrich the content of the theory of industrial economics, improve the practical value of the theory of industrial economics, and expand the industrial economy.
【学位授予单位】：西南财经大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F832.39;F830.42

【参考文献】