证券公司市值驱动因素分析及管理启示

发布时间：2018-04-26 09:43

本文选题：证券公司 + 市值管理　；参考：《西南财经大学》2013年硕士论文

【摘要】：证券公司作为中国金融体系的重要成员,在推动国有企业股份制改造,促进企业健康快速发展,提高企业经营质量等方面发挥着重要作用,在宏观经济层面上有效盘活了社会存量资源,进一步提高了国民经济的总体运行质量。随着中国加入WTO和国际金融一体化进程加快,我国证券公司将面临与国际一流证券机构直接竞争的严峻挑战,由于我国证券机构起步较晚,双方在规模、业务创新、经营理念和管理水平等方面存在着巨大差距。在当前我国金融证券行业政策松绑、鼓励创新的大背景下,证券公司只有引入现代管理制度,借鉴发达国家证券机构先进的管理理念,才能尽快缩短差距,赢得未来竞争的优势。目前国内许多证券公司以上市为目标,希望尽快扩大规模,同时依托良好的政企关系来扩充业务,然而,规模与业务的扩大相对容易,如何从内在提升企业管理,增强企业“内功”和核心竞争力,尽快达到国际一流证券机构的管理理念和管理水平,却是摆在我国证券公司面前的一道难题,也是众多证券类上市公司与拟上市公司亟待解决的迫切问题。企业经营管理的核心目标是企业价值最大化或股东财富最大化,紧紧围绕价值提升展开管理,能够提高资源的利用效率,明确管理的重心,凝聚各级管理部门的注意力,便于业绩的考核。在一个较为成熟的金融市场中,证券市场的定价相对合理,企业的市值便成为企业经营活动好坏的晴雨表,也是企业价值或股东财富的直观反映。市值管理作为一种管理思想和方法,是实现企业价值最大化或股东财富最大化的简捷手段,在发达国家被广泛运用到上市公司或拟上市公司管理中,对于企业优化经营决策、提升管理水平、创新产品与业务、完善绩效考核机制有着巨大的指导作用。在西方国家的证券机构中,市值管理已经成为一种广泛接受、应用效果较好的管理手段。研究并引入市值管理思想,对于多年来以粗放经营和规模扩张为主成长起来的我国证券类上市及拟上市公司有着重要的现实意义。基于此,本文以证券公司市值驱动因素为研究对象,通过理清市值驱动因素并围绕这些因素来开展证券公司市值管理,这对于企业进一步明确经营目标,大胆创新,提高管理水平,提升企业价值有着较大的现实意义。鉴于我国金融市场正在不断改进和完善中,市值管理思想受认可程度尚存争议,该研究也具有一定的探索性和前瞻性,对于我们早日向国际一流证券机构看齐也是一种思想上的准备。自2005年我国股权分置改革完成之后,随着我国资本市场有效性的不断提高,市值管理思想开始被部分上市公司所采纳。如何有效地进行市值管理,尤其是针对证券类上市公司和拟上市公司,如何识别关键价值驱动因素,有的放矢地优化决策、提升管理,进而不断增强企业价值是本文研究的一个重点。笔者以HX证券公司为例,探索市值管理思想在证券行业具体运用问题,为证券公司实施市值管理战略提供有益的对策建议。本文在综述市值管理思想的相关文献和理论基础之上,首先从上市公司的价值创造能力、价值创造效率、价值创造成长性三个方面分析了影响我国上市公司市值的基本要素,如：营业收入、净资产收益率增长率、总资产利润率、净资产报酬率、成本费用利润率、净利润、净资产收益率等；其次,结合我国证券行业的现状以及特点,深入分析了影响证券公司市值管理的一些特别因素,如：分类监管评级、净资本规模、营业网点数量、高学历员工比例、市场占有率、收入结构等；最后以我国上市证券公司2009年-2011年三年的数据为样本,选取代表价值创造能力的指标,如营业收入、净利润、每股收益、每股经营现金流；选取代表价值创造成长性的指标,如：净资产收益率增长率、每股收益增长率、净利润增长率；选取代表价值创造效率的指标,如：净资产收益率、总资产利润率和成本费用利润率,以及证券公司特有指标,如：分类监管评级、净资本规模、营业网点数量、高学历员工比例、经纪业务市场占有率、投行业务占收入比、资管业务占收入比、自营业务占收入比等多个指标作为解释变量,市值作为被解释变量进行相关性分析、因子分析及多元回归。得出结论：反映公司价值创造能力的指标,如营业收入、净利润、每股收益、每股现金流等指标与市值的关系比较显著,影响公司价值创造效率的指标,如净资产收益率、总资产利润率、成本费用利润率与市值的关系同样强相关,特别是成本费用利润率指标对市值的影响程度逐年提高,也正说明了由于近几年市场低迷,证券公司已无法获取高额利润的情况,成本管理已经成为证券公司不可忽视的市值管理手段。另外体现价值创造成长性的指标,如每股收益率增长率、净资产收益率增长率等不可避免地与市值有着正相关关系,同时对证券公司来说,分类监管评级、高学历员工比例、净资本规模、营业部数量等指标直接体现了公司的成长性,与市值呈正向的强相关关系。由于笔者理论水平和占有一手资料的局限,加之工作繁忙,文中尚有许多需要进一步探索的地方,在今后的学习和研究中,笔者将继续深化下去。
[Abstract]:As an important member of China's financial system, securities companies have played an important role in promoting the reform of the shareholding system of state-owned enterprises, promoting the healthy and rapid development of the enterprises and improving the quality of business, and effectively revitalize the social stock resources on the macro economic level, and further raise the overall operation quality of the national economy.
With the acceleration of China's entry into the WTO and the accelerated process of international financial integration, China's securities companies will face a severe challenge to the direct competition with international first-class securities institutions. Due to the late start of China's securities institutions, the two sides have a huge gap in scale, business innovation, management concept and management level. In the background of policy loosening and encouraging innovation, only by introducing modern management system and drawing on advanced management ideas of developed country securities institutions can securities companies shorten the gap and win the advantage of future competition as soon as possible. At present, many securities companies in China are aiming to expand their scale as soon as possible, and rely on good relations between government and enterprises. To expand business, however, the expansion of scale and business is relatively easy. It is a difficult problem in front of China's securities companies to improve the management of enterprises, strengthen the internal work and core competitiveness of enterprises and achieve the management concept and management level of the international first-class securities institutions as soon as possible. It is also a large number of securities listed companies and the listed companies to be listed. The urgent problem that the company needs to solve.
The core goal of the enterprise management is to maximize the value of the enterprise or maximize the wealth of the shareholders. It is closely related to the management of the value promotion. It can improve the efficiency of the utilization of resources, clear the focus of management, condense the attention of the management departments at all levels, and facilitate the assessment of performance. In a more mature financial market, the pricing phase of the securities market To be reasonable, the market value of the enterprise becomes the barometer of the business activities of the enterprise, and is also an intuitive reflection of the value of the enterprise or the wealth of the shareholders. As a management thought and method, the market value management is a simple and quick means to maximize the value of the enterprise or maximize the wealth of the shareholders, and is widely used in the developed countries to the listed companies or the listed companies. In the management, it has a great guiding role for the enterprise to optimize the management decision, improve the management level, innovate the product and business, and improve the performance appraisal mechanism. In the securities institutions of the western countries, the market value management has become a widely accepted and well applied management hand. The study and introduction of market value management thought for many years Extensive operation and scale expansion are important for China's securities listing and listed companies.
Based on this, this paper takes the market value driving factor of the securities company as the research object. By clearing the market value driving factors and focusing on these factors to carry out the market value management of the securities companies, this is of great practical significance for the enterprises to further clarify the business objectives, innovate boldly, improve the management level and enhance the value of the enterprises. In the continuous improvement and improvement, the market value management thought is still controversial, and the study also has a certain exploration and foresight. It is also a kind of ideological preparation for us to look at the international first-class securities institutions as soon as possible.
After the completion of the split share reform in China in 2005, with the increasing efficiency of the capital market in China, the market value management idea has been adopted by some listed companies. How to effectively manage the market value, especially for the securities listed companies and the listed companies, how to identify the key value driving factors and to optimize the market in a definite direction In this paper, the author takes HX securities company as an example to explore the specific application of market value management thought in the securities industry, and provides useful suggestions for the implementation of market value management strategy for securities companies.
Based on the literature and theory of market value management, this paper first analyzes the basic factors affecting the market value of listed companies from three aspects of value creation, value creation and value creation of listed companies, such as business income, net income growth rate, total asset profit rate, net asset report. The rate of pay, the profit margin of cost, the net profit, the return on the net assets, and so on. Secondly, in the light of the current situation and characteristics of the securities industry in China, it analyzes some special factors that affect the market value management of the securities companies, such as classified supervision rating, net capital scale, the number of business outlets, the proportion of highly educated employees, market share, and income structure, etc. Finally, taking the data of the listed securities companies in China for three years in 2009 for three years as the sample, select the index of the representative value creation ability, such as operating income, net profit, earnings per share and cash flow per share; select the representative value to create the growth index, such as the growth rate of net asset returns, the growth rate of earnings per share, the growth rate of net profit; Take the indicators that represent value creation efficiency, such as net assets yield, total asset profit rate and cost and cost profit rate, and the specific index of securities companies, such as classified regulatory rating, net capital scale, number of business outlets, high degree of educational staff, brokerage business market, investment bank business, income ratio, management business accounting for income ratio. The value of market value as an explanatory variable is analyzed by correlation analysis, factor analysis and multiple regression. The conclusion is that the relationship between business income, net profit, earnings per share and cash flow per share is more significant and affects the value of the company value. The index of creating efficiency, such as the net asset yield, the total asset profit rate, the cost and cost profit ratio, is equally closely related to the value of the market value, especially the effect of the cost profit margin index on the market value year by year. It is also a statement that the securities company has been unable to obtain high profits due to the market downturn in recent years, and the cost management has already been managed. It has become a means of market value management that can not be ignored by securities companies. In addition, the growth index of value creation, such as the growth rate of earnings per share, the growth rate of net assets yield, and so on, inevitably has a positive correlation with the market value. At the same time, the classification supervision and evaluation grade, the proportion of highly educated employees, the net capital scale and the number of business departments for the securities companies are concerned. Quantity and other indicators directly reflect the growth of the company, which is positively correlated with market value.
Because of the author's theoretical level and the limitation of possessing the information of the first hand, and the busy work, there are still many places to be further explored in the paper. In the future study and research, the author will continue to deepen it.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.39

【参考文献】