我国上市券商竞争力分析

发布时间：2018-03-10 05:30

本文选题：上市券商　切入点：评价模型　出处：《山东大学》2012年硕士论文　论文类型：学位论文

【摘要】：自从中国开放证券市场的20多年来,券商作为证券行业的重要支柱,为我国的金融体系稳定发展有着积极的作用。2008年美国爆发了次贷危机,美林银行和贝尔斯登银行被收购,雷曼兄弟破产倒闭,并引发了全球性的金融危机。这次金融危机的主要原因是因为风险控制失误和激励约束机制的弊端,这些有着百年历史的投行因为行业的弊端顷刻间毁于一旦,实在令人感到痛心,同时也为中国的券商行业敲响了警钟。当下金融行业内部业务交错、竞争加剧,券商生存环境也变得越来越严峻,现在正是券商面临着盈利模式和业务转型压力最大的时期,所以说当前既是整个券商行业最好的转型时期,同时也是券商面对各方的压力和危机,到了必须求变的重要时刻。自2011年10月郭树清开始就任证监会主席后,证监会一直不断推出新的政策,设法能够改善我国证券行业的环境和不利地位,推动我国资本市场的加速发展。2012年5月在北京召开的金融创新大会上,郭主席明确指出了当前是我国证券公司和证券行业处于历史上最好的发展时期,全行业要紧紧围绕实体经济内在需要,不断提高服务客户的水平和企业自身的核心竞争力。券商该如何突破靠天吃饭的模式,如何打破过去陈旧的观念思想,积极发展创新；如何提高自身的综合竞争力,使公司能够在残酷、激烈的竞争环境中生存下去并逐步发展壮大是每个国内券商需要思考和解决的问题,而这些也正是本论文研究的主题。本文先介绍了当前国内券商所处的国内与国际金融环境,并根据自己平时的工作经历和经验,从国内券商当前的业务类型发展现状入题,通过与国外投行的经营模式相对比,来分析我国券商在当前市场环境下的优势和不足之处。本文将已经在A股市场上市的19家证券公司作为研究对象,结合这19家上市证券公司20儿年年报中的财务数据,甄选出十项和券商竞争力相关的财务指标,对其进行分析和对比,通过分项加总的方法对这19家券商做出了一个综合竞争力的排名,并对得到的排名进行了解读。再利用SWOT模型来深入的定位分析当前国内券商所在的市场环境下所处的内部的优势、劣势和外部的机会、威胁。找到国内券商未来发展的主要优势和当前必须要注意和弥补的劣势。在论文最后根据前文所分析出的我国券商业务和内部治理的优势及不足处,并依据SWOT模型得出的结论,结合券商创新大会的精神,对如何从业务层面、战略层面、管理层面和风控层面等方面来提高券商的综合竞争力提出了一些个人的观点和建议。
[Abstract]:Since China opened its securities market more than 20 years ago, as an important pillar of the securities industry, securities firms have played a positive role in the stable development of China's financial system. In 2008, the United States broke out the subprime mortgage crisis, Merrill Lynch Bank and Bear Stearns Bank were acquired. The collapse of Lehman Brothers led to a global financial crisis, the main cause of which was the failure of risk control and the malpractice of incentive and restraint mechanisms. These investment banks, which have a history of one hundred years, were instantly destroyed because of the drawbacks of the industry, which is really painful. At the same time, they have also sounded the alarm for China's securities industry. At present, the financial industry is interlaced with its internal business and competition is intensifying. The survival environment of securities firms has also become more and more severe. Now, the securities companies are facing the most pressure period of profit model and business transformation. Therefore, the current period is the best transition period for the entire securities industry. At the same time, it is also an important time for securities firms to face pressure and crisis from all sides. Since Guo Shuqing took over as chairman of the SFC in October 2011, the SFC has been continuously introducing new policies. Try to improve the environment and disadvantage of China's securities industry and promote the accelerated development of China's capital market. At the financial innovation conference held in Beijing on May 2012, Chairman Guo clearly pointed out that the present is the best development period in the history of China's securities companies and securities industry. The whole industry should focus on the internal needs of the real economy and constantly improve the level of service to customers and the core competitiveness of enterprises themselves. How should securities companies break through the mode of relying on heaven to feed themselves, how to break the old old ideas, how to actively develop innovation, how to improve their comprehensive competitiveness so that companies can be cruel, Survival and gradual development in the fierce competitive environment is the problem that every domestic securities company needs to think about and solve, and these are the subject of this paper. This paper first introduces the domestic and international financial environment of domestic securities firms, and according to their usual work experience and experience, from the current business types of domestic securities companies into the development of the current situation, through comparison with foreign investment banking business model, To analyze the advantages and disadvantages of Chinese securities firms in the current market environment. In this paper, 19 securities companies listed in the A-share market are taken as the research objects, and 10 financial indicators related to the competitiveness of securities firms are selected according to the financial data of the annual reports of the 19 listed securities companies in the past 20 years. Through the analysis and comparison of these 19 securities firms, they have made a ranking of their comprehensive competitiveness by adding a total of sub-items to the total method. Then the SWOT model is used to analyze the internal strengths, weaknesses and external opportunities of the domestic securities companies in the market environment. Find the main advantages of the future development of domestic securities companies and must pay attention to and compensate for the disadvantages. At the end of the paper, according to the advantages and disadvantages of our country's securities business and internal governance, and according to the conclusion of SWOT model, combined with the spirit of brokerage innovation conference, how to from the business level, strategic level, Some personal opinions and suggestions are put forward to improve the comprehensive competitiveness of securities firms in the aspects of management and wind control.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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