国内合资证券公司现状比较研究

发布时间：2018-09-16 21:25

【摘要】：自从1995年国内第一家合资证券公司中金公司出现以来,已过去17个年头现如今,国内已有证券公司100余家,合资证券公司约占其中的一成。在当前的市场环境下,合资证券公司的生存状况究竟如何,与国内中资证券公司相比有哪些优势和劣势,是我们需要研究的问题。本文中列出了自2009年起就已存续的全部9家合资证券公司：光大证券、中银国际、瑞银证券、中金公司、中德证券、高盛高华、瑞信方正、财富里昂、海际大和,并挑选了5家具有一定实力和代表性的国内中资证券公司进行对比：海通证券、国信证券、银河证券、齐鲁证券、国泰君安。本文中分析了这些证券公司的资本结构和业务构成,并重点分析了资产负债表,利润表,现金流量表中的主要数据指标及风险控制指标。其中资产负债表中分析了资产总额、资产负债率、货币资金、未分配利润、股东权益回报率；利润表中分析了营业收入、营业成本、业务及管理费、利润总额、所得税费用、净利润；现金流量表中分析了经营活动产生的现金流量净额；风险控制指标分析了净资本／净资产、净资本／负债、净资产／负债。上述指标分析表明,合资证券公司与中资证券公司相比,在注册资本和业务开展范围上受到条件制约,资产负债率和股东回报率较低,盈利能力尚显不足,资产流动性较低,风险控制水平较高但需进一步提高净资本利用率。通过以上研究,本文最后揭示出一些结论,合资证券公司在当前市场环境下没有能够发挥出自身优势,其业务和管理方面有加强的必要；从财务指标上看,合资证券公司在竞争力和抗风险能力上与中资证券公司相比还有一定差距,未来国际板可能推出等机会对合资证券公司来说将是机遇也是挑战。
[Abstract]:Since the emergence of China International Capital Corporation, the first joint-venture securities company in China in 1995, 17 years have passed, and now there are more than 100 securities companies in China, of which about 10% are joint-venture securities companies. In the current market environment, how to survive the joint venture securities companies, and what advantages and disadvantages compared with the domestic Chinese securities companies, is the problem that we need to study. This article lists all 9 joint venture securities companies that have existed since 2009: Everbright Securities, Bank of China International, UBS Securities, China International Capital Corporation, China and Germany Securities, Goldman Sachs Gao Hua, Credit Suisse founder, Fortune Lyon, Interoceanic Daiwa. And selected 5 domestic security companies with certain strength and representativeness: Haitong Securities, Guoxin Securities, Galaxy Securities, Qilu Securities, Guotai Junan. This paper analyzes the capital structure and business structure of these securities companies, and focuses on the main data indicators and risk control indicators in the balance sheet, income statement, cash flow statement. The balance sheet analyzes the total assets, the ratio of assets to liabilities, the monetary funds, the undistributed profits, the rate of return on shareholders' equity, and the income statement analyzes the operating income, operating costs, business and management fees, total profits, income tax expenses, Net profit; net cash flow generated by operating activities is analyzed in the statement of cash flow; risk control index analyzes net capital / net assets, net capital / liabilities, net assets / liabilities. The analysis of the above indicators shows that, compared with the Chinese securities companies, the joint venture securities companies are restricted by conditions in the scope of registered capital and business development, the ratio of assets to liabilities and the return of shareholders are low, the profitability is still insufficient, and the assets are less liquid. The risk control level is high but needs to further raise the net capital utilization ratio. Through the above research, this paper finally reveals some conclusions, the joint venture securities company in the current market environment has not been able to give play to its own advantages, its business and management is necessary to strengthen; from the financial indicators, Compared with the Chinese securities companies, the joint venture securities companies still have a certain gap in their competitiveness and ability to resist risks, and the opportunities such as the possible launch of the international board in the future will be both opportunities and challenges for the joint venture securities companies.
【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】：F832.39

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