新形势下我国证券公司并购重组的动因和模式研究
发布时间：2019-06-27 17:33
【摘要】：自从1987年9月我国第一家证券公司——深圳经济特区证券公司诞生以来,券商伴随着资本市场经历了近三十年的兴衰起伏,证券市场的竞争格局也随之不断变化。通过多年来政府主导的兼并重组,证券行业内形成了一批规模较大,实力较强的综合券商,行业集中度不断提高。随着我国金融改革的不断深入和金融监管的不断放松,证券行业并购重组的逐步市场化已是大势所趋,并购的动因和模式也必将产生新的变化。本文通过将新的宏观及微观形势下,证券公司并购重组的动因和模式与其他不同阶段国内证券行业并购重组的动因和模式进行比较,目的是找出适合不同类型证券公司的、符合新时代特征的证券公司并购重组模式。本文分析探讨得出的结论,对我国证券公司通过并购重组实现跨越式发展有着一定的指导意义。本文研究的创新之处在于指出面对新的监管环境和互联网金融的冲击,我国证券公司的并购重组行为的动因及模式较之以往有了新的变化,主要表现为从行业内的横向并购逐渐转变为跨行业的纵向并购和混合并购。
[Abstract]:Since the birth of Shenzhen Special Economic Zone Securities Company, the first securities company in China in September 1987, securities firms have experienced nearly 30 years of ups and downs in the capital market, and the competitive pattern of the securities market has also been constantly changing. Through the merger and reorganization led by the government for many years, a number of large-scale and strong comprehensive securities firms have been formed in the securities industry, and the degree of industry concentration has been continuously improved. With the deepening of financial reform and the relaxation of financial supervision in China, the gradual marketization of mergers and acquisitions in the securities industry is the trend of the times, and the motivation and mode of mergers and acquisitions will also produce new changes. This paper compares the motivation and mode of M & A of securities companies with the motivation and mode of M & A of domestic securities industry in other different stages under the new macro and micro situation, in order to find out the M & A mode of securities companies which is suitable for different types of securities companies and accords with the characteristics of the new era. This paper analyzes and discusses the conclusions, which has certain guiding significance for China's securities companies to achieve leap-forward development through mergers and acquisitions. The innovation of this paper is that in the face of the new regulatory environment and the impact of Internet finance, the motivation and mode of M & A of securities companies in China have changed compared with the past, mainly manifested in the gradual transformation from horizontal M & A in the industry to vertical M & A and mixed M & A across industries.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F832.39;F271
本文编号：2506996
[Abstract]:Since the birth of Shenzhen Special Economic Zone Securities Company, the first securities company in China in September 1987, securities firms have experienced nearly 30 years of ups and downs in the capital market, and the competitive pattern of the securities market has also been constantly changing. Through the merger and reorganization led by the government for many years, a number of large-scale and strong comprehensive securities firms have been formed in the securities industry, and the degree of industry concentration has been continuously improved. With the deepening of financial reform and the relaxation of financial supervision in China, the gradual marketization of mergers and acquisitions in the securities industry is the trend of the times, and the motivation and mode of mergers and acquisitions will also produce new changes. This paper compares the motivation and mode of M & A of securities companies with the motivation and mode of M & A of domestic securities industry in other different stages under the new macro and micro situation, in order to find out the M & A mode of securities companies which is suitable for different types of securities companies and accords with the characteristics of the new era. This paper analyzes and discusses the conclusions, which has certain guiding significance for China's securities companies to achieve leap-forward development through mergers and acquisitions. The innovation of this paper is that in the face of the new regulatory environment and the impact of Internet finance, the motivation and mode of M & A of securities companies in China have changed compared with the past, mainly manifested in the gradual transformation from horizontal M & A in the industry to vertical M & A and mixed M & A across industries.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F832.39;F271
【参考文献】
相关期刊论文 前2条
1 王作海;;并购重组是中国券商发展的必由之路[J];对外经贸财会;2002年07期
2 夏斌;由分业混业经营到金融控股公司的思考[J];国际经济评论;2000年Z6期
，本文编号：2506996
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