信达现金宝集合资产管理计划利润研究

发布时间：2018-01-01 04:13

本文关键词：信达现金宝集合资产管理计划利润研究　出处：《吉林大学》2012年硕士论文　论文类型：学位论文

【摘要】：经历了2011年上证指数单边下跌21.68%，中国股市再次遭受了一个大熊市的洗礼。在这样的市场环境中，以经纪业务的客户交易佣金作为主营业务收入的证券公司均受到严重的冲击，较早披露2011年年报的证券公司财务指标中的净利润均同比大幅下滑，有些公司甚至出现了亏损的局面。就目前宏观经济层面来看，国家面临经济结构转型势必导致经济增速放缓，而新一届“两会”提出的2012年宏观经济增速将保持在7.9%，M2货币供应量将维持在14%左右，这些指标都预示着未来一年不会引发类似于2007年的那种大牛市行情，证券市场的交易仍然被看淡。针对未来的发展趋势，证券公司如何在这种弱势的市场环境中寻求新的出路，如何从新的方向突破证券经纪业务的业务收入瓶颈，将决定证券公司能否在股市的寒冬中仍然挺立。为了解决当前这一难题，证券公司将目光聚焦在客户存款保证金这一庞大的存量资金上，以寻求新的突破口。基于上述背景，针对目前市场上券商端理财产品，以信达现金宝为例，重点研究其推出对信达证券乃至整个证券行业各家券商的重要影响。本文从四个方面分别进行阐述。首先，在绪论当中，主要阐述了论文的研究背景、研究意义并提出了文章的主要研究方法。其次，笔者通过对信达现金宝产品的设计原理、投资策略等方面内容进行重点阐述，以突出信达现金宝产品的设计理念以及特有的金融创新模式，同时提出了该产品利润呈现降低趋势即管理费率偏高、提取业绩报酬比例较高、产品设计简单，后续增值服务不足以及投资范围狭小，年化收益率浮动大等相关问题。再次，笔者通过对产品估值方法、费用及收益分配情况分析并结合信达现金宝在两个不同阶段——试点阶段和全面推广阶段的总体数据，通过比较分析法以及定量分析法，最终得出信达现金宝对公司盈利水平的影响及未来盈利空间的展望。最后，通过对前几部分的分析，针对问题给出了相应的改进建议。笔者认为可以通过对管理费率及业绩报酬的利润敏感度分析进行调整以达到利润最大化；未来探索方向，还可以通过对投资范围在风险可控的原则下逐步扩大，以相应提高收益并保证收益的稳定性。本文通过对前四章内容的研究，最终得出结论：信达现金宝的推出对券商现金增值服务的产品研发，尤其是对券商端理财产品创新具有深远的影响以及重要的意义。首先，它有利于提高客户资金效率，提升经纪业务客户账户闲置资金的收益水平。其次，它有利于提升客户服务的深层次探索，主动保护客户资源，提高证券公司客户服务水平，提升行业竞争力。再次，它有利于吸引有投资证券需求意向的客户提早进入证券市场，及时捕捉投资机会，壮大资本市场。最后，信达现金宝自问世以来就引起了业内广泛关注。业界预期，券商推出这类现金管理产品，既能盘活闲置的万亿客户保证金，又能极大扩充券商资产管理的规模，还能为投资者增加更多收益，可谓一举多得。信达现金宝的推出，使原本所托存放在商业银行的客户保证金有了更好的投资取向，能够取得比活期利率更高的利息。更加重要的是，该产品使券商端将客户保证金的管理权拿回到自己的手中，进一步加大了对市场的话语权，，使券商的盈利模式出现了新的增长点。
[Abstract]:Experienced in 2011 Shanghai stock index fell unilateral 21.68%, China stock market once again suffered a big bear baptism. In such a market environment, brokerage business with customers trading commissions as main business income of the securities companies are subject to severe impact, the earlier disclosure of net profit fell sharply in the securities company financial indicators in 2011 Annual report the year, some companies even at a loss situation. At the macroeconomic level, the country is facing economic restructuring will inevitably lead to a slowdown in economic growth, and the new "NPC and CPPCC" put forward in 2012 macro economic growth will remain at 7.9% M2, the money supply will remain at around 14%, these indicators are predicted the coming year will not lead to similar to the 2007 bull market in that market, stock market trading is still bearish. According to the development trend in the future, the securities company in this To seek a new way of weak market environment, how the revenues from the new bottleneck breakthrough direction of securities brokerage business, securities companies will determine whether in the winter stock market still stand. In order to solve the problem, the securities companies are focusing on customer deposits, deposit a large stock of capital, to to seek a new breakthrough.
Based on the above background, in view of the present market brokerage end financial products, the XinDa cash treasure for example, focus on the introduction of important influence to the XinDa and even the entire securities industry securities firms. This paper from four aspects: first, in the introduction, mainly expounds the research background, research significance and put forward the main research methods of this article. Secondly, based on the design principle of XinDa cash treasure products, investment strategy and other aspects are elaborated, in order to design the concept of outstanding XinDa cash treasure products as well as the unique model of financial innovation, and puts forward the product profit decreased the management fee rate is high, extracting a higher proportion of performance pay product design, simple, lack of follow-up value-added services and investment narrow range of annual yield of floating large problem. Once again, the sum of products The valuation method, cost and revenue allocation analysis combined with XinDa cash treasure in two different stages of the pilot phase and full extension phase of the overall data, through comparative analysis and quantitative analysis, finally obtains the prospect of influence of XinDa cash treasure profit level of the company and the future profitability of space. Finally, through the analysis of the previous part of the problem, to give some suggestions. The author thinks that can maximize profits by adjusting the profit sensitivity analysis of management fees and performance pay; the future research direction, but also through to gradually expand the scope of investment in the principles of risk control, to increase revenue and guarantee the stability of earnings.
Based on the research of chapter four, conclusion: the launch of brokerage cash value-added services product development XinDa cash treasure, especially has the profound influence and significance to the end of the brokerage of financial product innovation. Firstly, it is beneficial to improve the efficiency of client funds, enhance the brokerage customers of idle funds in the account income level secondly, it is conducive to the deep exploration to enhance customer service, proactively protect customer resources, improve the securities company customer service levels, enhance the competitiveness of the industry. Thirdly, it is conducive to attracting investment securities demand intention of customers early entry into the securities market, to capture investment opportunities, expand capital market. Finally, the XinDa is now asking Campbell the world has aroused widespread concern in the industry. The industry is expected to launch this type of brokerage cash management products, which can make the idle trillion customer margin, and Greatly expand the scale of the brokerage asset management, but also increase the more income for investors, it Yijuduode. XinDa launched a cash treasure, make up store clients' deposits in commercial banks have better investment orientation, can obtain higher than the current interest rate. More importantly, the end will make brokerage products customer margin management right to take back to their own hands, to further increase the right to speak of the market, the brokerage profit model of the emergence of new growth point.

【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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