基于因子分析的中国证券公司竞争力研究

发布时间：2018-03-08 13:53

本文选题：证券公司　切入点：竞争力　出处：《复旦大学》2012年硕士论文　论文类型：学位论文

【摘要】：随着国民经济的不断发展,我国资本市场逐步壮大,截至2011年底,沪深交易所共有上市公司2342家,投资者开户总数超过2亿户,总市值21.48万亿元,中国已经成为全球第三大股票市场。在国民经济水平进一步提高的同时,我国将逐步进入经济结构调整阶段,经济增长方式由粗放型向集约型转变,经济发展思路由以速度为主向社会的整体和谐转变,经济增长动力由以投资为主向以消费驱动为主转变。这些转变趋势给资本市场带来了巨大的发展机遇。但与此同时,我国证券行业也面临着产业升级和转型的巨大挑战,证券公司普遍存在诸如同质化竞争、收入结构不合理等问题并受到金融混业和国际化趋势的冲击,其未来的竞争环境将更为复杂而激烈。因此我国证券公司必须不断增强自身实力,持续提升竞争能力。本文通过对企业竞争力相关理论的总结分析,结合我国证券行业的实际情况,建立了我国证券公司竞争力评价指标体系。该指标体系从证券公司经营管理的9大方面着手,选取了24项明细指标,涉及经营规模、盈利能力、营运效率、偿债能力、风险管理、治理结构、市场能力、收入结构和创新能力。并以此为基础进行深入分析：首先,采用因子分析法,对我国证券公司在规模、结构、资产经营、效率、资产管理业务、盈利能力6个因子方面的竞争力以及综合竞争力进行评价；其次,采用聚类分析法,将40家样本证券公司分为6种类型,进行竞争力的比较研究和评价,形成对其行业地位以及竞争优劣势的正确判断；再次,采用动态分析法,了解我国证券公司综合竞争力的变化情况,对其竞争力的增长能力进行全面比较；最后,选取部分可比指标,建立了适用于中外证券公司的综合竞争力排名体系。通过比较分析,发现我国证券公司与国际著名证券公司之间的差距主要在于规模和业务结构方面,这是由行业发展阶段、国家金融管理政策、客户成熟度等原因造成的。根据以上多角度的分析,结合笔者证券工作实践经验,提出提升我国证券公司竞争力的策略,包括增强规模实力、优化业务经营、完善法人治理、培养优秀人才、加强风险管理等方面。
[Abstract]:With the continuous development of the national economy, the capital market of our country has gradually expanded. As of end of 2011, there were 2,342 listed companies on the Shanghai and Shenzhen Stock Exchange, with a total of more than 200 million accounts opened by investors, with a total of 21.48 trillion yuan from market value. China has become the third largest stock market in the world. At the same time as the level of the national economy is further improved, China will gradually enter the stage of economic restructuring. The mode of economic growth has changed from extensive to intensive. The thought of economic development has changed from speed oriented to social harmony, and the driving force of economic growth has changed from investment to consumption. These trends have brought great opportunities for the development of the capital market, but at the same time, The securities industry of our country also faces the enormous challenge of upgrading and transformation of industry. The securities companies generally have problems such as homogeneous competition, unreasonable income structure and so on, which are impacted by the trend of financial mixed industry and internationalization. The future competitive environment will be more complex and fierce, so our securities companies must constantly enhance their own strength and competitiveness. Based on the summary and analysis of the relevant theories of enterprise competitiveness and the actual situation of China's securities industry, this paper sets up an evaluation index system for the competitiveness of securities companies in China. The index system starts from 9 aspects of the management of securities companies. Twenty-four detailed indicators were selected, covering business scale, profitability, operational efficiency, solvency, risk management, governance structure, market capacity, income structure and innovation ability. Firstly, this paper evaluates the competitiveness and comprehensive competitiveness of Chinese securities companies in terms of scale, structure, asset management, efficiency, asset management business and profitability. Secondly, the 40 sample securities companies are divided into 6 types by cluster analysis, and the comparative study and evaluation of competitiveness are carried out to form a correct judgment on the position of the industry and the advantages and disadvantages of the competition. Thirdly, the dynamic analysis method is used to understand the changes of the comprehensive competitiveness of the securities companies in China, and to compare the growth ability of the comprehensive competitiveness of the securities companies in an all-round way. Finally, a comprehensive competitiveness ranking system for Chinese and foreign securities companies is established by selecting some comparable indexes. It is found that the gap between Chinese securities companies and international famous securities companies is mainly in the aspects of scale and business structure, which is caused by industry development stage, national financial management policy, customer maturity and so on. According to the above analysis, combined with the author's practical experience in securities work, this paper puts forward some strategies to enhance the competitiveness of Chinese securities companies, including enhancing the scale strength, optimizing business management, perfecting the governance of legal persons, and cultivating outstanding talents. Strengthen risk management and other aspects.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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