我国证券经纪人流动管理动态稳定理论及应用

发布时间：2019-02-11 15:29

【摘要】：我国证券市场用二十多年的时间走完了发达国家成熟市场上百年的发展历程。证券市场的繁荣,带动了证券公司如雨后春笋般地快速发展。这种快速发展,不仅仅是资产规模和市场份额的扩大,更带来了证券经纪人的快速增长,由此所导致的我国证券经纪人的频繁、无序地流动问题日益成为制约证券公司发展一个瓶颈问题。所以,本文试图从定量分析的角度建立证券经纪人流动管理动态稳定模型,通过计算得出使证券经纪人能够达到动态稳定状态时的最优数据,同时运用该数据与当前数据对比,提出证券经纪人流动管理的对策和建议,为解决证券经纪人流动问题提供一个管理决策的依据。这对于我国证券经纪人的稳定健康发展来说意义重大,因为它不仅丰富和完善了我国证券经纪人管理研究的理论,为后续的深入研究提供一个可供选择的角度,而且通过模型计算得出的数据,可以为管理者直接使用,并据此采取相应的管理措施,从而为解决我国证券经纪人频繁、无序流动问题提供一个可以借鉴的定量方法。本文从当前我国证券经纪人流动的频繁、无序问题入手,结合对多家证券营业厅进行实地调研和广泛的资料收集,通过将现代控制理论中的鲁棒控制思想和动态管理方法运用到我国证券经纪人流动问题的管理当中,把研究对象划分为佣金经纪人、特种经纪人和交易厅经纪人三类,设定招聘率和离职率两个状态变量,并由此建立了基于动态稳定条件下的我国证券经纪人流动管理模型。通过模型的应用和计算,分别得出了对于这三类经纪人的最优招聘数据和离职数据,并以得出的最优数据为依据,对我国证券经纪人流动问题的管理提出了相应的对策和建议。最后,通过利用调研数据,对动态稳定模型进行了验证,得出了该证券公司的三类经纪人是否达到动态稳定的结论,同时也给出了相应的控制策略。本文的创新之处在于： (1)本文应用现代控制理论当中的鲁棒控制思想和动态稳定模型对我国证券经纪人的流动管理问题进行了研究,建立了我国证券经纪人流动的动态稳定模型,为我国证券经纪人管理理论的进一步研究提供了新视角。 (2)本文基于我国证券经纪人流动的动态稳定模型,在对我国证券经纪人现状分析和调研的基础上,探寻出了管理我国证券经纪人流动频繁、无序问题的一种新方法。
[Abstract]:China's securities market has completed the development of developed countries' mature market for more than 20 years. The prosperity of the securities market has led to the rapid development of securities companies. This rapid development, not only the expansion of asset size and market share, but also the rapid growth of securities brokers, resulting in the frequent securities brokers in China. The problem of disorderly flow has become a bottleneck problem restricting the development of securities companies. Therefore, this paper attempts to establish the dynamic stability model of securities broker's flow management from the angle of quantitative analysis, and get the optimal data when the securities broker can reach the dynamic stable state through the calculation, and use this data to compare with the current data at the same time. The paper puts forward the countermeasures and suggestions for the management of securities brokers' mobility, and provides a basis for the management decision for solving the problem of securities brokers' mobility. This is of great significance to the stable and healthy development of securities brokers in China, because it not only enriches and perfects the theory of the management of securities brokers in our country, but also provides an alternative angle for further research. Moreover, the data calculated by the model can be directly used by managers, and corresponding management measures can be taken accordingly, thus providing a quantitative method that can be used for reference to solve the problem of frequent and disordered flow of securities brokers in China. This paper begins with the frequent and disordered flow of securities brokers in our country, and combines the field investigation and extensive data collection of many securities business offices. By applying the idea of robust control and dynamic management in modern control theory to the management of stock broker flow problem in our country, the research object is divided into three categories: commission broker, special broker and trader broker. Two state variables, recruitment rate and turnover rate, are set up, and a dynamic and stable model of Chinese securities broker flow management is established. Through the application and calculation of the model, the optimal recruitment data and the turnover data for these three kinds of brokers are obtained, and based on the optimal data, the corresponding countermeasures and suggestions are put forward for the management of the stock broker flow problem in China. Finally, the dynamic stability model is verified by using the research data, and the conclusion is drawn that whether the three kinds of brokers of the securities company can achieve dynamic stability, and the corresponding control strategies are also given. The innovations of this paper are as follows: (1) this paper applies the robust control theory and dynamic stability model in modern control theory to study the liquidity management of securities brokers in China. The dynamic stability model of securities broker flow in China is established, which provides a new perspective for further research on the theory of securities broker management in China. (2) based on the dynamic stability model of securities broker flow in China, this paper explores a new method to manage the frequent and disordered flow of securities broker in China on the basis of the analysis and investigation of the current situation of securities broker in China.
【学位授予单位】：太原理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F272.92;F832.51

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