中小证券公司发展的影响因素分析及模式研究

发布时间：2019-02-23 18:37

【摘要】：经过二十年多的发展,中国证券市场目前注册证券公司为109家,其中盈利前二十名的证券公司占据了一半以上的经纪业务市场,占据了绝大部分投资银行业务市场；同时注册资本金在十五亿以上的证券公司,由于资本实力雄厚,具备较强的竞争优势,去除这些公司,目前国内其它证券公司由于资产规模小、缺乏政治背景、研究能力较低、人才储备不足、业务范围狭窄、没有品牌优势,从而使其缺乏竞争优势,从长远看,面临生存和发展的危机。我们将证券行业的这批业内弱势群体界定为中小证券公司。文章以中小证券公司为主要研究对象,采取规范研究与实证研究相结合的方法。在调研的基础上进行了深入研究,在目前新形式下以全新的视角分析其影响因素,并形成中小证券公司独特的发展模式。首先,通过相关数据整理,将中小型证券公司与大型证券公司对比分析,得出发展现状。然后,对国内中小证券公司实力进行了分析,中小证券公司主要业务状况分析及中小证券公司与大证券公司、与商业银行、与境外证券服务机构、与上游供应商、与客户之间的竞争关系分析；分析得出影响证券公司发展的内外部因素,内部环境中最重要的三项因素为人力资源及激励与约束机制、研发能力、公司治理结构。外部环境中最重要的三项因素为监管政策环境、行业内竞争、宏观经济环境因素。最后,在综合内外两个方面因素的基础上,提出了适应于中小证券公司的基本发展模式——目标集中模式和资本扩张模式。
[Abstract]:After more than 20 years of development, there are 109 registered securities companies in China's securities market, in which the first 20 securities companies account for more than half of the brokerage business market, accounting for the vast majority of the investment banking business market; At the same time, securities companies with registered capital of more than 1.5 billion have strong capital strength and strong competitive advantage to remove these companies. At present, other domestic securities companies have low research capability because of their small assets, lack of political background, and lack of political background. The talent reserve is insufficient, the business scope is narrow, and there is no brand advantage, which makes it lack of competitive advantage. In the long run, it faces the crisis of survival and development. We will be the securities industry this group of industry vulnerable groups defined as small and medium securities companies. This paper takes small and medium-sized securities companies as the main research object and adopts the method of combining normative research with empirical research. On the basis of investigation, this paper makes a deep research, analyzes its influencing factors from a new angle of view under the new form at present, and forms a unique development mode of small and medium-sized securities companies. First of all, through the relevant data collation, small and medium-sized securities companies and large securities companies comparative analysis, the development of the status quo. Then, it analyzes the strength of domestic small and medium-sized securities companies, the main business situation of small and medium-sized securities companies, and small and medium-sized securities companies and large securities companies, commercial banks, foreign securities service institutions, and upstream suppliers. Analysis of competitive relationship with customers; The internal and external factors affecting the development of securities companies are analyzed. The three most important factors in the internal environment are human resources, incentive and restraint mechanism, R & D capability, and corporate governance structure. The three most important factors in the external environment are regulatory policy environment, intra-industry competition and macroeconomic environment. Finally, on the basis of integrating the internal and external factors, this paper puts forward the basic development mode-the target concentration model and the capital expansion model, which are suitable for the small and medium-sized securities companies.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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