业务创新对证券公司盈利能力影响研究

发布时间：2018-04-02 23:41

本文选题：证券公司　切入点：业务创新　出处：《西南政法大学》2014年硕士论文

【摘要】：在当今激烈的竞争角逐中，求生存、谋发展是企业界的共同关注，要想做大做强，在“优胜劣汰”的竞争模式下具有强有力的盈利能力作保障，无非两种经营战略：一是专业化经营，整合内部资源，在行业内占据绝对优势；二是多元化经营，优化资源配置，增加盈利来源。我国证券公司的实践现状已证实，传统专业化经营模式不适应证券公司生存发展的需要，盈利模式转型，实现多元化战略势在必行。然而，并非多元化战略适应于所有公司，一些公司随着多元化业务的开展，反而盈利能力下降，，出现了多元化与盈利能力相背离的现象。当前，证券业步入了创新发展的新纪元，创新业务层出不穷，业务创新成为多元化发展的新途径，监管层将希望寄托于创新，通过多元化、差异化的经营模式转变证券公司“靠天吃饭”的现状。因此，在证券业监管层和业内界人士都大力倡导创新发展的背景下，针对我国公司出现的不同多元化经营绩效实际情况和学术界研究争议，业务创新能否提高证券公司盈利能力是值得我们深思和研究的。基于此，本文以93家证券公司2006—2012年数据为样本，通过面板模型将业务创新和盈利能力结合起来进行回归分析，实证结果显示证券公司盈利能力与创新业务有较为显著的正相关关系，创新业务收入占比每增加1个百分点，能使盈利能力提高0.06个百分点。同时，本文还得出证券公司盈利能力与总资产规模正相关，与营业部规模负相关，与第一大股东持股比例为不显著的负相关，与前五大股东持股比例为不显著的正相关，与股市年收益率有较高的相关性。最后笔者根据实证分析，对我国证券公司转型发展提出了以下几点建议：打造创新业务蓝海，摆脱对股市的依赖，夯实盈利能力；走集约式发展道路，扩大资产规模，不盲目增设营业部；改善“一股独大”局面，使股权结构“适度分散”。
[Abstract]:To survive in the fierce competition, and development is the common concern of enterprises, to become bigger and stronger, in the "survival of the fittest" competition mode has strong profitability for security, there are two kinds of business strategy: one is the professional management, the integration of internal resources, occupy absolute advantage in the in the industry; two is diversification, optimize the allocation of resources, increase the profit sources. The current practice of China's securities companies have confirmed that the traditional specialized management mode can not meet the needs of the survival and development of the securities company profit model transformation, to achieve diversification strategy is imperative. However, not all companies adapt to the diversification strategy, some companies with diversified to carry out the business, but lower profitability, the diversification and the profitability of a departure from the phenomenon.
At present, the securities industry has entered a new era of innovation and development, business innovation and business innovation has become a new way to emerge in an endless stream, diversified development, regulators will hope to innovation, through diversification, the difference of the change of current situation of management mode of securities companies "fed". Therefore, people in the securities industry regulators and industry circles all advocate the innovation and development of the background, according to our company's different diversification performance situation and academic controversy, whether business innovation is worth pondering and research to improve the profitability of securities companies. Based on this, the 93 securities companies from 2006 to 2012 as the sample data, the business innovation and profitability together the regression analysis of panel data model, the empirical results show that there is a significant positive correlation with the profitability of innovation of business of securities companies, business innovation The proportion of income increased by 1 percentage points, to improve the profitability of 0.06 percentage points. At the same time, we show that the profitability of the securities companies and the total assets is positively related to the scale, and business scale, and the proportion of the first shareholder is not significant negative correlation with the proportion of top five shareholders is not significant the positive correlation rate had a higher correlation with the stock market return. Finally according to the empirical analysis, the following suggestions on the transformation and development of China's securities companies put forward: to create innovative business blue ocean, get rid of dependence on the stock market, strengthening profitability; take the road of intensive, expand the scale of assets, not blindly add business department; improve the "dominance" situation, the ownership structure of "moderate dispersion".

【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.39;F830.42

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