我国券商资产管理业务发展策略研究

发布时间：2018-05-10 05:32

本文选题：我国券商 + 资产管理业务　；参考：《西南财经大学》2013年硕士论文

【摘要】：我国券商资产管理业务(后文简称“资管业务”)自2003年12月证监会颁布实施《证券公司客户资产管理业务试行办法》后开始起步,在2005年至2007年的大牛市中进入迅速发展的黄金时期。随后,在2012年10月份券商资管新政出台后,券商资管业务急速发展,据统计,截止2012年12月31日,全国开展资产管理业务的证券公司所管理的客户资产已近2亿元。资管业务作为社会投融资的一种渠道,在金融市场上,直接关系着企业资金的运作规模、结构和成本,进而通过调节企业生产、投融资模式和经济总量影响着宏观经济的运行。资管业务作为证券公司的重要业务构成,对于改变券商经营业绩的波动性,实现盈利的稳定性有着决定性的影响。对于企业自身在投融资上改善其对间接融资的依赖性,同时能够降低企业的融资成本,实现融资结构的灵活多样化。对于个人客户而言,丰富了个人理财的投资渠道,提升了个人经济资源的配置效率。随着《金融业务发展和改革“十二五”规划》的发布,明确了金融改革的目标,同时券商创新大会召开后,各类促进政策的纷纷出台,资管业务迎来了历史发展的大机遇。然而,券商资管业务面临着巨大的竞争和挑战,当前突出的问题：银行理财,公募基金,保险,信托等大金融行业的竞争对手继续巩固各自在资管行业的地位,起步较晚的券商资管业务面临着起步晚、人才队伍短缺,渠道的建立乏力、业务结构不合理、同质化竞争严重、缺乏核心竞争力等一系列突出问题。如何在充分竞争的大金融环境下,充分运用自身的资源条件,发挥比较优势扬长避短,制定更加合适的资管行业发展策略,是摆在券商面前的一道亟待解决的难题。基于此,本文以券商资管业务未来发展策略为研究对象,为我国证券公司资管业务的快速发展提供有益的借鉴,为券商资管业务的创新和发展提供一定的参考。本文以SWOT为理论基础,综合运用规范分析方法,比较分析方法,案例法,先论述我国券商资管业务发展中的问题,进而比较分析国外投资银行在资管业务上的发展模式,最后得出实行专业化和差异化的发展策略,通过建立专业化的分工团队、完善内部风险控制体系、提升内部资源整合力度、加大人力资源建设等方面的举措提升券商资管业务竞争力的结论。对于新时期我国证券公司大力、快速发展资管业务进行了有益的探索,提供了可供借鉴的发展思路。由于笔者理论水平和占有资料的局限,工作繁忙,文中许多地方有待深入研究,笔者将在今后的学习和研究中进一步深化。
[Abstract]:The asset management business of Chinese securities firms (hereinafter referred to as "capital management business") has started since December 2003, when the Securities Regulatory Commission promulgated and implemented the "trial measures on customer Asset Management of Securities companies". In the 2005-2007 bull market entered the golden age of rapid development. Subsequently, after the introduction of the New deal in October 2012, securities firms' asset management business has developed rapidly. According to statistics, as of December 31, 2012, the assets managed by securities companies operating asset management business in China have reached nearly 200 million yuan. As a kind of channel of social investment and financing, the capital management business is directly related to the operation scale, structure and cost of the enterprise capital in the financial market. Furthermore, by adjusting the production of the enterprise, the mode of investment and financing and the total amount of economy affect the operation of the macro economy. As an important business component of securities companies, capital management plays a decisive role in changing the volatility of business performance and realizing the stability of profits. For the enterprises themselves in the investment and financing to improve their dependence on indirect financing, at the same time can reduce the financing costs of enterprises, and achieve the flexible diversification of financing structure. For individual clients, it enriches the investment channels of personal finance and improves the allocation efficiency of personal economic resources. Along with the release of the 12th Five-Year Plan of Financial Business Development and Reform, the goal of financial reform has been clarified. After the Innovation Conference of Securities companies was held, all kinds of promotion policies were issued one after another, and the capital management business ushered in a great opportunity of historical development. However, securities firms are facing enormous competition and challenges. At present, the outstanding problems are: banking, public offering funds, insurance, trust and other major financial industry competitors continue to consolidate their position in the capital management industry. The fund management business which started late is faced with a series of outstanding problems, such as late start, shortage of talents, weak establishment of channels, unreasonable business structure, serious homogeneous competition, lack of core competence and so on. How to make full use of their own resource conditions, make full use of their comparative advantages, exploit their strengths and circumvent their weaknesses, and formulate more suitable development strategies for the capital management industry in the context of full competition is a difficult problem to be solved urgently in front of the securities dealers. Based on this, this paper takes the future development strategy of securities firms' capital management business as the research object, provides useful reference for the rapid development of China's securities companies' capital management business, and provides certain reference for the innovation and development of securities firms' capital management business. Based on the theory of SWOT, this paper comprehensively applies normative analysis method, comparative analysis method and case law to discuss the problems in the development of capital management business of securities firms in China, and then compares and analyzes the development mode of foreign investment banks in capital management business. Finally, the author draws the conclusion that the development strategy of specialization and differentiation, through the establishment of specialized division of labor team, improve the internal risk control system, enhance the integration of internal resources, Increase human resources construction and other measures to enhance the business competitiveness of securities firms. This paper makes a beneficial exploration on the rapid development of the capital management business of our country's securities companies in the new period, and provides some development ideas for reference. Due to the limitations of the author's theoretical level and possession of data, the work is busy, and many places in this paper need to be further studied. The author will further deepen his study and research in the future.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.39;F830.42

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