中国上市券商与银行市盈率差异原因分析

发布时间：2018-01-18 09:27

本文关键词：中国上市券商与银行市盈率差异原因分析　出处：《复旦大学》2014年硕士论文　论文类型：学位论文

【摘要】：本文通过统计发现,中国上市证券公司的市盈率与银行市盈率相比较高。文章试图挖掘这一现象背后的原因。通过对中国资本市场和国际成熟资本市场的对比,以及中国证券行业目前经营现状与发展趋势的分析,提出了中国资本市场的特殊的发展过程及当前存在的问题和证券行业发展的潜力是券商股估值较高的主要原因。已有对中国资本市场和证券公司的研究较少,大多数是2009年以前的研究成果。从2007年以来,中国证券行业发生了较大变化,尤其是2012年之后,传统业务面临挑战,券商经营面临战略转型期。本文的主要贡献在于对中国资本市场做了系统的梳理和国际对比分析,通过对券商经营的调研、梳理和分析,对中国证券行业也进行了系统的梳理。本文主要采用了统计性描述分析,对比分析,以及案例分析等方法。文章采用了描述性统计方法对上市券商和银行的市盈率进行比较。对中国资本市场和美国等成熟资本市场进行了对比分析。在证券行业现状与发展趋势部分进行了案例分析和调研。文章通过对比成熟资本市场发展路径,发现中国资本市场当前存在的问题——行政干预过度。政策引导了市场和投资者预期,监管机构的约束造成了证券公司经营对政策产生依赖。当前的市场化的政策指导方针对资本市场起到了“托市”的作用,对资本市场的逐步放开无疑会给证券公司经营带来新的机会,同时也为中国证券行业向国际成熟投行模式发展提供了条件。因此,中国的证券行业的未来发展给投资者带来较大的想象空间,在金融行业普遍估值较低的情况下,证券行业仍能维持较高的市盈率。对于政府而言,应当逐步弱化行政干预,强化法制和信用体制建设,逐步建立市场的自发组织约束机制。对于证券公司经营者而言,应当抓住当下行业转型时期,通过提升自身资金实力、拓展知识密集型业务,以及坚持推进国际化战略不断提升自身核心竞争力。
[Abstract]:This paper finds out that the price-earnings ratio of listed securities companies in China is higher than that of banks. This paper attempts to explore the reasons behind this phenomenon and to compare the Chinese capital market with the international mature capital market. As well as the analysis of the current operating situation and development trend of China's securities industry. It is pointed out that the special development process of Chinese capital market and the existing problems and the potential of securities industry development are the main reasons for the higher valuation of securities companies. There have been few studies on Chinese capital markets and securities companies. Since 2007, great changes have taken place in China's securities industry, especially after 2012, the traditional business is facing challenges. The main contribution of this paper lies in the systematic combing and international comparative analysis of China's capital market. This paper mainly uses statistical description analysis, comparative analysis. The paper uses descriptive statistical method to compare the price-earnings ratio of listed securities firms and banks, and makes a comparative analysis of Chinese capital markets and mature capital markets such as the United States. The paper compares the development path of mature capital market with the case analysis and research. Discover the current problem of China's capital market-excessive administrative intervention. The policy has guided the market and investors' expectations. The restriction of the regulatory agency causes the securities companies to rely on the policy. The current market-oriented policy guidance plays a role of "supporting the market" for the capital market. The gradual liberalization of the capital market will undoubtedly bring new opportunities to the management of securities companies and also provide the conditions for the development of Chinese securities industry to the international mature investment banking model. The future development of China's securities industry gives investors greater imagination, in the financial sector generally low valuation, the securities industry can still maintain a high price-to-earnings ratio. For the government. We should gradually weaken administrative intervention, strengthen the construction of legal system and credit system, and gradually establish the market spontaneous organization and restraint mechanism. For the managers of securities companies, we should grasp the current period of industry transformation. Enhance their own financial strength, expand knowledge-intensive business, and adhere to the international strategy to continuously enhance their core competitiveness.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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