中小券商经营模式之研究

发布时间：2018-04-20 12:56

本文选题：中小券商 + 经营模式　；参考：《上海交通大学》2013年硕士论文

【摘要】：证券公司去低端化、去单一化和去中介化的未来发展趋势，必然使得仍依赖传统经营模式，发展战略不清晰，缺乏创新动力的中小券商利润空间面临巨大挤压。中小券商如何快速适应全新市场环境，如何通过分析对手、了解客户需求来确定战略、转变经营模式尤为重要。国外投资银行的市场组织结构和经营模式变迁显示，并不是每个投资银行都能够实现综合化、国际化发展的，除了高盛、美林、摩根斯丹里等知名投行外，，还有很多独具特色的中小型专业投资银行。目前我国券商经营模式整体仍处于同质竞争阶段，尽管随着券商创新推进，差异化经营雏形在部分券商中有所体现，但中小券商之间的业务模式趋于一致现象依然突出。中小券商业务收入结构仍以传统通道业务收入为主，传统业务最大的特点就是与市场状况高度相关，造成中小券商盈利处于极大市场系统风险之中。在市场化的监管思路下，未来券商分化加剧，部分缺乏核心竞争力，低效率的公司面临被兼并收购风险。市场化、混业化和国际化的发展趋势，使得证券公司股权和牌照全面开放以及金融业务交叉渗透是大势所趋，券商多元化、综合化、国际化的经营格局日益显现。综合考虑国外中小型专业机构经营模式转型路径和我国中小券商经营模式现状以及转型驱动，本文提出国内中小券商的经营模式转型通过以下几条路径实现：1、明确发展战略，找准市场定位，并选择适合自身实际的盈利模式；2、以区域为单位，以客户需求为中心，通过市场细分，努力寻找“补缺市场”“优势市场”谋求公司的生存和进一步创新发展；3、盈利模式应在巩固传统通道业务的基础上，重点发展资本投资业务和资本中介业务。在具体经营模式转型措施上，应：理顺业务条线，将客户需求融入组织架构中；做大资产负债表业务，提升杠杆效应；传统通道业务转型升级，巩固市场份额；重点发展资本型业务，形成新的利润增长点；完善风险管理体系，为经营模式创新转型提供制度保障。
[Abstract]:The future development trend of the securities companies' de-low end, de-unitization and de-intermediation will inevitably make the profit space of the small and medium-sized securities companies which still rely on the traditional management mode, the development strategy is not clear, and lack the innovation power to face a huge squeeze. It is very important for small and medium-sized securities companies to adapt to the new market environment quickly, how to determine the strategy by analyzing the competitors and understand the customer's demand, and it is very important to change the management mode. The changes in the market organizational structure and business model of foreign investment banks show that not every investment bank can achieve comprehensive and international development, except Goldman Sachs, Merrill Lynch, Morgan Stanley and other well-known investment banks. There are also many unique small and medium-sized professional investment banks. At present, the whole business model of securities companies in our country is still in the stage of homogeneous competition. Although with the innovation of securities firms, the embryonic form of differential management is reflected in some securities firms, the business model of small and medium-sized securities firms tends to be consistent still outstanding. The income structure of the small and medium-sized securities firms is still dominated by the traditional channel business income. The biggest characteristic of the traditional business is that it is highly related to the market situation, resulting in the small and medium-sized securities companies profit in a great market system risk. Under the idea of market-oriented supervision, the future securities companies become more and more divided, some of them lack the core competence, and the inefficient companies are facing the risk of merger and acquisition. The development trend of marketization, mixed-industry and internationalization makes the stock right and license plate of securities company fully open and the financial business cross permeate is the trend of the times. The management pattern of diversification, integration and internationalization of securities firms is becoming increasingly apparent. Considering the mode transition path of foreign small and medium-sized professional institutions and the current situation and driving force of small and medium-sized securities firms in China, this paper puts forward that the operation mode transformation of domestic small and medium-sized securities firms can be realized through the following several paths to make clear the development strategy. Find out the market position, and choose the profit model suitable for oneself actual, take the area as the unit, take the customer demand as the center, through the market subdivide, In order to seek for the survival of the company and the further innovation and development of the company, the profit model should focus on the development of capital investment business and capital intermediary business on the basis of consolidating the traditional channel business. In the specific business model transformation measures, we should: straighten out the line of business, integrate customer demand into the organizational structure, make the balance sheet business bigger, enhance leverage effect, transform and upgrade the traditional channel business, consolidate market share; We should focus on the development of capital-type business and form a new profit growth point, perfect the risk management system and provide institutional guarantee for the innovation and transformation of business model.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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