本文選題：產業(yè)生態(tài)位 + 券商　； 參考：《西南財經大學》2013年博士論文

【摘要】：產業(yè)生態(tài)位理論是產業(yè)經濟學理論與生態(tài)位理論互相融合和相互作用的一種創(chuàng)新理論,由Hutchinson提出的“n維超體積”在生態(tài)位的研究中具有深遠影響。產業(yè)生態(tài)位理論將生態(tài)位理論引入到產業(yè)經濟學中,據(jù)此提出產業(yè)組織生態(tài)位理論、產業(yè)生態(tài)位理論等�；诋a業(yè)生態(tài)位理論,可以將證券行業(yè)的發(fā)展看作一個產業(yè)種群生態(tài)系統(tǒng),該種群生態(tài)系統(tǒng)包含了種群數(shù)量、種群生態(tài)環(huán)境、種群競爭格局、種群生命周期等相關內容,每一項內容都是影響生態(tài)系統(tǒng)優(yōu)化與變革的生態(tài)因子。盈利模式則是綜合反映該種群利用資源環(huán)境輸出產品和服務,以及隨之形成的業(yè)務模式、業(yè)務結構、收入規(guī)模、利潤增長的戰(zhàn)略規(guī)劃和制度安排。隨著生態(tài)系統(tǒng)內外部環(huán)境的不斷變化,生態(tài)因子必須通過不斷調整(內部優(yōu)化與外部關系整合)才能獲取更多的發(fā)展能量。因此從這個角度來看,券商盈利模式創(chuàng)新是券商行業(yè)和個體不斷適應內外生態(tài)因子變化,尋求資源獲取和產品輸出路徑改變的過程。盈利模式創(chuàng)新的本質是在特定資源維度和規(guī)模形態(tài)的空間結構中,內部各行為主體通過與外部環(huán)境進行互動和矛盾沖突,不斷打破自身發(fā)展限制、努力獲取最佳戰(zhàn)略位置的過程和狀態(tài)。因此,利用產業(yè)生態(tài)位理論對券商行業(yè)轉型和產業(yè),研究盈利模式創(chuàng)新具有重要意義。 當前我國證券行業(yè)的發(fā)展,既面臨內部生態(tài)位錯亂,競爭無序的壓力,又面臨金融領域其他行業(yè)的挑戰(zhàn)。券商行業(yè)總體存在規(guī)模較小,競爭加劇,業(yè)務單一,資金效率低下、行業(yè)周期性強、融資渠道窄的現(xiàn)實特征,盈利模式面臨嚴重挑戰(zhàn)。券商行業(yè)生態(tài)位水平較同為金融行業(yè)的銀行、保險和信托低,且近年來出現(xiàn)繼續(xù)下行趨勢。在產業(yè)生態(tài)多維影響因素中,盈利模式是一個能夠影響行業(yè)升級和業(yè)務結構調整的重要生態(tài)因子,因此利用產業(yè)生態(tài)位理論分析行業(yè)現(xiàn)狀、解釋產生各種現(xiàn)實情況產生的原因,并在此方向下深入研究行業(yè)和企業(yè)發(fā)展戰(zhàn)略、業(yè)務規(guī)劃,和解決證券行業(yè)盈利模式創(chuàng)新問題,既有重要的理論價值,也具有十分重要的現(xiàn)實意義�；诖�,本文在研究中擬解決三個主要問題：(1)為什么用產業(yè)生態(tài)位理論分析券商行業(yè),以及本文分析券商行業(yè)問題著眼點；(2)基于產業(yè)生態(tài)位理論視角,券商盈利模式存在的3大主要問題,即對比資產收益率低下,收入周期性特征明顯、收入模式單一；(3)針對出現(xiàn)的問題,分析出現(xiàn)問題的深層次原因及改變現(xiàn)狀的政策建議,即基于存在的3大主要問題如何進行券商盈利模式進行創(chuàng)新。帶著這樣的研究思路和研究目的,按照提出問題、分析問題、解決問題的研究范式,進行了7個部分的研究。 第一章緒論部分。緒論部分針對本文研究背景、研究目的、研究意義、研究內容、研究方法進行簡單說明,并根據(jù)研究的主要內容,來描述文章整體研究框架。通過對文章研究內容的總體介紹,有助于從整體上把握文章研究思路和脈絡。 第二章是理論和文獻綜述部分。首先,該部分主要針對國內外關于產業(yè)生態(tài)位理論研究及應用狀況進行綜述分析,從而為本文后續(xù)研究奠定理論基礎。通過文獻綜述部分,可以發(fā)現(xiàn)產業(yè)生態(tài)位理論作為一種產業(yè)經濟學的衍生性理論,逐漸得到了人們的認可和接受,并在現(xiàn)實的實踐中得到了越來越廣泛的應用。但是迄今為止,將產業(yè)生態(tài)位理論應用到券商盈利模式創(chuàng)新當中,還屬于一個全新課題。如何從本質上分析產業(yè)生態(tài)位理論以及理解該理論與券商盈利模式創(chuàng)新之間的關系,從深層次上認識券商盈利模式創(chuàng)新的現(xiàn)實意義、探尋到具有前瞻性的券商盈利模式具有關鍵性的影響。其次、文章對盈利模式的理論基礎作了相應的介紹,明確了盈利模式構成要素及特征,盈利模式的本質。文章認為盈利模式是構成價值獲得的各種因素的綜合體,是基于戰(zhàn)略層面的以客戶和利潤為導向的企業(yè)資源運營方式,其本質是企業(yè)競爭優(yōu)勢的體現(xiàn),是實現(xiàn)企業(yè)利潤和價值的最大化。再次,文章對券商發(fā)展和創(chuàng)新的文獻進行了綜述�，F(xiàn)有文獻總體認為,我國證券公司之間的業(yè)務過于同質化,公司之間缺乏業(yè)務分工,且惡性競爭嚴重,這樣的盈利模式造成證券公司的收入來源嚴重依賴于市場行情周期,使證券行業(yè)很難持續(xù)發(fā)展壯大。相關的研究多立足于行業(yè)競爭和收入結構,對于更深層次的機理分析,以及扭轉行業(yè)盈利模式的著力點和具體措施相對缺乏。 第三章是基于產業(yè)生態(tài)位視角的盈利模式現(xiàn)狀研究和實證分析。首先,該部分從產業(yè)生態(tài)環(huán)境的角度分析券商盈利模式轉型的宏觀環(huán)境,即經濟發(fā)展趨勢、產業(yè)政策調整、資產證券化、產業(yè)轉型和升級對盈利模式的積極影響。其次,文章接著分析行業(yè)內部生態(tài)環(huán)境,從行業(yè)當前盈利模式特點、行業(yè)競爭狀況,經紀業(yè)務現(xiàn)狀和傭金率下滑等方面作了相應的分析。再次,文章在分析內外生態(tài)環(huán)境的基礎上,再利用相關的量化理論對前文研究作相應的實證分析。文章利用基于生態(tài)位時空分異測度的相關理論,利用行業(yè)集中度、行業(yè)結構定量模型分析了行業(yè)競爭格局,實證分析券商行業(yè)當前過度競爭,行業(yè)集中度度過低,產業(yè)績效低下的判斷。最后,文章通過構建產業(yè)生態(tài)位值測度的數(shù)量模式,分別對金融行業(yè)內券商生態(tài)位水平,以及行業(yè)內券商之間的生態(tài)位水平的差異,研究行業(yè)生態(tài)環(huán)境所處的態(tài)勢和變化趨勢。研究發(fā)現(xiàn),券商行業(yè)與金融領域其他行業(yè)相比,其生態(tài)位值偏低,且仍處于下滑趨勢。通過該部分的理論實證得出結論,券商行業(yè)盈利模式的三大癥結在于盈利周期性波動嚴重、行業(yè)資產收益率低、行業(yè)收入結構狹窄。針對以上三大問題,后文將分別從逆周期調節(jié)機制研究、券商行業(yè)資金使用效率研究和功能定位三個方面分別予以分析。 第四章是關于券商盈利模式與逆周期調節(jié)機制的研究。券商行業(yè)靠天吃飯的特征明顯,市場行情的波動直接決定著券商行業(yè)收入曲線。盈利模式具有較強的周期性是我國券商行業(yè)盈利模式的一大顯著特征。發(fā)達資本市場投資銀行收入曲線并未呈現(xiàn)如此大的波動。文章第四部分就證券行業(yè)順周期性特征以及逆周期調節(jié)機制作相關分析,以促進券商盈利模式創(chuàng)新。 第五章是關于券商盈利模式與資金使用效率研究。資金使用效率低下,杠桿率低是我國券商行業(yè)盈利模式的主要特征。該部分對國內券商融資和資金使用特點,對券商風險管理和資產負責等作了相關研究,并對比分析發(fā)達資本市場資金效率情況后,提出提升資金使用效率的政策建議。 第六章是關于券商盈利模式與功能定位的研究。券商業(yè)務收入來源單一業(yè)務結構過于集中是行業(yè)的又一弊端。證券行業(yè)作為金融市場的核心,廣泛參與投資融資業(yè)務、證券發(fā)行承銷、資產管理、財務咨詢業(yè)務,但經紀業(yè)務仍是收入結構的主體。券商盈利模式的創(chuàng)新必須明確業(yè)務功能和定位,拓寬業(yè)務范圍,深化券商作為金融中介和資本服務職能。該部分通過梳理發(fā)達市場券商功能發(fā)展歷程,對比分析與成熟市場的差距,提出完善我國券商行業(yè)功能定位的政策建議。 第七章是結論與建議。主要對文章研究內容進行全面總結和概括,并提出政策建議。 本文研究創(chuàng)新點主要表現(xiàn)在：(1)本文將產業(yè)生態(tài)位理論引入到券商盈利模式創(chuàng)新當中,以產業(yè)生態(tài)位的視角研究券商行業(yè)存在的問題,是對產業(yè)生態(tài)位理論運用的一種新嘗試,也是券商盈利模式創(chuàng)新研究視角創(chuàng)新。文章通過為券商盈利模式創(chuàng)新提供新的理論基礎,尋找新的注腳和依據(jù),對于推動券商盈利模式創(chuàng)新與實踐具有重要的現(xiàn)實意義。(2)本文基于產業(yè)生態(tài)位的視角得出券商行業(yè)三大根源性痹癥,在此基礎上將盈利模式主要問題歸納為分析了三大痹癥,即券商行業(yè)盈利模式的三大癥結在于盈利周期波動嚴重、行業(yè)資產收益率低、行業(yè)收入結構過窄造成競爭過度。這一分析有別于行業(yè)盈利模式痼疾在于競爭加劇、傭金率下滑的普遍認識。(3)文章結合行業(yè)規(guī)制和盈利模式現(xiàn)狀,分別針對三大弊病提出與之相應的政策建議和措施,這為監(jiān)管部門改善行業(yè)生態(tài)外部環(huán)境,券商個體轉變企業(yè)經營思路,構架新的盈利模式具有現(xiàn)實參考意義。 本文研究不足主要表現(xiàn)在：(1)理論深度需要進一步加強。產業(yè)生態(tài)位理論屬于一種產業(yè)經濟學理論與生態(tài)位理論結合式的創(chuàng)新。產業(yè)生態(tài)位理論既融合了產業(yè)經濟學一些基本的理論(諸如產業(yè)制度理論、組織理論、交易理論等),也吸納了生態(tài)位理論的基本觀點,因此產業(yè)生態(tài)位理論包含了豐富的內容。鑒于本人理論基礎相對薄弱,對于產業(yè)生態(tài)位的理解的層次還需要提高,因此本文針對產業(yè)生態(tài)位的一些論述以及嘗試性創(chuàng)新,可能還有一些值得商榷之處。因此進一步提高本文研究的理論深度,是日后仍然需要完善的課題。(2)定量研究不足。定量研究是為理論研究提供現(xiàn)實論據(jù)的主要研究手段,鑒于本文研究過程中,涉及的變量比較復雜,因果關系難以進行單線條式的梳理,因此模型構建顯然十分困然,從而造成本文定量研究只能提供一些基本的數(shù)據(jù)分析作為研究論據(jù),導致本文定量研究不足。這些對于本文得出的一些結論合理性以及說服性產生一定的負面影響。 本文將產業(yè)生態(tài)位理論引入到券商盈利模式創(chuàng)新之中,是采用產業(yè)經濟學理論解決券商盈利模式問題的一種全新嘗試。從理論來看,這種嘗試對于豐富產業(yè)經濟學理論的內容,提高產業(yè)經濟學理論的實戰(zhàn)價值、拓展產業(yè)經濟學理論應用邊界,具有十分重要的意義。從實踐來看,券商盈利模式創(chuàng)新是一個比較復雜的問題,它涉及到諸多方面因素,使用產業(yè)生態(tài)位理論去系統(tǒng)研究券商盈利模式創(chuàng)新問題,有助于我們從現(xiàn)實的角度,站在戰(zhàn)略高度去認識券商盈利模式創(chuàng)新的內在迫切性,同時有助于從比較凌亂的現(xiàn)實中,尋求到正確的方向,不再局限于細枝末節(jié)問題處理,而是著眼于未來戰(zhàn)略性方向,從根本上為券商盈利模式創(chuàng)新提供不竭動力。
[Abstract]:The theory of industrial niche is an innovation theory of the integration and interaction of industrial economics theory and niche theory. The "n-dimensional hyper volume" proposed by Hutchinson has a profound influence on the research of niche. The theory of niche theory introduces niche theory into the industrial economics and puts forward the ecological niche of industrial organization. On the basis of industrial niche theory. Based on the theory of industrial niche, the development of the securities industry can be regarded as an ecological system of industrial population. The population ecological system includes the number of population, the ecological environment of the population, the competition pattern of the population, the life cycle of the population and other related contents, and each content is the life which affects the optimization and change of the ecosystem. The profit model is the strategic planning and institutional arrangement that comprehensively reflects the product and service of the population using the resources and environment, and the business model, the business structure, the income scale and the profit growth. With the continuous change of the environment inside and outside the ecosystem, the biological factors must be continuously adjusted (internal optimization and external). From this point of view, the innovation of the broker's profit model is the process that the brokerage industry and the individual constantly adapt to the change of the internal and external ecological factors and seek the change of the resource acquisition and the product output path. The essence of the profit model innovation is in the space structure of the specific resource dimension and the scale form. Through the interaction and conflict with the external environment, the internal actors break the process and state of their own development restrictions and strive to obtain the best strategic position. Therefore, it is of great significance to use the theory of industry niche for the transformation and industry of the brokerage industry and to study the innovation of profit model.
At present, the development of China's securities industry is facing the pressure of internal dislocation, competition disorder and the challenge of other industries in the financial field. The securities business has a small scale, intensified competition, single business, low capital efficiency, strong periodicity of the industry, and narrow financing channels, and the profit model faces serious challenges. The level of industry niche is more than that of banks in financial industry, insurance and trust are low, and in recent years there has been a downward trend. In the multidimensional impact factors of industrial ecology, the profit model is an important ecological factor that can affect industry upgrading and the adjustment of business structure. Therefore, the industry niche theory is used to analyze the industry status and explain the emergence of the industry. It is of great theoretical value and very important practical significance to study the causes of various realities, and to study the development strategy of industry and enterprise, business planning, and solve the innovation of the profit model of the securities industry. Based on this, this paper will solve three main problems in the study: (1) why use industrial students The theory of state of state analysis of the securities business industry, as well as the analysis of the problem of the securities business industry, (2) based on the perspective of the industrial niche theory, the 3 major problems of the profit model of securities firms, namely, the low rate of return on assets, the obvious income periodicity, the single income model, and (3) in view of the problems appearing, the deep-rooted original problems are analyzed. On the basis of the policy suggestions of changing the status quo, that is, how to innovate the profit model of securities dealers based on the 3 major existing problems. With such research ideas and research purposes, 7 parts have been studied in accordance with the research paradigm of putting forward questions, analyzing problems and solving problems.
The first chapter is the introduction part. The introduction section describes the research background, research purpose, research significance, research content, research methods, and describes the overall framework of the study according to the main content of the study. Through the overall introduction of the content of the article, it is helpful to grasp the whole idea and the context of the article.
The second chapter is a part of the theory and literature review. First, this part is mainly aimed at summarizing and analyzing the research and application of industrial niche theory at home and abroad, so as to lay a theoretical foundation for the follow-up study of this paper. It has been accepted and accepted by people, and has been used more and more widely in practical practice. But so far, it is a new topic to apply the theory of industrial niche to the innovation of the profit model of securities dealers. How to analyze the theory of industrial niche and how to understand the theory and the profit model innovation of the securities dealers from the essence. The relationship between them, from the deep level, to understand the practical significance of the profit model innovation of the securities dealers, and explore the key impact of the forward-looking brokerage profit model. Secondly, the article introduces the theoretical basis of the profit model, clarifies the elements and characteristics of the profit model, and the essence of the profit model. Form is the complex of various factors that constitute value. It is based on the strategic level of customer and profit oriented enterprise resource operation. Its essence is the embodiment of the competitive advantage of the enterprise and the maximization of the profit and value of the enterprise. Thirdly, the article reviews the literature of the development and innovation of the securities companies. In addition, the business of the securities companies in China is too homogeneous, the company lacks division of labor and the vicious competition is serious. This profit model makes the income source of securities companies depend heavily on the market cycle, making it difficult for the securities industry to continue to grow and grow. The underlying mechanism analysis and the focus and specific measures to reverse the profit model of the industry are relatively lacking.
The third chapter is the research and empirical analysis of the profit model based on the perspective of industrial niche. Firstly, this part analyzes the macro environment of the profit model transformation from the perspective of the industrial ecological environment, namely, the trend of economic development, the adjustment of industry policy, the securitization of assets, the industrial transformation and upgrading of the profit model. In the analysis of the internal ecological environment of the industry, this paper makes a corresponding analysis from the characteristics of the current profit model, the competition status of the industry, the status of brokerage business and the decline of commission rate. Thirdly, on the basis of the analysis of the internal and external ecological environment, the article makes a corresponding empirical analysis on the previous study by using the related quantitative theory. The related theory of spatio-temporal differentiation measure, the industry competition pattern is analyzed by industry concentration and industry structure quantitative model. The empirical analysis of the current excessive competition, low degree of industry concentration and low industrial performance in the brokerage industry. Finally, the article builds the quantitative model of the industrial niche value measure, respectively, to the financial industry. The niche level of securities firms and the difference of niche level between securities firms in the industry, and study the trend and trend of the ecological environment in the industry. It is found that the niche value of the brokerage industry and other industries in the financial field is on the low side and is still in the downward trend. The three major crux of the model lies in the serious cyclical fluctuation of profit, the low yield of industry assets, and the narrow industry income structure. In view of the above three major problems, the latter will be respectively analyzed from the reverse cycle regulation mechanism, the research on the efficiency of the securities business and the functional positioning of the three aspects respectively.
The fourth chapter is about the research on the profit model and the reverse cycle regulation mechanism of the securities dealers. The characteristics of the securities business industry are obvious. The fluctuation of the market prices directly determines the income curve of the brokerage industry. The strong periodicity of the profit model is a significant feature of the profit model of the securities business in China. The income of the developed capital market investment bank is the main feature. The fourth part of the paper makes the correlation analysis on the cyclical characteristics of the securities industry and the reverse cyclical regulator in order to promote the innovation of the profit model of the securities companies.
The fifth chapter is about the profit model and the use efficiency of the securities companies. The low efficiency of capital use and the low leverage ratio are the main characteristics of the profit model of the securities firms in China. This part studies the characteristics of the domestic securities firms' financing and capital use, the risk management and the asset responsibility of the securities dealers, and compares and analyzes the funds of the developed capital market. After the efficiency situation, the policy recommendations for improving the efficiency of capital use are put forward.
The sixth chapter is about the research on the profit model and function positioning of the securities dealers. The single business structure of the securities business income source is another disadvantage of the industry. As the core of the financial market, the securities industry is widely involved in the investment and financing business, the underwriting of securities, the management of assets, and the consulting business of the financial affairs, but the brokerage business is still the income structure. The innovation of the profit model of the broker must clear the business function and position, broaden the business scope, deepen the securities business as the financial intermediary and capital service function. By combing the development process of the securities dealers' function in the developed market, the gap between the mature market and the mature market is compared and analyzed, and the policy suggestions for improving the position of the securities business in China are put forward.
The seventh chapter is conclusions and recommendations. The main contents of the article are summarized and summarized, and policy recommendations are put forward.
The main innovation points of this paper are as follows: (1) this paper introduces the industrial niche theory into the innovation of the profit model of securities firms, studies the problems existing in the brokerage industry with the perspective of industrial niche, is a new attempt to apply the theory of industry niche and is also the innovation of the profit model innovation of securities dealers. The innovation of profit model provides a new theoretical basis and search for new footnotes and basis. It is of great practical significance to promote the innovation and practice of the profit model of securities firms. (2) this paper, based on the perspective of industrial niche, draws the three root arthralgia syndrome in the brokerage industry. On this basis, the main problems of profit model are summed up as the analysis of three arthralgia syndrome, that is voucher. The three main crux of the business profit model lies in the serious profit cycle fluctuation, the low income of the industry assets and the excessive competition in the industry income structure. This analysis is different from the widespread understanding that the chronic disease of the industry lies in the intensification of competition and the decline of commission rate. (3) the article is based on the industry regulation and the current situation of profit model, which are respectively aimed at three major The malady puts forward the corresponding policy suggestions and measures, which is of practical reference significance for the regulatory departments to improve the ecological environment of the industry, to change the business thinking of the securities dealers and to frame the new profit model.
The deficiencies of this paper are as follows: (1) the theoretical depth needs to be further strengthened. The theory of industrial niche belongs to a combination of industrial economics theory and niche theory. The theory of industrial niche combines some basic theories of Industrial Economics (such as industrial degree theory, organizational theory, transaction theory, etc.), and also absorbs According to the basic viewpoint of niche theory, the theory of industrial niche contains rich content. In view of the relatively weak theoretical foundation of my theory, the level of understanding of the niche of industry needs to be improved, so this paper may be debatable in view of some discussion and tentative innovation of industrial niche. In order to improve the theoretical depth of this study, it is still a subject that still needs to be perfected in the future. (2) quantitative research is insufficient. Quantitative research is the main research means to provide practical arguments for theoretical research. In view of the complexity of the variables involved in this study, the causal relationship is difficult to carry out a single line type arrangement, so the model construction is very obvious. As a result, the quantitative research of this paper can only provide some basic data analysis as the research argument, which leads to the lack of quantitative research in this paper. These have some negative effects on the reasonableness and persuasiveness of some conclusions in this paper.
This paper introduces the theory of industrial niche to the innovation of the profit model of securities firms. It is a new attempt to solve the problem of profit model of securities companies by industrial economics theory. From the theory, this attempt will enrich the content of the theory of industrial economics, improve the practical value of the theory of industrial economics, and expand the industrial economy.
【學位授予單位】：西南財經大學
【學位級別】：博士
【學位授予年份】：2013
【分類號】：F832.39;F830.42

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