HX證券公司綜合業(yè)務(wù)模式創(chuàng)新研究
發(fā)布時間：2018-08-22 11:47
【摘要】：我國證券市場成立以來,證券公司的收入與利潤來源主要依靠傳統(tǒng)的通道業(yè)務(wù),其盈利性與業(yè)務(wù)牌照的取得及二級市場的興衰高度相關(guān),具有極大的不穩(wěn)定性、單一性和粗放性,經(jīng)營風(fēng)險大,技術(shù)含量相對較低。資料顯示,近年來證券公司在我國金融業(yè)中的業(yè)務(wù)占比相對銀行、信托等其他金融機(jī)構(gòu)呈現(xiàn)萎縮之勢,其經(jīng)營理念、產(chǎn)品與服務(wù)創(chuàng)新及價值創(chuàng)造等方面居于落后。券商傳統(tǒng)的業(yè)務(wù)模式正面臨挑戰(zhàn),創(chuàng)新迫在眉睫。 2012年9月18日,國家發(fā)布《金融業(yè)務(wù)發(fā)展和改革“十二五”規(guī)劃》,明確了金融改革的目標(biāo)。同年5月,中國證監(jiān)會召開行業(yè)創(chuàng)新大會,提出了證券公司改革開放、創(chuàng)新發(fā)展11條,并相繼出臺了一系列行之有效的改革措施。 在金融混業(yè)趨勢及創(chuàng)新發(fā)展的背景下,國內(nèi)券商掀起了新一輪業(yè)務(wù)創(chuàng)新和服務(wù)熱潮,創(chuàng)新方法及手段層出不窮。然而,趨勢至今,各家依舊在摸著石頭過河,在急切行進(jìn)中對未來創(chuàng)新發(fā)展的模式并沒有清晰的思路,更多地表現(xiàn)為零散的產(chǎn)品與業(yè)務(wù)創(chuàng)新,看似熱鬧非凡,卻沒有一根貫穿的主線。 筆者認(rèn)為,在大金融的范疇下,我國券商相對于銀行、保險、信托等金融機(jī)構(gòu),其比較優(yōu)勢是對資本市場的熟悉、對各類投融資工具的嫻熟運(yùn)用、有較為豐富的人才隊(duì)伍和較為完整的服務(wù)體系。如何在新形勢下,緊緊圍繞自身比較優(yōu)勢,整合各類資源,形成核心競爭力,通過為客戶提供系統(tǒng)解決方案來創(chuàng)造更大價值,是始終要統(tǒng)帥其各類創(chuàng)新的核心目標(biāo)。基于此,本文以HX證券公司綜合業(yè)務(wù)模式的創(chuàng)新為研究對象,探索構(gòu)建證券公司新型核心競爭力之路,通過為客戶創(chuàng)造更大價值來贏得未來競爭優(yōu)勢。 一般意義上講,創(chuàng)新的方式往往表現(xiàn)為效率的提高、成本的降低、差異化的產(chǎn)品與服務(wù)和更為系統(tǒng)的解決方案,然而在創(chuàng)新的嘗試中卻時常要面臨與當(dāng)前效益的沖突。筆者以為,創(chuàng)新業(yè)務(wù)與市場效益之間應(yīng)該設(shè)定一個較好的業(yè)務(wù)機(jī)制來平衡,擺脫過去經(jīng)紀(jì)業(yè)務(wù)、資管業(yè)務(wù)、投行業(yè)務(wù)等條塊分割的現(xiàn)狀,不再孤立地面對同一個市場和同一個客戶,提供相對單一的產(chǎn)品與服務(wù),相反,需要對過去的業(yè)務(wù)流程、管理機(jī)制進(jìn)行再造,將不符合當(dāng)前趨勢的管控手段予以清除,走上以長期整體方案的提供、多業(yè)務(wù)的協(xié)同、深度挖掘客戶需求為導(dǎo)向的創(chuàng)新業(yè)務(wù)模式,在為客戶創(chuàng)造更大價值的同時為自身帶來更好的市場效益。因此,創(chuàng)新并非單一的業(yè)務(wù)創(chuàng)新,更不是漫無目的的沖動,而是有目標(biāo)的、系統(tǒng)的綜合業(yè)務(wù)模式創(chuàng)新,這需要一定的大局觀和前瞻性的管理思維,從戰(zhàn)略的高度對證券公司的組織構(gòu)架、業(yè)務(wù)流程、管理機(jī)制等進(jìn)行大刀闊斧的改革和創(chuàng)新。 本文以創(chuàng)新理論、協(xié)同理論和金融產(chǎn)業(yè)可持續(xù)發(fā)展理論為指導(dǎo),從分析我國券商傳統(tǒng)業(yè)務(wù)現(xiàn)狀出發(fā),得出我國券商存在盈利途徑單一、抗風(fēng)險能力不足、缺乏核心競爭力等一系列問題。以2012年以來券商創(chuàng)新發(fā)展政策下的業(yè)務(wù)表現(xiàn)分析得出,我國券商創(chuàng)新業(yè)務(wù)已初現(xiàn)曙光,風(fēng)險與機(jī)遇并存,應(yīng)抓住這一時機(jī)進(jìn)行綜合業(yè)務(wù)模式創(chuàng)新。接著文章分析了HX證券公司的業(yè)務(wù)現(xiàn)狀及其存在的問題。然后文章分析了國外券商(以美國和韓國為例)的業(yè)務(wù)模式,從中尋求發(fā)達(dá)國家可供借鑒的先進(jìn)經(jīng)驗(yàn)。接下來,文章提出了在新的市場環(huán)境下,創(chuàng)新HX證券公司綜合業(yè)務(wù)模式的基本思路是整合公司的各類業(yè)務(wù)和資源,以業(yè)務(wù)協(xié)同驅(qū)動綜合業(yè)務(wù)創(chuàng)新的開展,并探討了實(shí)現(xiàn)這一新型模式的具體措施：組織結(jié)構(gòu)創(chuàng)新、業(yè)務(wù)流程再造、管理創(chuàng)新。組織結(jié)構(gòu)的創(chuàng)新應(yīng)當(dāng)通過引入“金融控股集團(tuán)”構(gòu)架(初期可以為“大部門”構(gòu)架),以增強(qiáng)協(xié)同效應(yīng)和分散業(yè)務(wù)風(fēng)險,同時提高管理效率,降低管理成本；業(yè)務(wù)流程再造應(yīng)設(shè)立“綜合業(yè)務(wù)管理總部”來組織綜合業(yè)務(wù)的開展,提升業(yè)務(wù)協(xié)同效應(yīng)。通過整合業(yè)務(wù)資源,信息和人才資源,集中產(chǎn)品研發(fā)力量,建立公司客戶池,創(chuàng)新服務(wù)方法,統(tǒng)一管理渠道等措施,打造完整的證券公司“業(yè)務(wù)-客戶-產(chǎn)品-服務(wù)-渠道”價值鏈；管理創(chuàng)新是激勵機(jī)制及合規(guī)風(fēng)控機(jī)制的建立,通過利益分享和有效的激勵政策吸引人才、留住人才,并推動業(yè)務(wù)的開展,設(shè)置公司級綜合業(yè)務(wù)合規(guī)風(fēng)險評估機(jī)構(gòu)對各類創(chuàng)新業(yè)務(wù)進(jìn)行綜合評估,來提高決策效率、降低業(yè)務(wù)風(fēng)險,做到全業(yè)務(wù)、全風(fēng)控。最后文章提出了要應(yīng)用新思想和新技術(shù)來改善和變革現(xiàn)有的服務(wù)方法、服務(wù)流程和服務(wù)產(chǎn)品,建立以客戶為中心的“服務(wù)”新模式,以“服務(wù)”打造券商的核心競爭力。 文章共5章,緒論介紹了論文的選題背景、理論基礎(chǔ)、文獻(xiàn)綜述、框架、研究方法、論文貢獻(xiàn)及局限性。第二章介紹了HX證券公司業(yè)務(wù)模式現(xiàn)狀及其存在的問題。第三章分析了美國和韓國證券公司業(yè)務(wù)模式的特點(diǎn)和可供借鑒之處。第四章提出了HX證券公司綜合業(yè)務(wù)模式創(chuàng)新的策略和具體方法。第五章對以“服務(wù)”打造HX證券公司核心競爭力的方法和標(biāo)準(zhǔn)進(jìn)行了闡述。 文章采用了實(shí)證分析與應(yīng)用分析方法,并結(jié)合了案例分析與比較分析方法。注意結(jié)合實(shí)際的運(yùn)用,以定量分析支持定性的論點(diǎn)。 本文從綜合業(yè)務(wù)模式的角度探討了HX證券公司的創(chuàng)新發(fā)展方向及核心競爭力塑造的思路,作為一種探索,筆者希望能以點(diǎn)帶面、以窺見豹對我國證券行業(yè)的其他公司提供一個可參照的發(fā)展思路,即文章提出的“以業(yè)務(wù)協(xié)同驅(qū)動綜合業(yè)務(wù)模式的創(chuàng)新”打造新的核心競爭力,從現(xiàn)有的“以業(yè)務(wù)設(shè)部門”轉(zhuǎn)向“大部門、大風(fēng)控”,從“單一業(yè)務(wù)模式”向“綜合業(yè)務(wù)模式”轉(zhuǎn)變,以“提供單一產(chǎn)品和服務(wù)”向“提供整體方案”轉(zhuǎn)變,以“一次性的服務(wù)”向“長期持續(xù)服務(wù)”轉(zhuǎn)換,并以創(chuàng)新后的綜合業(yè)務(wù)模式為平臺,長期為客戶創(chuàng)造價值。 由于本人理論水平的局限,加之工作繁忙,文章對我國證券行業(yè)未來影響創(chuàng)新的政策方向的研究有待深入,對阻滯HX證券公司業(yè)務(wù)充分協(xié)同的現(xiàn)有部門間利益格局的分析不夠。筆者希望在今后的研究中進(jìn)一步深化,使綜合業(yè)務(wù)模式下的創(chuàng)新措施更具體、更具操作性。
[Abstract]:Since the establishment of China's securities market, the income and profit sources of securities companies mainly rely on the traditional channel business. Its profitability is highly related to the acquisition of business licenses and the rise and fall of the secondary market. It has great instability, simplicity and extensiveness, high operational risk and relatively low technical content. Compared with banks, trust and other financial institutions, the proportion of business in China's financial industry is shrinking, and their business philosophy, product and service innovation and value creation are lagging behind.
On September 18, 2012, the State promulgated the 12th Five-Year Plan for the Development and Reform of Financial Business, which clarified the objectives of financial reform. In May of the same year, the China Securities Regulatory Commission convened an industry innovation conference and put forward 11 reform and opening-up, innovation and development of securities companies, and successively introduced a series of effective reform measures.
Under the background of financial mixed industry trend and innovative development, domestic securities firms set off a new round of business innovation and service upsurge, innovative methods and means emerge in endlessly. Product and business innovation, seemingly busy, but there is no running through the main line.
The author holds that in the context of big finance, the comparative advantage of securities firms in China is their familiarity with the capital market, their skillful use of various investment and financing tools, and their comparative advantage over banks, insurance and trust financial institutions. All kinds of resources, form the core competitiveness, and create more value by providing systematic solutions to customers are the core objectives of all kinds of innovation. Based on this, this paper takes the innovation of HX Securities Company's comprehensive business model as the research object, explores the way to build a new core competitiveness of the securities company, through creating more for customers. Great value to win future competitive advantage.
Generally speaking, innovation is often manifested by efficiency improvement, cost reduction, differentiated products and services, and more systematic solutions. However, innovation attempts often face conflicts with current benefits. Balance, get rid of the past brokerage business, capital management business, investment banking business segmentation status quo, no longer isolated face the same market and the same customer, to provide a relatively single product and service, on the contrary, the need for the past business processes, management mechanisms to be re-engineered, will not conform to the current trend of management and control means to be cleared up. Innovation is not a single business innovation, not a purposeless impulse, but a purposeful and systematic creation of integrated business model. New, this requires a certain overall outlook and forward-looking management thinking, from the strategic height of the securities company's organizational structure, business processes, management mechanisms and other drastic reform and innovation.
Guided by innovation theory, synergy theory and sustainable development theory of financial industry, this paper analyzes the status quo of traditional business of securities firms in China, and concludes that there are a series of problems in China's securities firms, such as single profitability, insufficient risk resistance and lack of core competitiveness. Then the paper analyzes the current situation and existing problems of HX Securities Company's business, and then analyzes the business model of foreign securities firms (taking the United States and South Korea as an example), from which developed countries can be borrowed. Next, the paper puts forward that under the new market environment, the basic idea of innovating the integrated business model of HX Securities Company is to integrate all kinds of business and resources of the company, and drive the development of integrated business innovation by business collaboration, and discusses the concrete measures to realize this new model: organizational structure innovation, business process reengineering. The innovation of organizational structure should enhance synergy and disperse business risks by introducing a "financial holding group" framework (initially a "large department" framework), while improving management efficiency and reducing management costs; and business process reengineering should establish a "comprehensive business management headquarters" to organize the opening of integrated business. By integrating business resources, information and human resources, concentrating product R&D efforts, establishing corporate customer pool, innovating service methods, and unifying management channels, we can build a complete value chain of "business-customer-product-service-channel" for securities companies. Management innovation is an incentive mechanism and a compliance wind control mechanism. Establishment, through benefit sharing and effective incentive policies to attract talent, retain talent, and promote the development of business, set up a company-level comprehensive business compliance risk assessment agencies for all kinds of innovative business comprehensive assessment, to improve decision-making efficiency, reduce business risks, to achieve full business, full wind control. Want and new technology to improve and reform the existing service methods, service processes and service products, establish a customer-centered "service" new model, to "service" to build the core competitiveness of brokerage.
The introduction introduces the background, theoretical basis, literature review, framework, research methods, contribution and limitations of the thesis. The second chapter introduces the current situation and existing problems of the business model of HX Securities Company. The third chapter analyzes the characteristics of the business model of American and Korean securities companies and points for reference. In the fifth chapter, the methods and standards of building the core competitiveness of HX securities company by "service" are expounded.
This paper adopts empirical analysis and applied analysis method, and combines case analysis and comparative analysis method. Attention should be paid to the practical application to support the qualitative argument by quantitative analysis.
This paper discusses the innovative development direction of HX Securities Company and the idea of shaping its core competitiveness from the perspective of integrated business model. As an exploration, the author hopes to provide a reference for other companies in China's securities industry with a point-by-point view, that is, "driving the integrated industry with business synergy". The innovation of business model will create new core competitiveness, from the existing "set up departments with business" to "large departments, big wind control", from "single business model" to "integrated business model", from "provide a single product and service" to "provide a whole solution" to "one-time service" to "long-term sustainable service" "Conversion" and create a value for customers through the innovative integrated business model.
Because of the limitation of my theoretical level and the busy work, the paper has to study the policy direction which will affect the future innovation of the securities industry in our country, and the analysis of the existing interdepartmental interest pattern which blocks the full coordination of the business of HX securities company is not enough. Innovative measures are more specific and more operational.
【學(xué)位授予單位】：西南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.39
本文編號：2197006
[Abstract]:Since the establishment of China's securities market, the income and profit sources of securities companies mainly rely on the traditional channel business. Its profitability is highly related to the acquisition of business licenses and the rise and fall of the secondary market. It has great instability, simplicity and extensiveness, high operational risk and relatively low technical content. Compared with banks, trust and other financial institutions, the proportion of business in China's financial industry is shrinking, and their business philosophy, product and service innovation and value creation are lagging behind.
On September 18, 2012, the State promulgated the 12th Five-Year Plan for the Development and Reform of Financial Business, which clarified the objectives of financial reform. In May of the same year, the China Securities Regulatory Commission convened an industry innovation conference and put forward 11 reform and opening-up, innovation and development of securities companies, and successively introduced a series of effective reform measures.
Under the background of financial mixed industry trend and innovative development, domestic securities firms set off a new round of business innovation and service upsurge, innovative methods and means emerge in endlessly. Product and business innovation, seemingly busy, but there is no running through the main line.
The author holds that in the context of big finance, the comparative advantage of securities firms in China is their familiarity with the capital market, their skillful use of various investment and financing tools, and their comparative advantage over banks, insurance and trust financial institutions. All kinds of resources, form the core competitiveness, and create more value by providing systematic solutions to customers are the core objectives of all kinds of innovation. Based on this, this paper takes the innovation of HX Securities Company's comprehensive business model as the research object, explores the way to build a new core competitiveness of the securities company, through creating more for customers. Great value to win future competitive advantage.
Generally speaking, innovation is often manifested by efficiency improvement, cost reduction, differentiated products and services, and more systematic solutions. However, innovation attempts often face conflicts with current benefits. Balance, get rid of the past brokerage business, capital management business, investment banking business segmentation status quo, no longer isolated face the same market and the same customer, to provide a relatively single product and service, on the contrary, the need for the past business processes, management mechanisms to be re-engineered, will not conform to the current trend of management and control means to be cleared up. Innovation is not a single business innovation, not a purposeless impulse, but a purposeful and systematic creation of integrated business model. New, this requires a certain overall outlook and forward-looking management thinking, from the strategic height of the securities company's organizational structure, business processes, management mechanisms and other drastic reform and innovation.
Guided by innovation theory, synergy theory and sustainable development theory of financial industry, this paper analyzes the status quo of traditional business of securities firms in China, and concludes that there are a series of problems in China's securities firms, such as single profitability, insufficient risk resistance and lack of core competitiveness. Then the paper analyzes the current situation and existing problems of HX Securities Company's business, and then analyzes the business model of foreign securities firms (taking the United States and South Korea as an example), from which developed countries can be borrowed. Next, the paper puts forward that under the new market environment, the basic idea of innovating the integrated business model of HX Securities Company is to integrate all kinds of business and resources of the company, and drive the development of integrated business innovation by business collaboration, and discusses the concrete measures to realize this new model: organizational structure innovation, business process reengineering. The innovation of organizational structure should enhance synergy and disperse business risks by introducing a "financial holding group" framework (initially a "large department" framework), while improving management efficiency and reducing management costs; and business process reengineering should establish a "comprehensive business management headquarters" to organize the opening of integrated business. By integrating business resources, information and human resources, concentrating product R&D efforts, establishing corporate customer pool, innovating service methods, and unifying management channels, we can build a complete value chain of "business-customer-product-service-channel" for securities companies. Management innovation is an incentive mechanism and a compliance wind control mechanism. Establishment, through benefit sharing and effective incentive policies to attract talent, retain talent, and promote the development of business, set up a company-level comprehensive business compliance risk assessment agencies for all kinds of innovative business comprehensive assessment, to improve decision-making efficiency, reduce business risks, to achieve full business, full wind control. Want and new technology to improve and reform the existing service methods, service processes and service products, establish a customer-centered "service" new model, to "service" to build the core competitiveness of brokerage.
The introduction introduces the background, theoretical basis, literature review, framework, research methods, contribution and limitations of the thesis. The second chapter introduces the current situation and existing problems of the business model of HX Securities Company. The third chapter analyzes the characteristics of the business model of American and Korean securities companies and points for reference. In the fifth chapter, the methods and standards of building the core competitiveness of HX securities company by "service" are expounded.
This paper adopts empirical analysis and applied analysis method, and combines case analysis and comparative analysis method. Attention should be paid to the practical application to support the qualitative argument by quantitative analysis.
This paper discusses the innovative development direction of HX Securities Company and the idea of shaping its core competitiveness from the perspective of integrated business model. As an exploration, the author hopes to provide a reference for other companies in China's securities industry with a point-by-point view, that is, "driving the integrated industry with business synergy". The innovation of business model will create new core competitiveness, from the existing "set up departments with business" to "large departments, big wind control", from "single business model" to "integrated business model", from "provide a single product and service" to "provide a whole solution" to "one-time service" to "long-term sustainable service" "Conversion" and create a value for customers through the innovative integrated business model.
Because of the limitation of my theoretical level and the busy work, the paper has to study the policy direction which will affect the future innovation of the securities industry in our country, and the analysis of the existing interdepartmental interest pattern which blocks the full coordination of the business of HX securities company is not enough. Innovative measures are more specific and more operational.
【學(xué)位授予單位】：西南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.39
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