本文選題：證券公司 + 市值管理　； 參考：《西南財(cái)經(jīng)大學(xué)》2013年碩士論文

【摘要】：證券公司作為中國(guó)金融體系的重要成員,在推動(dòng)國(guó)有企業(yè)股份制改造,促進(jìn)企業(yè)健康快速發(fā)展,提高企業(yè)經(jīng)營(yíng)質(zhì)量等方面發(fā)揮著重要作用,在宏觀經(jīng)濟(jì)層面上有效盤(pán)活了社會(huì)存量資源,進(jìn)一步提高了國(guó)民經(jīng)濟(jì)的總體運(yùn)行質(zhì)量。 隨著中國(guó)加入WTO和國(guó)際金融一體化進(jìn)程加快,我國(guó)證券公司將面臨與國(guó)際一流證券機(jī)構(gòu)直接競(jìng)爭(zhēng)的嚴(yán)峻挑戰(zhàn),由于我國(guó)證券機(jī)構(gòu)起步較晚,雙方在規(guī)模、業(yè)務(wù)創(chuàng)新、經(jīng)營(yíng)理念和管理水平等方面存在著巨大差距。在當(dāng)前我國(guó)金融證券行業(yè)政策松綁、鼓勵(lì)創(chuàng)新的大背景下,證券公司只有引入現(xiàn)代管理制度,借鑒發(fā)達(dá)國(guó)家證券機(jī)構(gòu)先進(jìn)的管理理念,才能盡快縮短差距,贏得未來(lái)競(jìng)爭(zhēng)的優(yōu)勢(shì)。目前國(guó)內(nèi)許多證券公司以上市為目標(biāo),希望盡快擴(kuò)大規(guī)模,同時(shí)依托良好的政企關(guān)系來(lái)擴(kuò)充業(yè)務(wù),然而,規(guī)模與業(yè)務(wù)的擴(kuò)大相對(duì)容易,如何從內(nèi)在提升企業(yè)管理,增強(qiáng)企業(yè)“內(nèi)功”和核心競(jìng)爭(zhēng)力,盡快達(dá)到國(guó)際一流證券機(jī)構(gòu)的管理理念和管理水平,卻是擺在我國(guó)證券公司面前的一道難題,也是眾多證券類(lèi)上市公司與擬上市公司亟待解決的迫切問(wèn)題。 企業(yè)經(jīng)營(yíng)管理的核心目標(biāo)是企業(yè)價(jià)值最大化或股東財(cái)富最大化,緊緊圍繞價(jià)值提升展開(kāi)管理,能夠提高資源的利用效率,明確管理的重心,凝聚各級(jí)管理部門(mén)的注意力,便于業(yè)績(jī)的考核。在一個(gè)較為成熟的金融市場(chǎng)中,證券市場(chǎng)的定價(jià)相對(duì)合理,企業(yè)的市值便成為企業(yè)經(jīng)營(yíng)活動(dòng)好壞的晴雨表,也是企業(yè)價(jià)值或股東財(cái)富的直觀反映。市值管理作為一種管理思想和方法,是實(shí)現(xiàn)企業(yè)價(jià)值最大化或股東財(cái)富最大化的簡(jiǎn)捷手段,在發(fā)達(dá)國(guó)家被廣泛運(yùn)用到上市公司或擬上市公司管理中,對(duì)于企業(yè)優(yōu)化經(jīng)營(yíng)決策、提升管理水平、創(chuàng)新產(chǎn)品與業(yè)務(wù)、完善績(jī)效考核機(jī)制有著巨大的指導(dǎo)作用。在西方國(guó)家的證券機(jī)構(gòu)中,市值管理已經(jīng)成為一種廣泛接受、應(yīng)用效果較好的管理手段。研究并引入市值管理思想,對(duì)于多年來(lái)以粗放經(jīng)營(yíng)和規(guī)模擴(kuò)張為主成長(zhǎng)起來(lái)的我國(guó)證券類(lèi)上市及擬上市公司有著重要的現(xiàn)實(shí)意義。 基于此,本文以證券公司市值驅(qū)動(dòng)因素為研究對(duì)象,通過(guò)理清市值驅(qū)動(dòng)因素并圍繞這些因素來(lái)開(kāi)展證券公司市值管理,這對(duì)于企業(yè)進(jìn)一步明確經(jīng)營(yíng)目標(biāo),大膽創(chuàng)新,提高管理水平,提升企業(yè)價(jià)值有著較大的現(xiàn)實(shí)意義。鑒于我國(guó)金融市場(chǎng)正在不斷改進(jìn)和完善中,市值管理思想受認(rèn)可程度尚存爭(zhēng)議,該研究也具有一定的探索性和前瞻性,對(duì)于我們?cè)缛障驀?guó)際一流證券機(jī)構(gòu)看齊也是一種思想上的準(zhǔn)備。 自2005年我國(guó)股權(quán)分置改革完成之后,隨著我國(guó)資本市場(chǎng)有效性的不斷提高,市值管理思想開(kāi)始被部分上市公司所采納。如何有效地進(jìn)行市值管理,尤其是針對(duì)證券類(lèi)上市公司和擬上市公司,如何識(shí)別關(guān)鍵價(jià)值驅(qū)動(dòng)因素,有的放矢地優(yōu)化決策、提升管理,進(jìn)而不斷增強(qiáng)企業(yè)價(jià)值是本文研究的一個(gè)重點(diǎn)。筆者以HX證券公司為例,探索市值管理思想在證券行業(yè)具體運(yùn)用問(wèn)題,為證券公司實(shí)施市值管理戰(zhàn)略提供有益的對(duì)策建議。 本文在綜述市值管理思想的相關(guān)文獻(xiàn)和理論基礎(chǔ)之上,首先從上市公司的價(jià)值創(chuàng)造能力、價(jià)值創(chuàng)造效率、價(jià)值創(chuàng)造成長(zhǎng)性三個(gè)方面分析了影響我國(guó)上市公司市值的基本要素,如：營(yíng)業(yè)收入、凈資產(chǎn)收益率增長(zhǎng)率、總資產(chǎn)利潤(rùn)率、凈資產(chǎn)報(bào)酬率、成本費(fèi)用利潤(rùn)率、凈利潤(rùn)、凈資產(chǎn)收益率等；其次,結(jié)合我國(guó)證券行業(yè)的現(xiàn)狀以及特點(diǎn),深入分析了影響證券公司市值管理的一些特別因素,如：分類(lèi)監(jiān)管評(píng)級(jí)、凈資本規(guī)模、營(yíng)業(yè)網(wǎng)點(diǎn)數(shù)量、高學(xué)歷員工比例、市場(chǎng)占有率、收入結(jié)構(gòu)等；最后以我國(guó)上市證券公司2009年-2011年三年的數(shù)據(jù)為樣本,選取代表價(jià)值創(chuàng)造能力的指標(biāo),如營(yíng)業(yè)收入、凈利潤(rùn)、每股收益、每股經(jīng)營(yíng)現(xiàn)金流；選取代表價(jià)值創(chuàng)造成長(zhǎng)性的指標(biāo),如：凈資產(chǎn)收益率增長(zhǎng)率、每股收益增長(zhǎng)率、凈利潤(rùn)增長(zhǎng)率；選取代表價(jià)值創(chuàng)造效率的指標(biāo),如：凈資產(chǎn)收益率、總資產(chǎn)利潤(rùn)率和成本費(fèi)用利潤(rùn)率,以及證券公司特有指標(biāo),如：分類(lèi)監(jiān)管評(píng)級(jí)、凈資本規(guī)模、營(yíng)業(yè)網(wǎng)點(diǎn)數(shù)量、高學(xué)歷員工比例、經(jīng)紀(jì)業(yè)務(wù)市場(chǎng)占有率、投行業(yè)務(wù)占收入比、資管業(yè)務(wù)占收入比、自營(yíng)業(yè)務(wù)占收入比等多個(gè)指標(biāo)作為解釋變量,市值作為被解釋變量進(jìn)行相關(guān)性分析、因子分析及多元回歸。得出結(jié)論：反映公司價(jià)值創(chuàng)造能力的指標(biāo),如營(yíng)業(yè)收入、凈利潤(rùn)、每股收益、每股現(xiàn)金流等指標(biāo)與市值的關(guān)系比較顯著,影響公司價(jià)值創(chuàng)造效率的指標(biāo),如凈資產(chǎn)收益率、總資產(chǎn)利潤(rùn)率、成本費(fèi)用利潤(rùn)率與市值的關(guān)系同樣強(qiáng)相關(guān),特別是成本費(fèi)用利潤(rùn)率指標(biāo)對(duì)市值的影響程度逐年提高,也正說(shuō)明了由于近幾年市場(chǎng)低迷,證券公司已無(wú)法獲取高額利潤(rùn)的情況,成本管理已經(jīng)成為證券公司不可忽視的市值管理手段。另外體現(xiàn)價(jià)值創(chuàng)造成長(zhǎng)性的指標(biāo),如每股收益率增長(zhǎng)率、凈資產(chǎn)收益率增長(zhǎng)率等不可避免地與市值有著正相關(guān)關(guān)系,同時(shí)對(duì)證券公司來(lái)說(shuō),分類(lèi)監(jiān)管評(píng)級(jí)、高學(xué)歷員工比例、凈資本規(guī)模、營(yíng)業(yè)部數(shù)量等指標(biāo)直接體現(xiàn)了公司的成長(zhǎng)性,與市值呈正向的強(qiáng)相關(guān)關(guān)系。 由于筆者理論水平和占有一手資料的局限,加之工作繁忙,文中尚有許多需要進(jìn)一步探索的地方,在今后的學(xué)習(xí)和研究中,筆者將繼續(xù)深化下去。
[Abstract]:As an important member of China's financial system, securities companies have played an important role in promoting the reform of the shareholding system of state-owned enterprises, promoting the healthy and rapid development of the enterprises and improving the quality of business, and effectively revitalize the social stock resources on the macro economic level, and further raise the overall operation quality of the national economy.
With the acceleration of China's entry into the WTO and the accelerated process of international financial integration, China's securities companies will face a severe challenge to the direct competition with international first-class securities institutions. Due to the late start of China's securities institutions, the two sides have a huge gap in scale, business innovation, management concept and management level. In the background of policy loosening and encouraging innovation, only by introducing modern management system and drawing on advanced management ideas of developed country securities institutions can securities companies shorten the gap and win the advantage of future competition as soon as possible. At present, many securities companies in China are aiming to expand their scale as soon as possible, and rely on good relations between government and enterprises. To expand business, however, the expansion of scale and business is relatively easy. It is a difficult problem in front of China's securities companies to improve the management of enterprises, strengthen the internal work and core competitiveness of enterprises and achieve the management concept and management level of the international first-class securities institutions as soon as possible. It is also a large number of securities listed companies and the listed companies to be listed. The urgent problem that the company needs to solve.
The core goal of the enterprise management is to maximize the value of the enterprise or maximize the wealth of the shareholders. It is closely related to the management of the value promotion. It can improve the efficiency of the utilization of resources, clear the focus of management, condense the attention of the management departments at all levels, and facilitate the assessment of performance. In a more mature financial market, the pricing phase of the securities market To be reasonable, the market value of the enterprise becomes the barometer of the business activities of the enterprise, and is also an intuitive reflection of the value of the enterprise or the wealth of the shareholders. As a management thought and method, the market value management is a simple and quick means to maximize the value of the enterprise or maximize the wealth of the shareholders, and is widely used in the developed countries to the listed companies or the listed companies. In the management, it has a great guiding role for the enterprise to optimize the management decision, improve the management level, innovate the product and business, and improve the performance appraisal mechanism. In the securities institutions of the western countries, the market value management has become a widely accepted and well applied management hand. The study and introduction of market value management thought for many years Extensive operation and scale expansion are important for China's securities listing and listed companies.
Based on this, this paper takes the market value driving factor of the securities company as the research object. By clearing the market value driving factors and focusing on these factors to carry out the market value management of the securities companies, this is of great practical significance for the enterprises to further clarify the business objectives, innovate boldly, improve the management level and enhance the value of the enterprises. In the continuous improvement and improvement, the market value management thought is still controversial, and the study also has a certain exploration and foresight. It is also a kind of ideological preparation for us to look at the international first-class securities institutions as soon as possible.
After the completion of the split share reform in China in 2005, with the increasing efficiency of the capital market in China, the market value management idea has been adopted by some listed companies. How to effectively manage the market value, especially for the securities listed companies and the listed companies, how to identify the key value driving factors and to optimize the market in a definite direction In this paper, the author takes HX securities company as an example to explore the specific application of market value management thought in the securities industry, and provides useful suggestions for the implementation of market value management strategy for securities companies.
Based on the literature and theory of market value management, this paper first analyzes the basic factors affecting the market value of listed companies from three aspects of value creation, value creation and value creation of listed companies, such as business income, net income growth rate, total asset profit rate, net asset report. The rate of pay, the profit margin of cost, the net profit, the return on the net assets, and so on. Secondly, in the light of the current situation and characteristics of the securities industry in China, it analyzes some special factors that affect the market value management of the securities companies, such as classified supervision rating, net capital scale, the number of business outlets, the proportion of highly educated employees, market share, and income structure, etc. Finally, taking the data of the listed securities companies in China for three years in 2009 for three years as the sample, select the index of the representative value creation ability, such as operating income, net profit, earnings per share and cash flow per share; select the representative value to create the growth index, such as the growth rate of net asset returns, the growth rate of earnings per share, the growth rate of net profit; Take the indicators that represent value creation efficiency, such as net assets yield, total asset profit rate and cost and cost profit rate, and the specific index of securities companies, such as classified regulatory rating, net capital scale, number of business outlets, high degree of educational staff, brokerage business market, investment bank business, income ratio, management business accounting for income ratio. The value of market value as an explanatory variable is analyzed by correlation analysis, factor analysis and multiple regression. The conclusion is that the relationship between business income, net profit, earnings per share and cash flow per share is more significant and affects the value of the company value. The index of creating efficiency, such as the net asset yield, the total asset profit rate, the cost and cost profit ratio, is equally closely related to the value of the market value, especially the effect of the cost profit margin index on the market value year by year. It is also a statement that the securities company has been unable to obtain high profits due to the market downturn in recent years, and the cost management has already been managed. It has become a means of market value management that can not be ignored by securities companies. In addition, the growth index of value creation, such as the growth rate of earnings per share, the growth rate of net assets yield, and so on, inevitably has a positive correlation with the market value. At the same time, the classification supervision and evaluation grade, the proportion of highly educated employees, the net capital scale and the number of business departments for the securities companies are concerned. Quantity and other indicators directly reflect the growth of the company, which is positively correlated with market value.
Because of the author's theoretical level and the limitation of possessing the information of the first hand, and the busy work, there are still many places to be further explored in the paper. In the future study and research, the author will continue to deepen it.

【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F832.39

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