本文選題：上市券商　切入點(diǎn)：評(píng)價(jià)模型　出處：《山東大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：自從中國(guó)開(kāi)放證券市場(chǎng)的20多年來(lái),券商作為證券行業(yè)的重要支柱,為我國(guó)的金融體系穩(wěn)定發(fā)展有著積極的作用。2008年美國(guó)爆發(fā)了次貸危機(jī),美林銀行和貝爾斯登銀行被收購(gòu),雷曼兄弟破產(chǎn)倒閉,并引發(fā)了全球性的金融危機(jī)。這次金融危機(jī)的主要原因是因?yàn)轱L(fēng)險(xiǎn)控制失誤和激勵(lì)約束機(jī)制的弊端,這些有著百年歷史的投行因?yàn)樾袠I(yè)的弊端頃刻間毀于一旦,實(shí)在令人感到痛心,同時(shí)也為中國(guó)的券商行業(yè)敲響了警鐘。當(dāng)下金融行業(yè)內(nèi)部業(yè)務(wù)交錯(cuò)、競(jìng)爭(zhēng)加劇,券商生存環(huán)境也變得越來(lái)越嚴(yán)峻,現(xiàn)在正是券商面臨著盈利模式和業(yè)務(wù)轉(zhuǎn)型壓力最大的時(shí)期,所以說(shuō)當(dāng)前既是整個(gè)券商行業(yè)最好的轉(zhuǎn)型時(shí)期,同時(shí)也是券商面對(duì)各方的壓力和危機(jī),到了必須求變的重要時(shí)刻。自2011年10月郭樹(shù)清開(kāi)始就任證監(jiān)會(huì)主席后,證監(jiān)會(huì)一直不斷推出新的政策,設(shè)法能夠改善我國(guó)證券行業(yè)的環(huán)境和不利地位,推動(dòng)我國(guó)資本市場(chǎng)的加速發(fā)展。2012年5月在北京召開(kāi)的金融創(chuàng)新大會(huì)上,郭主席明確指出了當(dāng)前是我國(guó)證券公司和證券行業(yè)處于歷史上最好的發(fā)展時(shí)期,全行業(yè)要緊緊圍繞實(shí)體經(jīng)濟(jì)內(nèi)在需要,不斷提高服務(wù)客戶的水平和企業(yè)自身的核心競(jìng)爭(zhēng)力。 券商該如何突破靠天吃飯的模式,如何打破過(guò)去陳舊的觀念思想,積極發(fā)展創(chuàng)新；如何提高自身的綜合競(jìng)爭(zhēng)力,使公司能夠在殘酷、激烈的競(jìng)爭(zhēng)環(huán)境中生存下去并逐步發(fā)展壯大是每個(gè)國(guó)內(nèi)券商需要思考和解決的問(wèn)題,而這些也正是本論文研究的主題。 本文先介紹了當(dāng)前國(guó)內(nèi)券商所處的國(guó)內(nèi)與國(guó)際金融環(huán)境,并根據(jù)自己平時(shí)的工作經(jīng)歷和經(jīng)驗(yàn),從國(guó)內(nèi)券商當(dāng)前的業(yè)務(wù)類型發(fā)展現(xiàn)狀入題,通過(guò)與國(guó)外投行的經(jīng)營(yíng)模式相對(duì)比,來(lái)分析我國(guó)券商在當(dāng)前市場(chǎng)環(huán)境下的優(yōu)勢(shì)和不足之處。 本文將已經(jīng)在A股市場(chǎng)上市的19家證券公司作為研究對(duì)象,結(jié)合這19家上市證券公司20兒年年報(bào)中的財(cái)務(wù)數(shù)據(jù),甄選出十項(xiàng)和券商競(jìng)爭(zhēng)力相關(guān)的財(cái)務(wù)指標(biāo),對(duì)其進(jìn)行分析和對(duì)比,通過(guò)分項(xiàng)加總的方法對(duì)這19家券商做出了一個(gè)綜合競(jìng)爭(zhēng)力的排名,并對(duì)得到的排名進(jìn)行了解讀。再利用SWOT模型來(lái)深入的定位分析當(dāng)前國(guó)內(nèi)券商所在的市場(chǎng)環(huán)境下所處的內(nèi)部的優(yōu)勢(shì)、劣勢(shì)和外部的機(jī)會(huì)、威脅。找到國(guó)內(nèi)券商未來(lái)發(fā)展的主要優(yōu)勢(shì)和當(dāng)前必須要注意和彌補(bǔ)的劣勢(shì)。 在論文最后根據(jù)前文所分析出的我國(guó)券商業(yè)務(wù)和內(nèi)部治理的優(yōu)勢(shì)及不足處,并依據(jù)SWOT模型得出的結(jié)論,結(jié)合券商創(chuàng)新大會(huì)的精神,對(duì)如何從業(yè)務(wù)層面、戰(zhàn)略層面、管理層面和風(fēng)控層面等方面來(lái)提高券商的綜合競(jìng)爭(zhēng)力提出了一些個(gè)人的觀點(diǎn)和建議。
[Abstract]:Since China opened its securities market more than 20 years ago, as an important pillar of the securities industry, securities firms have played a positive role in the stable development of China's financial system. In 2008, the United States broke out the subprime mortgage crisis, Merrill Lynch Bank and Bear Stearns Bank were acquired. The collapse of Lehman Brothers led to a global financial crisis, the main cause of which was the failure of risk control and the malpractice of incentive and restraint mechanisms. These investment banks, which have a history of one hundred years, were instantly destroyed because of the drawbacks of the industry, which is really painful. At the same time, they have also sounded the alarm for China's securities industry. At present, the financial industry is interlaced with its internal business and competition is intensifying. The survival environment of securities firms has also become more and more severe. Now, the securities companies are facing the most pressure period of profit model and business transformation. Therefore, the current period is the best transition period for the entire securities industry. At the same time, it is also an important time for securities firms to face pressure and crisis from all sides. Since Guo Shuqing took over as chairman of the SFC in October 2011, the SFC has been continuously introducing new policies. Try to improve the environment and disadvantage of China's securities industry and promote the accelerated development of China's capital market. At the financial innovation conference held in Beijing on May 2012, Chairman Guo clearly pointed out that the present is the best development period in the history of China's securities companies and securities industry. The whole industry should focus on the internal needs of the real economy and constantly improve the level of service to customers and the core competitiveness of enterprises themselves. How should securities companies break through the mode of relying on heaven to feed themselves, how to break the old old ideas, how to actively develop innovation, how to improve their comprehensive competitiveness so that companies can be cruel, Survival and gradual development in the fierce competitive environment is the problem that every domestic securities company needs to think about and solve, and these are the subject of this paper. This paper first introduces the domestic and international financial environment of domestic securities firms, and according to their usual work experience and experience, from the current business types of domestic securities companies into the development of the current situation, through comparison with foreign investment banking business model, To analyze the advantages and disadvantages of Chinese securities firms in the current market environment. In this paper, 19 securities companies listed in the A-share market are taken as the research objects, and 10 financial indicators related to the competitiveness of securities firms are selected according to the financial data of the annual reports of the 19 listed securities companies in the past 20 years. Through the analysis and comparison of these 19 securities firms, they have made a ranking of their comprehensive competitiveness by adding a total of sub-items to the total method. Then the SWOT model is used to analyze the internal strengths, weaknesses and external opportunities of the domestic securities companies in the market environment. Find the main advantages of the future development of domestic securities companies and must pay attention to and compensate for the disadvantages. At the end of the paper, according to the advantages and disadvantages of our country's securities business and internal governance, and according to the conclusion of SWOT model, combined with the spirit of brokerage innovation conference, how to from the business level, strategic level, Some personal opinions and suggestions are put forward to improve the comprehensive competitiveness of securities firms in the aspects of management and wind control.
【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51

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