【摘要】：自從1987年9月我國第一家證券公司——深圳經(jīng)濟(jì)特區(qū)證券公司誕生以來,券商伴隨著資本市場經(jīng)歷了近三十年的興衰起伏,證券市場的競爭格局也隨之不斷變化。通過多年來政府主導(dǎo)的兼并重組,證券行業(yè)內(nèi)形成了一批規(guī)模較大,實力較強(qiáng)的綜合券商,行業(yè)集中度不斷提高。隨著我國金融改革的不斷深入和金融監(jiān)管的不斷放松,證券行業(yè)并購重組的逐步市場化已是大勢所趨,并購的動因和模式也必將產(chǎn)生新的變化。本文通過將新的宏觀及微觀形勢下,證券公司并購重組的動因和模式與其他不同階段國內(nèi)證券行業(yè)并購重組的動因和模式進(jìn)行比較,目的是找出適合不同類型證券公司的、符合新時代特征的證券公司并購重組模式。本文分析探討得出的結(jié)論,對我國證券公司通過并購重組實現(xiàn)跨越式發(fā)展有著一定的指導(dǎo)意義。本文研究的創(chuàng)新之處在于指出面對新的監(jiān)管環(huán)境和互聯(lián)網(wǎng)金融的沖擊,我國證券公司的并購重組行為的動因及模式較之以往有了新的變化,主要表現(xiàn)為從行業(yè)內(nèi)的橫向并購逐漸轉(zhuǎn)變?yōu)榭缧袠I(yè)的縱向并購和混合并購。
[Abstract]:Since the birth of Shenzhen Special Economic Zone Securities Company, the first securities company in China in September 1987, securities firms have experienced nearly 30 years of ups and downs in the capital market, and the competitive pattern of the securities market has also been constantly changing. Through the merger and reorganization led by the government for many years, a number of large-scale and strong comprehensive securities firms have been formed in the securities industry, and the degree of industry concentration has been continuously improved. With the deepening of financial reform and the relaxation of financial supervision in China, the gradual marketization of mergers and acquisitions in the securities industry is the trend of the times, and the motivation and mode of mergers and acquisitions will also produce new changes. This paper compares the motivation and mode of M & A of securities companies with the motivation and mode of M & A of domestic securities industry in other different stages under the new macro and micro situation, in order to find out the M & A mode of securities companies which is suitable for different types of securities companies and accords with the characteristics of the new era. This paper analyzes and discusses the conclusions, which has certain guiding significance for China's securities companies to achieve leap-forward development through mergers and acquisitions. The innovation of this paper is that in the face of the new regulatory environment and the impact of Internet finance, the motivation and mode of M & A of securities companies in China have changed compared with the past, mainly manifested in the gradual transformation from horizontal M & A in the industry to vertical M & A and mixed M & A across industries.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2015
【分類號】：F832.39;F271

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本文編號：2506996