【摘要】：經(jīng)過(guò)二十年多的發(fā)展,中國(guó)證券市場(chǎng)目前注冊(cè)證券公司為109家,其中盈利前二十名的證券公司占據(jù)了一半以上的經(jīng)紀(jì)業(yè)務(wù)市場(chǎng),占據(jù)了絕大部分投資銀行業(yè)務(wù)市場(chǎng)；同時(shí)注冊(cè)資本金在十五億以上的證券公司,由于資本實(shí)力雄厚,具備較強(qiáng)的競(jìng)爭(zhēng)優(yōu)勢(shì),去除這些公司,目前國(guó)內(nèi)其它證券公司由于資產(chǎn)規(guī)模小、缺乏政治背景、研究能力較低、人才儲(chǔ)備不足、業(yè)務(wù)范圍狹窄、沒(méi)有品牌優(yōu)勢(shì),從而使其缺乏競(jìng)爭(zhēng)優(yōu)勢(shì),從長(zhǎng)遠(yuǎn)看,面臨生存和發(fā)展的危機(jī)。我們將證券行業(yè)的這批業(yè)內(nèi)弱勢(shì)群體界定為中小證券公司。 文章以中小證券公司為主要研究對(duì)象,采取規(guī)范研究與實(shí)證研究相結(jié)合的方法。在調(diào)研的基礎(chǔ)上進(jìn)行了深入研究,在目前新形式下以全新的視角分析其影響因素,并形成中小證券公司獨(dú)特的發(fā)展模式。首先,通過(guò)相關(guān)數(shù)據(jù)整理,將中小型證券公司與大型證券公司對(duì)比分析,得出發(fā)展現(xiàn)狀。然后,對(duì)國(guó)內(nèi)中小證券公司實(shí)力進(jìn)行了分析,中小證券公司主要業(yè)務(wù)狀況分析及中小證券公司與大證券公司、與商業(yè)銀行、與境外證券服務(wù)機(jī)構(gòu)、與上游供應(yīng)商、與客戶之間的競(jìng)爭(zhēng)關(guān)系分析；分析得出影響證券公司發(fā)展的內(nèi)外部因素,內(nèi)部環(huán)境中最重要的三項(xiàng)因素為人力資源及激勵(lì)與約束機(jī)制、研發(fā)能力、公司治理結(jié)構(gòu)。外部環(huán)境中最重要的三項(xiàng)因素為監(jiān)管政策環(huán)境、行業(yè)內(nèi)競(jìng)爭(zhēng)、宏觀經(jīng)濟(jì)環(huán)境因素。最后,在綜合內(nèi)外兩個(gè)方面因素的基礎(chǔ)上,提出了適應(yīng)于中小證券公司的基本發(fā)展模式——目標(biāo)集中模式和資本擴(kuò)張模式。
[Abstract]:After more than 20 years of development, there are 109 registered securities companies in China's securities market, in which the first 20 securities companies account for more than half of the brokerage business market, accounting for the vast majority of the investment banking business market; At the same time, securities companies with registered capital of more than 1.5 billion have strong capital strength and strong competitive advantage to remove these companies. At present, other domestic securities companies have low research capability because of their small assets, lack of political background, and lack of political background. The talent reserve is insufficient, the business scope is narrow, and there is no brand advantage, which makes it lack of competitive advantage. In the long run, it faces the crisis of survival and development. We will be the securities industry this group of industry vulnerable groups defined as small and medium securities companies. This paper takes small and medium-sized securities companies as the main research object and adopts the method of combining normative research with empirical research. On the basis of investigation, this paper makes a deep research, analyzes its influencing factors from a new angle of view under the new form at present, and forms a unique development mode of small and medium-sized securities companies. First of all, through the relevant data collation, small and medium-sized securities companies and large securities companies comparative analysis, the development of the status quo. Then, it analyzes the strength of domestic small and medium-sized securities companies, the main business situation of small and medium-sized securities companies, and small and medium-sized securities companies and large securities companies, commercial banks, foreign securities service institutions, and upstream suppliers. Analysis of competitive relationship with customers; The internal and external factors affecting the development of securities companies are analyzed. The three most important factors in the internal environment are human resources, incentive and restraint mechanism, R & D capability, and corporate governance structure. The three most important factors in the external environment are regulatory policy environment, intra-industry competition and macroeconomic environment. Finally, on the basis of integrating the internal and external factors, this paper puts forward the basic development mode-the target concentration model and the capital expansion model, which are suitable for the small and medium-sized securities companies.
【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】：2012
【分類號(hào)】：F832.51;F224

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