本文選題：我國券商 + 資產(chǎn)管理業(yè)務�。� 參考：《西南財經(jīng)大學》2013年碩士論文

【摘要】：我國券商資產(chǎn)管理業(yè)務(后文簡稱“資管業(yè)務”)自2003年12月證監(jiān)會頒布實施《證券公司客戶資產(chǎn)管理業(yè)務試行辦法》后開始起步,在2005年至2007年的大牛市中進入迅速發(fā)展的黃金時期。隨后,在2012年10月份券商資管新政出臺后,券商資管業(yè)務急速發(fā)展,據(jù)統(tǒng)計,截止2012年12月31日,全國開展資產(chǎn)管理業(yè)務的證券公司所管理的客戶資產(chǎn)已近2億元。 資管業(yè)務作為社會投融資的一種渠道,在金融市場上,直接關系著企業(yè)資金的運作規(guī)模、結(jié)構(gòu)和成本,進而通過調(diào)節(jié)企業(yè)生產(chǎn)、投融資模式和經(jīng)濟總量影響著宏觀經(jīng)濟的運行。資管業(yè)務作為證券公司的重要業(yè)務構(gòu)成,對于改變?nèi)探?jīng)營業(yè)績的波動性,實現(xiàn)盈利的穩(wěn)定性有著決定性的影響。對于企業(yè)自身在投融資上改善其對間接融資的依賴性,同時能夠降低企業(yè)的融資成本,實現(xiàn)融資結(jié)構(gòu)的靈活多樣化。對于個人客戶而言,豐富了個人理財?shù)耐顿Y渠道,提升了個人經(jīng)濟資源的配置效率。隨著《金融業(yè)務發(fā)展和改革“十二五”規(guī)劃》的發(fā)布,明確了金融改革的目標,同時券商創(chuàng)新大會召開后,各類促進政策的紛紛出臺,資管業(yè)務迎來了歷史發(fā)展的大機遇。 然而,券商資管業(yè)務面臨著巨大的競爭和挑戰(zhàn),當前突出的問題：銀行理財,公募基金,保險,信托等大金融行業(yè)的競爭對手繼續(xù)鞏固各自在資管行業(yè)的地位,起步較晚的券商資管業(yè)務面臨著起步晚、人才隊伍短缺,渠道的建立乏力、業(yè)務結(jié)構(gòu)不合理、同質(zhì)化競爭嚴重、缺乏核心競爭力等一系列突出問題。如何在充分競爭的大金融環(huán)境下,充分運用自身的資源條件,發(fā)揮比較優(yōu)勢揚長避短,制定更加合適的資管行業(yè)發(fā)展策略,是擺在券商面前的一道亟待解決的難題�；诖�,本文以券商資管業(yè)務未來發(fā)展策略為研究對象,為我國證券公司資管業(yè)務的快速發(fā)展提供有益的借鑒,為券商資管業(yè)務的創(chuàng)新和發(fā)展提供一定的參考。 本文以SWOT為理論基礎,綜合運用規(guī)范分析方法,比較分析方法,案例法,先論述我國券商資管業(yè)務發(fā)展中的問題,進而比較分析國外投資銀行在資管業(yè)務上的發(fā)展模式,最后得出實行專業(yè)化和差異化的發(fā)展策略,通過建立專業(yè)化的分工團隊、完善內(nèi)部風險控制體系、提升內(nèi)部資源整合力度、加大人力資源建設等方面的舉措提升券商資管業(yè)務競爭力的結(jié)論。對于新時期我國證券公司大力、快速發(fā)展資管業(yè)務進行了有益的探索,提供了可供借鑒的發(fā)展思路。 由于筆者理論水平和占有資料的局限,工作繁忙,文中許多地方有待深入研究,筆者將在今后的學習和研究中進一步深化。
[Abstract]:The asset management business of Chinese securities firms (hereinafter referred to as "capital management business") has started since December 2003, when the Securities Regulatory Commission promulgated and implemented the "trial measures on customer Asset Management of Securities companies". In the 2005-2007 bull market entered the golden age of rapid development. Subsequently, after the introduction of the New deal in October 2012, securities firms' asset management business has developed rapidly. According to statistics, as of December 31, 2012, the assets managed by securities companies operating asset management business in China have reached nearly 200 million yuan. As a kind of channel of social investment and financing, the capital management business is directly related to the operation scale, structure and cost of the enterprise capital in the financial market. Furthermore, by adjusting the production of the enterprise, the mode of investment and financing and the total amount of economy affect the operation of the macro economy. As an important business component of securities companies, capital management plays a decisive role in changing the volatility of business performance and realizing the stability of profits. For the enterprises themselves in the investment and financing to improve their dependence on indirect financing, at the same time can reduce the financing costs of enterprises, and achieve the flexible diversification of financing structure. For individual clients, it enriches the investment channels of personal finance and improves the allocation efficiency of personal economic resources. Along with the release of the 12th Five-Year Plan of Financial Business Development and Reform, the goal of financial reform has been clarified. After the Innovation Conference of Securities companies was held, all kinds of promotion policies were issued one after another, and the capital management business ushered in a great opportunity of historical development. However, securities firms are facing enormous competition and challenges. At present, the outstanding problems are: banking, public offering funds, insurance, trust and other major financial industry competitors continue to consolidate their position in the capital management industry. The fund management business which started late is faced with a series of outstanding problems, such as late start, shortage of talents, weak establishment of channels, unreasonable business structure, serious homogeneous competition, lack of core competence and so on. How to make full use of their own resource conditions, make full use of their comparative advantages, exploit their strengths and circumvent their weaknesses, and formulate more suitable development strategies for the capital management industry in the context of full competition is a difficult problem to be solved urgently in front of the securities dealers. Based on this, this paper takes the future development strategy of securities firms' capital management business as the research object, provides useful reference for the rapid development of China's securities companies' capital management business, and provides certain reference for the innovation and development of securities firms' capital management business. Based on the theory of SWOT, this paper comprehensively applies normative analysis method, comparative analysis method and case law to discuss the problems in the development of capital management business of securities firms in China, and then compares and analyzes the development mode of foreign investment banks in capital management business. Finally, the author draws the conclusion that the development strategy of specialization and differentiation, through the establishment of specialized division of labor team, improve the internal risk control system, enhance the integration of internal resources, Increase human resources construction and other measures to enhance the business competitiveness of securities firms. This paper makes a beneficial exploration on the rapid development of the capital management business of our country's securities companies in the new period, and provides some development ideas for reference. Due to the limitations of the author's theoretical level and possession of data, the work is busy, and many places in this paper need to be further studied. The author will further deepen his study and research in the future.
【學位授予單位】：西南財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.39;F830.42

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