本文關(guān)鍵詞：中國上市券商與銀行市盈率差異原因分析　出處：《復(fù)旦大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 中國資本市場 中國證券行業(yè) 市盈率

【摘要】：本文通過統(tǒng)計發(fā)現(xiàn),中國上市證券公司的市盈率與銀行市盈率相比較高。文章試圖挖掘這一現(xiàn)象背后的原因。通過對中國資本市場和國際成熟資本市場的對比,以及中國證券行業(yè)目前經(jīng)營現(xiàn)狀與發(fā)展趨勢的分析,提出了中國資本市場的特殊的發(fā)展過程及當(dāng)前存在的問題和證券行業(yè)發(fā)展的潛力是券商股估值較高的主要原因。已有對中國資本市場和證券公司的研究較少,大多數(shù)是2009年以前的研究成果。從2007年以來,中國證券行業(yè)發(fā)生了較大變化,尤其是2012年之后,傳統(tǒng)業(yè)務(wù)面臨挑戰(zhàn),券商經(jīng)營面臨戰(zhàn)略轉(zhuǎn)型期。本文的主要貢獻(xiàn)在于對中國資本市場做了系統(tǒng)的梳理和國際對比分析,通過對券商經(jīng)營的調(diào)研、梳理和分析,對中國證券行業(yè)也進(jìn)行了系統(tǒng)的梳理。本文主要采用了統(tǒng)計性描述分析,對比分析,以及案例分析等方法。文章采用了描述性統(tǒng)計方法對上市券商和銀行的市盈率進(jìn)行比較。對中國資本市場和美國等成熟資本市場進(jìn)行了對比分析。在證券行業(yè)現(xiàn)狀與發(fā)展趨勢部分進(jìn)行了案例分析和調(diào)研。文章通過對比成熟資本市場發(fā)展路徑,發(fā)現(xiàn)中國資本市場當(dāng)前存在的問題——行政干預(yù)過度。政策引導(dǎo)了市場和投資者預(yù)期,監(jiān)管機(jī)構(gòu)的約束造成了證券公司經(jīng)營對政策產(chǎn)生依賴。當(dāng)前的市場化的政策指導(dǎo)方針對資本市場起到了“托市”的作用,對資本市場的逐步放開無疑會給證券公司經(jīng)營帶來新的機(jī)會,同時也為中國證券行業(yè)向國際成熟投行模式發(fā)展提供了條件。因此,中國的證券行業(yè)的未來發(fā)展給投資者帶來較大的想象空間,在金融行業(yè)普遍估值較低的情況下,證券行業(yè)仍能維持較高的市盈率。對于政府而言,應(yīng)當(dāng)逐步弱化行政干預(yù),強(qiáng)化法制和信用體制建設(shè),逐步建立市場的自發(fā)組織約束機(jī)制。對于證券公司經(jīng)營者而言,應(yīng)當(dāng)抓住當(dāng)下行業(yè)轉(zhuǎn)型時期,通過提升自身資金實(shí)力、拓展知識密集型業(yè)務(wù),以及堅持推進(jìn)國際化戰(zhàn)略不斷提升自身核心競爭力。
[Abstract]:This paper finds out that the price-earnings ratio of listed securities companies in China is higher than that of banks. This paper attempts to explore the reasons behind this phenomenon and to compare the Chinese capital market with the international mature capital market. As well as the analysis of the current operating situation and development trend of China's securities industry. It is pointed out that the special development process of Chinese capital market and the existing problems and the potential of securities industry development are the main reasons for the higher valuation of securities companies. There have been few studies on Chinese capital markets and securities companies. Since 2007, great changes have taken place in China's securities industry, especially after 2012, the traditional business is facing challenges. The main contribution of this paper lies in the systematic combing and international comparative analysis of China's capital market. This paper mainly uses statistical description analysis, comparative analysis. The paper uses descriptive statistical method to compare the price-earnings ratio of listed securities firms and banks, and makes a comparative analysis of Chinese capital markets and mature capital markets such as the United States. The paper compares the development path of mature capital market with the case analysis and research. Discover the current problem of China's capital market-excessive administrative intervention. The policy has guided the market and investors' expectations. The restriction of the regulatory agency causes the securities companies to rely on the policy. The current market-oriented policy guidance plays a role of "supporting the market" for the capital market. The gradual liberalization of the capital market will undoubtedly bring new opportunities to the management of securities companies and also provide the conditions for the development of Chinese securities industry to the international mature investment banking model. The future development of China's securities industry gives investors greater imagination, in the financial sector generally low valuation, the securities industry can still maintain a high price-to-earnings ratio. For the government. We should gradually weaken administrative intervention, strengthen the construction of legal system and credit system, and gradually establish the market spontaneous organization and restraint mechanism. For the managers of securities companies, we should grasp the current period of industry transformation. Enhance their own financial strength, expand knowledge-intensive business, and adhere to the international strategy to continuously enhance their core competitiveness.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51

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本文編號：1440356