本文選題：中小券商 + 經(jīng)營模式　； 參考：《上海交通大學(xué)》2013年碩士論文

【摘要】：證券公司去低端化、去單一化和去中介化的未來發(fā)展趨勢，必然使得仍依賴傳統(tǒng)經(jīng)營模式，發(fā)展戰(zhàn)略不清晰，缺乏創(chuàng)新動力的中小券商利潤空間面臨巨大擠壓。中小券商如何快速適應(yīng)全新市場環(huán)境，如何通過分析對手、了解客戶需求來確定戰(zhàn)略、轉(zhuǎn)變經(jīng)營模式尤為重要。 國外投資銀行的市場組織結(jié)構(gòu)和經(jīng)營模式變遷顯示，并不是每個投資銀行都能夠?qū)崿F(xiàn)綜合化、國際化發(fā)展的，除了高盛、美林、摩根斯丹里等知名投行外，，還有很多獨具特色的中小型專業(yè)投資銀行。 目前我國券商經(jīng)營模式整體仍處于同質(zhì)競爭階段，盡管隨著券商創(chuàng)新推進(jìn)，差異化經(jīng)營雛形在部分券商中有所體現(xiàn)，但中小券商之間的業(yè)務(wù)模式趨于一致現(xiàn)象依然突出。中小券商業(yè)務(wù)收入結(jié)構(gòu)仍以傳統(tǒng)通道業(yè)務(wù)收入為主，傳統(tǒng)業(yè)務(wù)最大的特點就是與市場狀況高度相關(guān)，造成中小券商盈利處于極大市場系統(tǒng)風(fēng)險之中。 在市場化的監(jiān)管思路下，未來券商分化加劇，部分缺乏核心競爭力，低效率的公司面臨被兼并收購風(fēng)險。市場化、混業(yè)化和國際化的發(fā)展趨勢，使得證券公司股權(quán)和牌照全面開放以及金融業(yè)務(wù)交叉滲透是大勢所趨，券商多元化、綜合化、國際化的經(jīng)營格局日益顯現(xiàn)。 綜合考慮國外中小型專業(yè)機構(gòu)經(jīng)營模式轉(zhuǎn)型路徑和我國中小券商經(jīng)營模式現(xiàn)狀以及轉(zhuǎn)型驅(qū)動，本文提出國內(nèi)中小券商的經(jīng)營模式轉(zhuǎn)型通過以下幾條路徑實現(xiàn)：1、明確發(fā)展戰(zhàn)略，找準(zhǔn)市場定位，并選擇適合自身實際的盈利模式；2、以區(qū)域為單位，以客戶需求為中心，通過市場細(xì)分，努力尋找“補缺市場”“優(yōu)勢市場”謀求公司的生存和進(jìn)一步創(chuàng)新發(fā)展；3、盈利模式應(yīng)在鞏固傳統(tǒng)通道業(yè)務(wù)的基礎(chǔ)上，重點發(fā)展資本投資業(yè)務(wù)和資本中介業(yè)務(wù)。在具體經(jīng)營模式轉(zhuǎn)型措施上，應(yīng)：理順業(yè)務(wù)條線，將客戶需求融入組織架構(gòu)中；做大資產(chǎn)負(fù)債表業(yè)務(wù)，提升杠桿效應(yīng)；傳統(tǒng)通道業(yè)務(wù)轉(zhuǎn)型升級，鞏固市場份額；重點發(fā)展資本型業(yè)務(wù)，形成新的利潤增長點；完善風(fēng)險管理體系，為經(jīng)營模式創(chuàng)新轉(zhuǎn)型提供制度保障。
[Abstract]:The future development trend of the securities companies' de-low end, de-unitization and de-intermediation will inevitably make the profit space of the small and medium-sized securities companies which still rely on the traditional management mode, the development strategy is not clear, and lack the innovation power to face a huge squeeze. It is very important for small and medium-sized securities companies to adapt to the new market environment quickly, how to determine the strategy by analyzing the competitors and understand the customer's demand, and it is very important to change the management mode. The changes in the market organizational structure and business model of foreign investment banks show that not every investment bank can achieve comprehensive and international development, except Goldman Sachs, Merrill Lynch, Morgan Stanley and other well-known investment banks. There are also many unique small and medium-sized professional investment banks. At present, the whole business model of securities companies in our country is still in the stage of homogeneous competition. Although with the innovation of securities firms, the embryonic form of differential management is reflected in some securities firms, the business model of small and medium-sized securities firms tends to be consistent still outstanding. The income structure of the small and medium-sized securities firms is still dominated by the traditional channel business income. The biggest characteristic of the traditional business is that it is highly related to the market situation, resulting in the small and medium-sized securities companies profit in a great market system risk. Under the idea of market-oriented supervision, the future securities companies become more and more divided, some of them lack the core competence, and the inefficient companies are facing the risk of merger and acquisition. The development trend of marketization, mixed-industry and internationalization makes the stock right and license plate of securities company fully open and the financial business cross permeate is the trend of the times. The management pattern of diversification, integration and internationalization of securities firms is becoming increasingly apparent. Considering the mode transition path of foreign small and medium-sized professional institutions and the current situation and driving force of small and medium-sized securities firms in China, this paper puts forward that the operation mode transformation of domestic small and medium-sized securities firms can be realized through the following several paths to make clear the development strategy. Find out the market position, and choose the profit model suitable for oneself actual, take the area as the unit, take the customer demand as the center, through the market subdivide, In order to seek for the survival of the company and the further innovation and development of the company, the profit model should focus on the development of capital investment business and capital intermediary business on the basis of consolidating the traditional channel business. In the specific business model transformation measures, we should: straighten out the line of business, integrate customer demand into the organizational structure, make the balance sheet business bigger, enhance leverage effect, transform and upgrade the traditional channel business, consolidate market share; We should focus on the development of capital-type business and form a new profit growth point, perfect the risk management system and provide institutional guarantee for the innovation and transformation of business model.
【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】：2013
【分類號】：F832.51

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