發(fā)布時(shí)間：2018-01-01 04:13

  本文關(guān)鍵詞：信達(dá)現(xiàn)金寶集合資產(chǎn)管理計(jì)劃利潤(rùn)研究　出處：《吉林大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 客戶保證金 信達(dá)現(xiàn)金寶 年化收益率 利潤(rùn) 第三方存管

【摘要】：經(jīng)歷了2011年上證指數(shù)單邊下跌21.68%，中國(guó)股市再次遭受了一個(gè)大熊市的洗禮。在這樣的市場(chǎng)環(huán)境中，以經(jīng)紀(jì)業(yè)務(wù)的客戶交易傭金作為主營(yíng)業(yè)務(wù)收入的證券公司均受到嚴(yán)重的沖擊，較早披露2011年年報(bào)的證券公司財(cái)務(wù)指標(biāo)中的凈利潤(rùn)均同比大幅下滑，有些公司甚至出現(xiàn)了虧損的局面。就目前宏觀經(jīng)濟(jì)層面來(lái)看，國(guó)家面臨經(jīng)濟(jì)結(jié)構(gòu)轉(zhuǎn)型勢(shì)必導(dǎo)致經(jīng)濟(jì)增速放緩，而新一屆“兩會(huì)”提出的2012年宏觀經(jīng)濟(jì)增速將保持在7.9%，M2貨幣供應(yīng)量將維持在14%左右，這些指標(biāo)都預(yù)示著未來(lái)一年不會(huì)引發(fā)類似于2007年的那種大牛市行情，證券市場(chǎng)的交易仍然被看淡。針對(duì)未來(lái)的發(fā)展趨勢(shì)，證券公司如何在這種弱勢(shì)的市場(chǎng)環(huán)境中尋求新的出路，如何從新的方向突破證券經(jīng)紀(jì)業(yè)務(wù)的業(yè)務(wù)收入瓶頸，將決定證券公司能否在股市的寒冬中仍然挺立。為了解決當(dāng)前這一難題，證券公司將目光聚焦在客戶存款保證金這一龐大的存量資金上，以尋求新的突破口。 基于上述背景，針對(duì)目前市場(chǎng)上券商端理財(cái)產(chǎn)品，以信達(dá)現(xiàn)金寶為例，重點(diǎn)研究其推出對(duì)信達(dá)證券乃至整個(gè)證券行業(yè)各家券商的重要影響。本文從四個(gè)方面分別進(jìn)行闡述。首先，在緒論當(dāng)中，主要闡述了論文的研究背景、研究意義并提出了文章的主要研究方法。其次，筆者通過對(duì)信達(dá)現(xiàn)金寶產(chǎn)品的設(shè)計(jì)原理、投資策略等方面內(nèi)容進(jìn)行重點(diǎn)闡述，以突出信達(dá)現(xiàn)金寶產(chǎn)品的設(shè)計(jì)理念以及特有的金融創(chuàng)新模式，同時(shí)提出了該產(chǎn)品利潤(rùn)呈現(xiàn)降低趨勢(shì)即管理費(fèi)率偏高、提取業(yè)績(jī)報(bào)酬比例較高、產(chǎn)品設(shè)計(jì)簡(jiǎn)單，后續(xù)增值服務(wù)不足以及投資范圍狹小，年化收益率浮動(dòng)大等相關(guān)問題。再次，筆者通過對(duì)產(chǎn)品估值方法、費(fèi)用及收益分配情況分析并結(jié)合信達(dá)現(xiàn)金寶在兩個(gè)不同階段——試點(diǎn)階段和全面推廣階段的總體數(shù)據(jù)，通過比較分析法以及定量分析法，最終得出信達(dá)現(xiàn)金寶對(duì)公司盈利水平的影響及未來(lái)盈利空間的展望。最后，通過對(duì)前幾部分的分析，針對(duì)問題給出了相應(yīng)的改進(jìn)建議。筆者認(rèn)為可以通過對(duì)管理費(fèi)率及業(yè)績(jī)報(bào)酬的利潤(rùn)敏感度分析進(jìn)行調(diào)整以達(dá)到利潤(rùn)最大化；未來(lái)探索方向，還可以通過對(duì)投資范圍在風(fēng)險(xiǎn)可控的原則下逐步擴(kuò)大，以相應(yīng)提高收益并保證收益的穩(wěn)定性。 本文通過對(duì)前四章內(nèi)容的研究，最終得出結(jié)論：信達(dá)現(xiàn)金寶的推出對(duì)券商現(xiàn)金增值服務(wù)的產(chǎn)品研發(fā)，尤其是對(duì)券商端理財(cái)產(chǎn)品創(chuàng)新具有深遠(yuǎn)的影響以及重要的意義。首先，它有利于提高客戶資金效率，提升經(jīng)紀(jì)業(yè)務(wù)客戶賬戶閑置資金的收益水平。其次，它有利于提升客戶服務(wù)的深層次探索，主動(dòng)保護(hù)客戶資源，提高證券公司客戶服務(wù)水平，提升行業(yè)競(jìng)爭(zhēng)力。再次，它有利于吸引有投資證券需求意向的客戶提早進(jìn)入證券市場(chǎng)，及時(shí)捕捉投資機(jī)會(huì)，壯大資本市場(chǎng)。最后，信達(dá)現(xiàn)金寶自問世以來(lái)就引起了業(yè)內(nèi)廣泛關(guān)注。業(yè)界預(yù)期，券商推出這類現(xiàn)金管理產(chǎn)品，既能盤活閑置的萬(wàn)億客戶保證金，又能極大擴(kuò)充券商資產(chǎn)管理的規(guī)模，還能為投資者增加更多收益，可謂一舉多得。信達(dá)現(xiàn)金寶的推出，使原本所托存放在商業(yè)銀行的客戶保證金有了更好的投資取向，能夠取得比活期利率更高的利息。更加重要的是，該產(chǎn)品使券商端將客戶保證金的管理權(quán)拿回到自己的手中，進(jìn)一步加大了對(duì)市場(chǎng)的話語(yǔ)權(quán)，，使券商的盈利模式出現(xiàn)了新的增長(zhǎng)點(diǎn)。
[Abstract]:Experienced in 2011 Shanghai stock index fell unilateral 21.68%, China stock market once again suffered a big bear baptism. In such a market environment, brokerage business with customers trading commissions as main business income of the securities companies are subject to severe impact, the earlier disclosure of net profit fell sharply in the securities company financial indicators in 2011 Annual report the year, some companies even at a loss situation. At the macroeconomic level, the country is facing economic restructuring will inevitably lead to a slowdown in economic growth, and the new "NPC and CPPCC" put forward in 2012 macro economic growth will remain at 7.9% M2, the money supply will remain at around 14%, these indicators are predicted the coming year will not lead to similar to the 2007 bull market in that market, stock market trading is still bearish. According to the development trend in the future, the securities company in this To seek a new way of weak market environment, how the revenues from the new bottleneck breakthrough direction of securities brokerage business, securities companies will determine whether in the winter stock market still stand. In order to solve the problem, the securities companies are focusing on customer deposits, deposit a large stock of capital, to to seek a new breakthrough.
Based on the above background, in view of the present market brokerage end financial products, the XinDa cash treasure for example, focus on the introduction of important influence to the XinDa and even the entire securities industry securities firms. This paper from four aspects: first, in the introduction, mainly expounds the research background, research significance and put forward the main research methods of this article. Secondly, based on the design principle of XinDa cash treasure products, investment strategy and other aspects are elaborated, in order to design the concept of outstanding XinDa cash treasure products as well as the unique model of financial innovation, and puts forward the product profit decreased the management fee rate is high, extracting a higher proportion of performance pay product design, simple, lack of follow-up value-added services and investment narrow range of annual yield of floating large problem. Once again, the sum of products The valuation method, cost and revenue allocation analysis combined with XinDa cash treasure in two different stages of the pilot phase and full extension phase of the overall data, through comparative analysis and quantitative analysis, finally obtains the prospect of influence of XinDa cash treasure profit level of the company and the future profitability of space. Finally, through the analysis of the previous part of the problem, to give some suggestions. The author thinks that can maximize profits by adjusting the profit sensitivity analysis of management fees and performance pay; the future research direction, but also through to gradually expand the scope of investment in the principles of risk control, to increase revenue and guarantee the stability of earnings.
Based on the research of chapter four, conclusion: the launch of brokerage cash value-added services product development XinDa cash treasure, especially has the profound influence and significance to the end of the brokerage of financial product innovation. Firstly, it is beneficial to improve the efficiency of client funds, enhance the brokerage customers of idle funds in the account income level secondly, it is conducive to the deep exploration to enhance customer service, proactively protect customer resources, improve the securities company customer service levels, enhance the competitiveness of the industry. Thirdly, it is conducive to attracting investment securities demand intention of customers early entry into the securities market, to capture investment opportunities, expand capital market. Finally, the XinDa is now asking Campbell the world has aroused widespread concern in the industry. The industry is expected to launch this type of brokerage cash management products, which can make the idle trillion customer margin, and Greatly expand the scale of the brokerage asset management, but also increase the more income for investors, it Yijuduode. XinDa launched a cash treasure, make up store clients' deposits in commercial banks have better investment orientation, can obtain higher than the current interest rate. More importantly, the end will make brokerage products customer margin management right to take back to their own hands, to further increase the right to speak of the market, the brokerage profit model of the emergence of new growth point.

【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51

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