發(fā)布時間：2018-04-02 23:41

  本文選題：證券公司　切入點：業(yè)務(wù)創(chuàng)新　出處：《西南政法大學(xué)》2014年碩士論文

【摘要】：在當(dāng)今激烈的競爭角逐中，求生存、謀發(fā)展是企業(yè)界的共同關(guān)注，要想做大做強，在“優(yōu)勝劣汰”的競爭模式下具有強有力的盈利能力作保障，無非兩種經(jīng)營戰(zhàn)略：一是專業(yè)化經(jīng)營，整合內(nèi)部資源，在行業(yè)內(nèi)占據(jù)絕對優(yōu)勢；二是多元化經(jīng)營，優(yōu)化資源配置，增加盈利來源。我國證券公司的實踐現(xiàn)狀已證實，傳統(tǒng)專業(yè)化經(jīng)營模式不適應(yīng)證券公司生存發(fā)展的需要，盈利模式轉(zhuǎn)型，實現(xiàn)多元化戰(zhàn)略勢在必行。然而，并非多元化戰(zhàn)略適應(yīng)于所有公司，一些公司隨著多元化業(yè)務(wù)的開展，反而盈利能力下降，，出現(xiàn)了多元化與盈利能力相背離的現(xiàn)象。 當(dāng)前，證券業(yè)步入了創(chuàng)新發(fā)展的新紀(jì)元，創(chuàng)新業(yè)務(wù)層出不窮，業(yè)務(wù)創(chuàng)新成為多元化發(fā)展的新途徑，監(jiān)管層將希望寄托于創(chuàng)新，通過多元化、差異化的經(jīng)營模式轉(zhuǎn)變證券公司“靠天吃飯”的現(xiàn)狀。因此，在證券業(yè)監(jiān)管層和業(yè)內(nèi)界人士都大力倡導(dǎo)創(chuàng)新發(fā)展的背景下，針對我國公司出現(xiàn)的不同多元化經(jīng)營績效實際情況和學(xué)術(shù)界研究爭議，業(yè)務(wù)創(chuàng)新能否提高證券公司盈利能力是值得我們深思和研究的。基于此，本文以93家證券公司2006—2012年數(shù)據(jù)為樣本，通過面板模型將業(yè)務(wù)創(chuàng)新和盈利能力結(jié)合起來進(jìn)行回歸分析，實證結(jié)果顯示證券公司盈利能力與創(chuàng)新業(yè)務(wù)有較為顯著的正相關(guān)關(guān)系，創(chuàng)新業(yè)務(wù)收入占比每增加1個百分點，能使盈利能力提高0.06個百分點。同時，本文還得出證券公司盈利能力與總資產(chǎn)規(guī)模正相關(guān)，與營業(yè)部規(guī)模負(fù)相關(guān)，與第一大股東持股比例為不顯著的負(fù)相關(guān)，與前五大股東持股比例為不顯著的正相關(guān)，與股市年收益率有較高的相關(guān)性。最后筆者根據(jù)實證分析，對我國證券公司轉(zhuǎn)型發(fā)展提出了以下幾點建議：打造創(chuàng)新業(yè)務(wù)藍(lán)海，擺脫對股市的依賴，夯實盈利能力；走集約式發(fā)展道路，擴大資產(chǎn)規(guī)模，不盲目增設(shè)營業(yè)部；改善“一股獨大”局面，使股權(quán)結(jié)構(gòu)“適度分散”。
[Abstract]:To survive in the fierce competition, and development is the common concern of enterprises, to become bigger and stronger, in the "survival of the fittest" competition mode has strong profitability for security, there are two kinds of business strategy: one is the professional management, the integration of internal resources, occupy absolute advantage in the in the industry; two is diversification, optimize the allocation of resources, increase the profit sources. The current practice of China's securities companies have confirmed that the traditional specialized management mode can not meet the needs of the survival and development of the securities company profit model transformation, to achieve diversification strategy is imperative. However, not all companies adapt to the diversification strategy, some companies with diversified to carry out the business, but lower profitability, the diversification and the profitability of a departure from the phenomenon.
At present, the securities industry has entered a new era of innovation and development, business innovation and business innovation has become a new way to emerge in an endless stream, diversified development, regulators will hope to innovation, through diversification, the difference of the change of current situation of management mode of securities companies "fed". Therefore, people in the securities industry regulators and industry circles all advocate the innovation and development of the background, according to our company's different diversification performance situation and academic controversy, whether business innovation is worth pondering and research to improve the profitability of securities companies. Based on this, the 93 securities companies from 2006 to 2012 as the sample data, the business innovation and profitability together the regression analysis of panel data model, the empirical results show that there is a significant positive correlation with the profitability of innovation of business of securities companies, business innovation The proportion of income increased by 1 percentage points, to improve the profitability of 0.06 percentage points. At the same time, we show that the profitability of the securities companies and the total assets is positively related to the scale, and business scale, and the proportion of the first shareholder is not significant negative correlation with the proportion of top five shareholders is not significant the positive correlation rate had a higher correlation with the stock market return. Finally according to the empirical analysis, the following suggestions on the transformation and development of China's securities companies put forward: to create innovative business blue ocean, get rid of dependence on the stock market, strengthening profitability; take the road of intensive, expand the scale of assets, not blindly add business department; improve the "dominance" situation, the ownership structure of "moderate dispersion".

【學(xué)位授予單位】：西南政法大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.39;F830.42

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本文編號：1702670