论证券公司财富管理业务存在的问题及应对

随着市场经济的不断发展,给证券行业带来了巨大的挑战,怎样借助财富管理业务来完成对证券公司的转型升级,是目前整个证券行业所要解决的重要问题。证券公司在经纪业务方面的过度依赖,导致其业务框架不够丰富,加之以资产管理业务为代表的财富管理基础薄弱,所以使得证券公司在财富管理市场中的竞争力较低,其所能占据的市场也比银行等其他金融机构要少。故而,要想促进我国证券行业财富管理业务的发展,就需要有关部门对证券行业进行适当的监督和管理,而证券公司也需要不断完善内部的制度体系,科学有效的提高总体运营能力。     

我国证券公司资本结构特点及优化建议——以中信证券为例

本文将着眼点置于证券公司的资本结构方面,特别关注其资本结构有别于传统制造业的特点,并提出优化证券公司资本结构的建议。     

我国证券公司资本结构特点及优化建议——以中信证券为例

本文将着眼点置于证券公司的资本结构方面,特别关注其资本结构有别于传统制造业的特点,并提出优化证券公司资本结构的建议。     

证券公司资产结构管理研究

对于具有资本密集和风险经营特性的证券公司而言,资产结构管理的研究对证券公司持续稳定经营有着重要的意义。本文通过系统聚类法分析了我国上市证券公司资产结构的相似性,并在此基础上进行了分类比较。研究结果表明:近年来,在行业竞争压力和业务创新的推动下,我国证券公司的资产结构出现了调整。同时,利用Kendall相关系数分析证券公司资产结构与ROE和风险管理指标之间的关系后表明:在净资本的约束下,证券公司资产结构调整是在对资本消耗和资本收益的权衡之下进行的,从制度和技术层面看,如何更好地加强证券公司资产结构管理至关重要。     

证券公司审计中应关注的问题

证券公司是非银行性金融机构。属于高风险行业，国家对其在资本、投资、经营范围等方面实行严格的限制。在对证券公司的审计业务中。应重点关注：银行存款和结算备付金；自营证券和代发行证券；投资及投资收益；客户保证金及应付款项；受托投资及受托投资资产管理损益等。     

基于当代信息技术构建证券公司核心竞争力

证券业是对信息技术依存度最高的行业之一,从证券行业在中国诞生之日起,以计算机技术为基础的信息技术就成为其发展的重要推动力量,从标志性集中竞价交易到实时行情发送、无纸化托管,再发展到计算机自动撮合交易、无形席位、网上交易等,信息技术在中国证券业的应用越来越深入和广泛,现在证券IT系统已成为保障中国证券市场正常运行的重要基础.随着中国证券市场发展的规范化、国际化,证券公司特别是综合类证券公司日益增多,证券市场竞争日益激烈,如何构建证券公司自身核心竞争力,迎接挑战,从而实现公司持续健康发展是各证券公司研究的重点.本文结合当代信息技术在证券业的应用,论述如何利用当代信息技术构建证券公司核心竞争力,为证券公司的发展提供借鉴.     

证券公司发展战略研究——基于开源证券公司发展环境分析

我国证券行业呈现业务同质化强,市场集中度高等特点.虽然在券商创新大会之后,证券行业多项业务限制放开,监管层对证券行业创新业务给予充分的支持,各家证券公司根据自身条件及未来发展规划,从经营宽度到产品深度都做了大胆的尝试,但仍然难改证券公司业务整体差异化不明显,竞争日渐激烈的行业格局.本文基于陕西开源证券公司发展竞争优劣的分析,对证券行业未来发展提出一些建议.     

广发证券投资价值分析

随着我国资本市场的日益成熟与完善,证券公司在资本市场中扮演着越来越重要的角色,对我国资本市场的健康发展起到重要作用。本文选择我国市场占有率较高的广发证券作为证券公司的代表,对比其他八家市值较大的证券公司,比较分析其核心竞争力以及上市以来股票的价格走势,测算出广发证券股票的风险收益特征,初步探讨了在资本市场中扮演重要角色的证券业的估值定价问题。     

广发证券投资价值分析

随着我国资本市场的日益成熟与完善,证券公司在资本市场中扮演着越来越重要的角色,对我国资本市场的健康发展起到重要作用。本文选择我国市场占有率较高的广发证券作为证券公司的代表,对比其他八家市值较大的证券公司,比较分析其核心竞争力以及上市以来股票的价格走势,测算出广发证券股票的风险收益特征,初步探讨了在资本市场中扮演重要角色的证券业的估值定价问题。     

基于财务分析的美国五大投资银行风险实证研究

证券市场IPO重启、创业板开市为中国资本市场注入新的活力,与此同时,创设权证、回购以及集合理财等新兴业务为中国证券公司提供了广阔的业务发展空间.然而次贷危机引发的全球金融危机使美国五大投资银行遭受巨大冲击,五大投行也因此最终走向破产或转型.本文从美国五大投资银行的财务报表出发,深入分析次贷危机爆发前后五大投行的业务结构和收入来源变化,从而揭示五大投行在危机中纷纷崩溃的原因,以此为中国资本市场特别是证券公司的稳健运营和发展提供有益的经验借鉴.     

Overcoming the liability of smallness by recruiting through networks in China: a guanxi-based social capital perspective

We investigate the role of guanxi in Chinese entrepreneurial firms’ recruitment practices in attempting to overcome the liability of smallness. Combining insights from the social capital and guanxi literature, we theorize the guanxi-based social capital perspective and use it to analysis 96 in-depth interviews with multiple members (entrepreneurs, senior managers and factory workers) from 15 die-casting entrepreneurial firms in Guangdong province, China. We find that the use of guanxi in recruitment practice can overcome the liability of smallness because it makes the hiring process more convenient, improves firms’ attractiveness to jobseekers and enhances the person-organizational fit between new hires and firms. We discuss how Chinese entrepreneurs and their senior managers use guanxi strategically to achieve these advantages. On the other hand, our findings suggest that jobseekers can also use guanxi to increase their options, improve their bargaining power and distract firms’ attention away from hiring the most appropriate candidate for the job in order to undermine the effectiveness of Chinese entrepreneurial firms’ recruitment procedures. We explore the implications of these findings for academic research and managerial practice.     

The globalization of Chinese telecom corporations: strategy,challenges and HR implications for the MNCs and host countries

This paper investigates the motives of internationalization of two leading Chinese multinational corporations, their entry strategy and strategic responses to overcome internationalization barriers. In particular, we explore the political strategy and the corresponding political behaviour these two firms adopt to facilitate their internationalization process. We also examine the business strategy and human resource strategy they deploy in their internationalization endeavour and what impacts these may have on host country development, including human capital development and employment creation.     

Reading the stars: Determining human capital's value in the hiring process

Star employees are highly sought after by competitors and thus more likely to move from one company to another. However, not all the factors related to stardom are as mobile as the stars themselves. We argue that while simply possessing star status leads to increased movement, differences in the attributions of human capital and value appropriation will also influence a star's movement to competing firms. To test this, we analyzed the careers of 695 security analysts over a 10‐year period. We found that while stars are more likely to move to competing firms than nonstars, the difference in movement between stars and nonstars decreases as the status of their current firm and their tenure increases.     

会计师事务所行业专业化经营现状与对策分析

本文认为,行业专业化经营是提供优质服务、提升会计师事务所竞争能力和赢得竞争优势的有效手段。国际“四大”利用其规模优势和行业审计专长优势占领了大部分的会计服务市场,并拥有境内优质的客户资源。我国本土事务所在行业专业化经营战略方面与国际“四大”存在较大差距,需要采取正确的专业化经营策略增强其竞争能力。     

证券公司风险监管制度有效性的实证研究

按照国际清算银行(BIS)颁布的新资本充足率规范,以49个中国证券公司实际自营投资组合为样本、采用基于VaR的内部模型法,估算各证券公司自营投资的市场风险和应计提资本,并以之检验中国证券公司新老资本监管制度的有效性.实证结果显示:改革后的2006版资本监管制度比老制度有所改善,但对风险的反映不如内部模型法准确,中国监管制度改革的方向应是采用内部模型法.因主要品种风险调整比例设置偏低,新制度平均低估证券公司自营风险29%,建议监管规则调整上海180指数股票、ST类股票、基金、企业债、可转债等品种的风险调整比例.     

上市公司非公开发行动因研究——基于社会资本视角

本文从社会资本的视角出发,研究上市公司非公开发行背后的深层动因。我们构建的理论框架表明,非公开发行不仅是上市公司的一种融资手段,而且是其获得社会资本的一条重要途径。在此理论框架下,我们以蒙牛乳业为个案,分析了蒙牛乳业通过非公开发行引入中粮集团,既获得金融资本,又获得社会资本的过程。本文的研究结论不仅对理论界从新的角度理解上市公司非公开发行背后的深层动因有重要启示作用,而且对上市公司采用非公开发行筹资实践有一定的借鉴作用。     

股价崩盘风险、信息环境与企业现金调整

以我国2009—2016年沪深上市公司数据为样本,探究了股价崩盘风险、信息环境对企业现金调整的影响。研究发现：股价崩盘风险越大,企业现金调整速度越快,且这种正相关关系对于分析师跟踪数量较少、机构投资者持股比例少的企业而言更为显著。进一步考察股权性质在企业现金调整速度中的影响,发现国有企业与民营企业面对股价崩盘风险的现金调整速度并不具有显著差异,但是对于民营企业而言,更多的分析师跟踪和机构投资者持股将显著降低企业应对股价崩盘风险的现金调整速度,信息环境对于国有企业的作用并不显著。     

培养中国的风险投资家

风险投资作为一种对高科技的高风险、高收益的投融资活动,人的重要性发挥的淋漓尽致。风险投资作为风险投资的核心主体,推动或制约着一国风险投资业的发展。本文通过对美国早期和现代风险投资家的比较分析,总结美国风险投资家的特点,提出了中国风险投资家应具备的素质及目前我们应采取的措施。     

Consolidation in the financial services industry: Are there industry gains for acquisitions of security firms?

We examine the revaluation of target security firms, their respective acquirers, both banks and non-banks, and their corresponding rivals before and after the major consolidation wave of 1994 to 1997. We find that target security firms as well as their respective acquirers are favorably revalued at the time of their acquisitions. The valuation effects are more favorable for non-bank acquirers and for acquirers with more growth potential and a lower degree of financial leverage. This suggests that investors expect greater synergies for mergers by better capitalized, faster growing, non-bank acquirers. In contrast to previous merger studies that generally find negative wealth effects for acquiring firms, cumulative abnormal returns (CARs) are on average positive for acquirers, targets, and portfolios of competing security firms, with the highest positive CARs for targets.     

Independent venture capital, corporate venture capital, and the internationalisation intensity of technology-based portfolio firms

Firms that internationalise early in their lives share characteristics with those that receive venture capital. The relationship between receipt of venture capital and the international intensity of 1348 young technology firms is examined, including whether the source of capital, from independent venture capital firms, corporations or private sources, has an impact. The absence of venture capital is shown to be positively associated with increased internationalisation. While previous literature suggests differences in the value added of different sources of venture capital, the results indicate no such differences in their impact on international intensity.