Research On The Innovation And Development Of Securities Company In China

By qualitative and quantitative ways, the paper analyzes some important issuesexisting in China securities company (CSC) and China securities industry (CSI) andresearches on the development and innovation of CSC. The paper's logic process isfrom China securities market (CSM) analysis to CSI then CSC. Firstly, the papersystemically points the operation trouble and great change of international anddomestic environment whichCSC surviving. Then using efficiency theory, FMH, andBF nonlinear theory, the paper makes theory and empirical analysis on CSM. Fromthe view of the Theory of Industry Organization, the development and competition ofCSI is analyzed. Finally, depending on innovation theory, the paper advances theinnovation methods of operation mechanism, generalized business, management andrelevant development path which CSC must take. The main research results are asfollows.1. Through information efficiency and running efficiency analysis, the paper concludes that the market efficiency of CSM is low and the operation cost of CSM is high. The CSC must adopt new kind of investment and operation strategy according to CSM which owns nonlinear character offered by this paper.2. By analyzing the 490500 closed price of the 345 Shanghai stock A, a return-reverse phenomena and a long holding term gain phenomena are discovered. So, the paper advances the best investment strategy, which buy-and-hold investment ismain and short term aggressive investment is assistant.3. From the point of market structure, market conduct and market performance, the development and competition situation of CSI is systematically analyzed by SCP model; Comparing with USA securities industry, the phase of CSI, low concentration and semi-middle monopoly, is offered. The paper points that CSI owns large development space if the industry entrance barrier is enhanced.4. From the analysis of 9 bankrupt CSC, the paper concludes that the main reason of CSC bankrupt is illegal operation which existing commonly in CSM and thatimprovement of law risk management is urgent.5. About operation mechanism, four optimization directions and four innovation ways of share structure and six innovation ways of corporate governance are offered; At the aspect of generalized business innovation, four innovation methods of broker business, five innovation ways of issue business, two innovation paths of R&D business, three exploitation ways of generalized financing consultant business and the deepening of entrusted asset management business are bought forward.6. At the aspect of management innovation, three innovation methods of human resource management according to three kinds of human resource management theory in difference CSC are offered; Four institutional innovation and seven channel innovation for financing management are brought forward; Using the idea of'pertinency risk management', four measures for law risk management and five countermeasures for market system risk are put forward.7. The paper points out the expanding ways and development direction, which specialization or systematization is suit for small and medium-sized CSC and collectivizationfor large-scale one.