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Study On The System Innovation Of The Chinese Securities Companies

Posted on:2005-10-31Degree:DoctorType:Dissertation
Country:ChinaCandidate:N LinFull Text:PDF
GTID:1116360152965997Subject:Political economy
Abstract/Summary:PDF Full Text Request
The Chinese Securities Market is the dual product of the driving forces on economy system innovation and government behavior. The Chinese securities companies, acting as the agency of the Chinese Securities Market and crucial component parts in the Chinese financial institutions, have played extraordinary roles in the development of China's Capital Market, optimization of resource deployment, supporting the Chinese economic renovation and speeding up the building of Chinese modernization.After China enters WTO, she will face more profound renovation and opportunity. On one hand, the inflow of large amount offshore investment in Chinese Securities Market will not only practically remove multiple difference between domestic and overseas Securities Markets, but will also bring potential financial risks to Chinese Securities Market. On the other hand, the Chinese Securities companies will also face the current globalization of political and economic situations, and will continue to be a vanguard in transfer of system renovation.However, the Chinese Securities companies are "mixed blood" of State Owned Enterprises and Shareholding Enterprises in transfer period. Their systems have unavoidable dual brandings from the dual systems. In the past few years, with the development of the Chinese Securities Market and the rapid expansion of ChineseSecurities companies, there are many problems exposed in the systems of Chinese Securities companies. These problems have severely blocked the overall development of Chinese Securities companies and the advance of the anti-risk capability of the Chinese Securities Market. The new market layout requires to the Chinese Securities companies to conform the current situation, to change the original system structures, to reasonably and forcefully make system innovation in every open period, and to construct the front bridge and anti-risk firewall in Chinese Financial Market. Therefore, the expedite of innovative theory research and practical probation in the systems of Chinese Securities companies is a key task for Socialist Market Economy theory and practice, and is also a new theory research area for Chinese enterprises.The traditional innovation theories usually lay many emphases on the research of technical innovation. Karl Marx was one of the early political economists involving the research of Enterprise System Innovation. In 1867, Karl Marx proofed the promotion for the productivity development by the innovation of the manufacture organization in his "Capital Theory". From the 70's of twenty century, New System Economists, such as Theodore W.Schultz, Douglass Ceil North, and Lin Yi Fu of China have deepened the content of the Enterprise System Innovation. They also made many-sided proofs on the motivation, classification, innovation integral, innovation costs, and innovation time delay of the Enterprise System Innovation. Since then, the research about the Enterprise System Innovation has started to evolve in depth and width.Because of historical reasons, there is much difference in system structures between Chinese Securities companies and Western investment banks. Although the researches of the Securities Markets and the securities companies are popular topics in many areas in the past few years, systematically researches on the system innovation of Chinese securities companies are less concerned from both domestic and overseas scholars. From the current research development, the key features of the researches are demonstrated in the following:1. Focusing on the introduction and comparison of part of western investmentbank systems, and lacking in systematic deep researches on theories and practices of the systems of Chinese securities companies.2. Relatively rich in the researches on the management structures, motivation systems and risk control systems of Chinese securities companies, but less involving in human resources management systems, decision making systems, and business management systems, etc. Also weak in the combination of theory and practice.3. Lacking in system an...
Keywords/Search Tags:Chinese Securities companies, system, imitation, innovation.
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