The Mode Of Development Of Chinese Securities Firms And Competitive Strategy

With the development of the securities market in China, the securities companies have come through a rapid growth, which was a vital push to the adjustment of national economic structure and the integration of the resources. However, under the impact of industrial penetration, globalization and financial deregulation, especially with the financial system reform and the opening of the financial market, native securities companies have witnessed a series of significant changes both inside and outside. The whole industry is stepping into a crucial phase of restructuring. This may urge securities companies to decide on their right developing patterns and competing strategies to adapt to these changes.In recent years there are quite a lot of studies on this issue, which have bring about many beneficial results. Nevertheless, most of them only investigate the developing pattern and strategy from certain one aspect instead of the overall situation. Taking this into account, I would like to have a systematic study on the universality and particularity among the main factors of domestic and foreign investment banks, developing patterns and competing strategies, so as to suggest a directive a framework to this issue.To be specific this dissertation consists of three parts. Firstly, I will discuss the interaction of the developing patterns, competing strategies, with the combined use of industrial organization theories, enterprise development theories and the strategic management theories, and initially put out some essential principles, with the aim of more detailed investigation into the general and particular rules of the investment banks development.Secondly, I will conduct a comparison of the investment banks from America, UK, Germany, Japan and Southeast Asia. They all have some certain developing patterns and competing strategies during their own development processes, which may be modified with the changes of internal and external environment. Thus, we can get to some general rules and particularities in the development of international investment banks via the longitudinal and latitudinal comparison of investment banks in different countries and different phases.Finally, also by comparison, I will systematically work on the history of native securities companies, their status quo and the current problems, and go deeply into the possible impacts on the domestic securities companies from some important factors in the near future, such as the financial globalization which represents the general developing trends of international investment banks and financial system reform with Chinese characteristics. On the basis of these, with the conclusion from the transnational comparison and the realities in China securities market, I will present four types of developing patterns: large specified investment banks, financial holding company, strategic union and medium-small-size broker, their respective advantages, conditions and compatible competing strategies.