Study On The Incentive-restraint Mechanism Of China Securities Company

Having a huge room for development, the securities companies play a fairly important role in China's capital market and exert great influence upon China's economic and social stability. But why do they always have troubles? As a specialized organization for the reform of enterprises, the issue of securities and securities management and consultation, why do they manage themselves so badly? Why the development of securities companies only relies on the external force of policies? Where is the incentive-restraint mechanism for promoting the development of securities companies? All these difficulties and problems above are the content we are to study in this dissertation.The main research of this dissertation is the "incentive-restraint mechanism of securities companies". Because of the gradually exposed risks of China's securities companies and the lack of domestic studies on the incentive-restraint mechanism of securities companies at present, China's securities companies are regarded as an organism alive. It is discussed how to establish a relatively complete and basic theoretical framework of the incentive-restraint mechanism for China's securities companies through the humanized perspective and the dynamic way of thinking. It is hoped to find a long-term effective route in order to solve the out-of-control risks of securities companies and improve its operational effectiveness and profit.This paper is carried out as follows: what are the problems in the development of China's securities companies? → what is the mechanism that can promote the long-term development of China's securities companies? →what is the mechanism (that is incentive-restraint mechanism) like in China's securities companies? → what are the factors affecting the establishment of such mechanism? → what is the theory for the establishment and the applicable mode? Theoretical tools, including Management, Modern Economics, Institutional Economics and operational theory of securities companies, are made use of. It is given strong emphasis on the research of such problems, including problems existing in the incentive-restraint mechanism of China's securities companies and its influencing factors, theory of its establishment, its evaluation system, selection of the incentive-restraint mode according to different objects, its improvement and the realization approach of such modes. Through all this, it is established a basic theoretical framework of the incentive-restraint mechanism for China's securities companies.The whole paper is divided into five parts, seven chapters altogether.Part one, Fundamentals. Relevant concepts are defined and the analysis of the enterprise incentive-restraint theory is made. The proposition of "study on the incentive-restraint mechanism of China's securities companies" is put forward here.Part two, Survey. With the operational theory of securities companies and the systematical analysis as a basic method, the overall survey on China's securities companies is carried out, including the analysis of present developing situation, the features and the internal and extemal environment and the necessity and importance of the establishment of incentive-restraint mechanism.Part three, Comparison. With Management, Modern Economics and the enterprise incentive-restraint theory of Institutional Economics, a comparative research is made between the incentive-restraint mechanism of foreign and domestic securities companies, including incentive-restraint mechanism of foreign and domestic securities companies and problems and case study of the incentive-restraint mechamsm of domestic securities companies. Here, the comparative analysis and positive analysis are adopted.Part four, Framework. On the basis of economic analysis, the establishment of incentive-restraint mechanism of China's securities companies is studied, including analysis of influencing factors, the theory of such establishment, case study, evaluating system, design of the shareholders and non-shareholders incentive-restraint mode and the design of the framework and system of the incentive-restraint mode of the researched object. Many theories and methods are adopted here.Part five, Approach. The approach to the realization of the incentive-restraint mechanism of China's securities companies is discussed, including the improvement of the external and internal environment, such as the market as the external factor and the structure of the companies' property right as the internal factor.In this paper, the creative points are as follows:1. Feature of the researching object. With the systematical theory, the securities companies are view as an organism consisted of "various kinds of people". Through hierarchy analytic approach, "people" who have direct effect on the development of securities companies are divided into five levels and seven series, which are the objects in researching the mechanism. This provides later generations with the sorting approach and basis for further research.2. Theory for the establishment of the incentive-restraint mechanism of securities companies is put forward, including its distinctiveness, selection of objects, designing ideas, goals, principles and procedures. This provides certain theoretical guidance for theestablishment of the mechanism.3. The incentive-restraint mode system on every level of the securities companies is formed, which provides criteria for their operation as well as support for the reduction of the risks and the improvement of the development motivation.4. The evaluation index system of the operation and management of securities companies with reliable operationality is designed, which provides foundation and guarantee for the establishment and enforcement of the incentive-restraint mechanism of securities companies.