Dynamic Analysis On Chinese Comprehensive Securities Companies' Business Structure

With more than one hundreds' growth, Securities companies have developed from onefold securities underwriters to diversified financial intermediary. After more than ten years' improvement, Chinese securities companies gradually become more and more standarized in management and operation. However, Chinese securities companies are still growing in an extensive manner and are fiercely affected by the fluctuation of the market, which cause negative effects on the healthy growth of them. Therefore, how to change the extensive model of Chinese securities companies' growth and keep them stable become one important task. This thesis starts with the comparison between domestic and foreign securities companies, and tries to research the dynamic formation of Chinese securities companies' business structure with normative and empirical analysis methods.First of all, this thesis summarized the basic theories relating with the dynamic formation of securities business structure, which included: the product life cycle theory, the business portfolio theory, and the later are classifies into three types. We also summarized the business management theories for securities companies.Secondly, we depicted the general situation of Chinese securities companies' business structure. Through the nearly twenty year's history of Chinese securities companies, we summarized the four phases of their development and the status quo. From the comparison between Chinese and foreign countries' securities companies, which include U.S.A, Japan and South Korea, we could understand the reasons of foreign companies' business evolution and could get some inspiration.Thirdly, based on the above research, we put forward the basic principle, targets, contents and models of dynamic formation of securities companies' business structure. This chapter includes four parts: part I gave the definition of securities business structure, and composed a "diamond model" for securities business, which was the research frame of our analysis; part II put forward the point view that the basic principle for securities business dynamic formation is to reach relative equilibrium; part III researched the contents of securities business dynamic formation based onhorizontal and vertical analysis; part IV compared the two models of current securities companies' business structure.Fourthly, the paper analyzed the process of securities business dynamic formation. We first evaluated the different business or types of Chinese securities companies. Then all the business types were classified according to differentiation, business scale, efficiency and business scope. In the end, we researched how to optimize the business structure.Fifthly, this paper made systematic research on the four important methods of dynamic formation for securities business structure, which included: M & A, business process reengineering, adjustment of organization and business innovation.In the end, the paper constructed the dynamic formation model for securities business. Based on factor analysis, we constructed the competition status judgment model. Then using stepwise discriminant analysis method, we constructed the business structure optimization model with the data of more than thirty Chinese securities companies.