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A Study On The Competitiveness Of Investment Banks Based On The View Of Sustainable Development

Posted on:2008-06-01Degree:DoctorType:Dissertation
Country:ChinaCandidate:R B LiuFull Text:PDF
GTID:1119360272985577Subject:Technical Economics and Management
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China's modern investment banking industry first sprouted in the late 1980s, and initially formed the basic industry structure in the 1990s. With China's entry into the WTO and its financial industry opening in an all-round way, the major competitors of China's investment banks are financial institutions from the developed countries in Europe, America, the newly industrialized countries in Asia and the rapidly developing countries in Latin America, which protrudes the problem of low competence in China's investment banks. As a result, it has become an urgent thing at present to find a way to improve the competitiveness of investment banks based on the concept of sustainable development in deepening the reforms of financial industry and accelerate its sustainability. This dissertation intends to expand research spectrum and methods of competitiveness theory in multi-angle and multi-discipline such as technical economics, development economics, management science, finance etc., which can both enrich the content of discipline construction and contribute to promoting the sustainable competitiveness of investment banks.This dissertation first defines the relevant concepts of competitiveness theory, expounds the competitiveness theory with its process of evolution, and reviews its latest progress.In this dissertation, the theory system on investment banks'sustainable competitiveness is constructed based on the view of both theory and practice. First, based on statistical analysis of literature research, we have concluded about the scholars'view on competitiveness of investment banks. By means of questionnaire, we have obtained the data on the view of managerial experts of investment banks, established the Factors Identification Model and acquired the order of significance about the competitiveness elements based on the experts'views. Finally, with comprehensive judgement method, the four major elements (sustainable innovation ability, capital financing ability, risk control ability and the value-creating ability), which contribute to the sustainable competitiveness, are filtrated, and the theory structure system of investment banks'sustainable competitiveness is established.This dissertation has analyzed and evaluated the four major elements composing investment bank's competitiveness with various methods of quantitative and qualitative analysis. First, compared with foreign investment banks, the innovation ability of China's investment banks is relatively low in organizational structure, system, operation, and technology. Secondly, the empirical research of the dissertation shows that China's investment banks are weak in capital financing and narrow in financing channel at present stage, which fails to meet the requirement for expansion of capital scale of investment banking industry. Thirdly, the empirical research on risk control of investment banks (take credit risks of CITIC Security as an example) indicates that China's investment banks are facing a serious situation and it needs much attention. Finally, with EVA evaluating method, we measure the value-creating ability of China's investment banks. However, the result is worrisome because it shows that their value-creating ability is weak and has much to be desired.In this dissertation, 10 security companies are taken as samples to evaluate the competitive ability of China's investment banks by the way of analytic network process (ANP). The research has indicated that the business innovation ability, business integration ability, technical innovation and profit-gaining ability weigh more in the index system influencing China's investment bank's competitiveness. According to the comprehensive weight-added value of competitiveness, we sequence the comprehensive competitiveness of the 10 investment banks. This method is strongly recommended in sorting investment banks instead of the existing classification of innovation securities, standard securities and general securities, which are currently used by the administrative department.
Keywords/Search Tags:sustainable competitiveness of investment banks, sustainable innovation ability, capital financing ability, risk control ability, value-creating ability, analytic network process (ANP )
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