| Industry ecological niche theory is an innovative theory, which is the convergence and interaction of industrial economics theory and ecological niche theory. The 'n-dimensional super-size' putting forward by the Hutchinson has far-reaching implications on the ecological niche research. Industry ecological niche theory is introduced into the ecological niche theory in industrial economics, which proposed ecological niche theory of industrial organization, industrial ecological niche theory etc. Based on industry ecological niche theory, the development of the securities industry can be seen as an industrial population ecology system, which includes species ecosystem populations, population ecology, population competitive landscape, population and other related content life cycle. Each of them affects the ecological system optimization and transformation of ecological factors. Profit model is a comprehensive reflection of the use of resources and the consequent formation of a business model, business structure, income scale, profit growth of institutional strategic planning and operational implementation. As ecosystems internal and external environment is changing, ecological factors must be continuously adjusted (optimized internal integration and external relations) in order to obtain more development energy. Therefore, from this perspective, the brokerage profit model is the process of brokerage industry and individual constantly adapting to the inside and outside factors, to seek resources and product output path changing process. Profit model innovation is the essence of a particular resource in a spatial dimension and scale morphological structure, the internal various actors interact with the external environment and conflict, constantly breaking the limits of their own development, and strive to obtain the best strategic location and status of the process. Therefore, the research industry ecological niche for industrial upgrading and enterprise development strategy has important practical significance.Currently, the development of China's securities industry, is facing internal ecological niche disorder, disorderly competition pressures, and other brokerage industries' challenge. Brokerage industry in general is an industry with smaller scale, competition, single business, capital inefficiency, and is a strong cyclical industry which has narrow financing channels, and the profit model facing serious challenges. Brokerage industry's ecological niche comparing with the same level financial sector banks and insurance is low, and the downward trend continued in recent years. In industrial ecology multidimensional factors, the profit model is an ecological factors which could affect the industry's key business structure. Based on this, the study intends to address three main issues:(1) Why we use industry ecological niche theory to analyze brokerage industry, as well as why this thesis focus on the brokerage industry issues;(2) Based on industry ecological niche theory perspective, brokerage profit model exists the three main issues, namely the low rate of return on assets contrast, income cyclical characteristics significantly,and income single model;(3) According to the problems, the thesis analyzes deep-seated reasons of the problems and pointed out the policy recommendations of how to change the current status. With this research ideas and research purposes, in accordance with problem raising, problems analyzing, problem-solving research model, the thesis studied seven parts.The first part is the introduction part which describes the research background, purpose, significance, research and research methods. And according to the main research content, it describes the thesis as a whole research framework.The second part is the literature review section. Firstly, this section mainly reviews and analyzes the domestic industry ecological niche theory research and application conditions, so as to lay the theoretical foundation of the follow-up sections. Through literature review section, you can find industry ecological niche theory as a theory of industrial economics derivative, has been gradually recognized and accepted by the people, and has been more and more widely used in the reality of practice. But so far, how to apply the industry ecological niche theory to the brokerage profit model innovation is still a new topic. How to grasp the essence and understand the theory and brokerage profit innovation model relationship, to have deeper understanding of brokerage profit innovation model on the practical significance, to explore scientific and rational forward-brokerage profit model have important influence. Secondly, the thesis introduces the basis of the profit model, clarifies profit model elements and characteristics and the nature of the profit model. Thirdly, the thesis describes the brokerage development and innovation literature. Existing literature generally believe that China's securities business companies are homogeneous, companies are lack of business labor division, and the vicious competition is serious, so it causes securities firms rely heavily on market cycle, and the securities industry is difficult to sustain development and growth. Related researches all focus on the industry competition and revenue structure, the mechanism for deeper analysis, the focal point of the industry profit model and the relative specific measures is few.From the industrial ecology perspective, the third part researches the profit mode and raises empirical analysis. Firstly, the part from the industrial point of view analyses the macro environment which transformed from the environmental brokerage profit model, namely economic development trends, industrial policy adjustments, asset securitization and industrial transformation. Secondly, the thesis analyses the ecological environment within the industry, from the industry's current profit model characteristics, excessive competition of the industry, the part correspondingly analyses the economic services,commission rates decline etc. Thirdly, based on the internal and external environment, using relevant quantitative theory related research the thesis raised the corresponding empirical analysis. Finally, the thesis based on building valued measure the number of modes, analyses the financial industry ecological niche brokerage level, as well as brokerage industry ecological niche level difference. After research, we found brokerage industry compared with other sectors of the financial sector ecological niche value is significantly lower, and is still in decline. According to the part of the theory evidence, we can conclude that the three brokerage industry profit model crucial reasons are:severe cyclical fluctuations, industry capital gains rate and industry revenue structure narrow. To solve the above three problems, the follow-up parts analyses counter-cyclical adjustment mechanism, the brokerage industry and capital efficiency.The fourth part is about the brokerage profit model and counter-cyclical adjustment mechanism. Brokerage industry characteristics significantly dependent on the market cycle, the market volatility directly determines the brokerage industry revenue curve. Profit model with strong periodicity of brokerage industry profit model is one of the major salient features. Developed capital markets, investment banking revenue curve did not show such large fluctuations.The fifth part is about the brokerage profit model with the efficient use of funds. Inefficient use of funds, low leverage is the main features of brokerage industry profit model. The part researches characteristics of the financing and domestic funding of the brokerages and reseaches the asset risk management.Part ? is brokerage profit model and Function Study. Securities industry is the core of the financial markets, which broadly participates in investment financing, securities issuance underwriting, asset management, financial advisory services and brokerage services. It is still the main revenue structure.Part ? is conclusions and suggestions. The part raises the whole conclusion and raises the policy suggestion.Innovation of this study is mainly in:(1) This thesis introduces the theory of industrial ecology to brokerage profit model innovation which is a new interpretation and use of elaborate.(2) Based on industry ecological niche brokerage industry perspective, the thesis drawn three causes of arthralgia (3) In combination with industry regulations and profit model status, the thesis raises the policy suggestion and advise. There is real meaning for improving the outside environment and construct new profit model.This thesis shortage mainly in:(1) theoretical depth should be further strengthened. Industry ecological niche theory belongs to the industrial economics theory and ecological niche theory combines style innovation. Industry ecological niche theory combines both industrial economics some basic theories (such as industrial systems theory, organization theory, transaction theory, etc.), but also absorbed the basic viewpoints of ecological niche theory, so industry ecological niche theory contains a wealth of content. Since I am relatively weak theoretical foundation for the ecological niche industry also need to improve the level of understanding, so this thesis discusses some of the ecological niche industry and try to innovation, there may be some debatable. Therefore, to further improve the theoretical depth of this study is the subject of the future still need to improve.(2) Lack of quantitative research. Quantitative research is to provide a realistic theoretical research argument main research tool, given the course of this study, involving more complex variables, causality is difficult to sort out a single line style, so obviously very sleepy contingent model building, resulting in this quantitative study only can provide some basic data analysis as a research argument, leading to lack of quantitative research thesis. These some of the conclusions for this rationality and persuasiveness have some negative impact.This thesis introduces the industry ecological niche theory to brokerage profit model. It is an innovation which uses the industrial economics brokerage profit model theory to solve the problem. From the theoretical point of view, such an attempt to enrich the content of the theory of industrial economics, industrial economics theory to improve real value, expand the industrial application of economic theory borders, has very important significance. From a practical point of view, brokerage profit model innovation is a more complicated issue, which involves many other factors.The usage of industry ecological niche theory, helps us from a practical point of view, on a strategic level brokerage profit model innovation to recognize the inherent urgency, while helping more messy reality from seeking the right direction, no longer confined to the minutiae deal with the problem, but rather focus on the future strategic direction for the brokerage fundamentally profit model innovation inexhaustible power. |
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