| Since the foundation of Chinese securities market, the revenue and profit sources of the securities company’s rely mainly on the traditional channel business, achieved profitability and business license, and the rise and fall of the secondary market is highly correlated with the great instability, unity and extensive operational risks, relatively low-tech. The data show that the business of securities companies present shrinking trend when compared with business of banking, trusts in our financial markets in recent years. Besides, they are living backward in business philosophy, product and service innovation and value creation. We can see clearly that brokers traditional business model is being challenged. Obviously they are not suited to the era of development, which need innovating immediately.The state issued a "financial business development and reform," the12th Five-Year Plan ", making clear the goal of financial reform in September18th2012. In May of the same year, the China Securities Regulatory Commission held Industry Innovation Conference, put forward the reform and opening up of securities companies, innovation and development of11terms, and unveiled a series of effective reform measures.Within the combined financial trends and innovations development context, domestic brokerage has set off a new round of business innovation and services boom, innovative ways and various means. However, so far, each still is confused with future innovation and development in urgent travel mode. No clear ideas, shows that more fragmented financial products and business innovation which are superficial indicators of the prosperous financial business, miss the point of future development, seemingly crowded, but no a run through the main line.The author believes that in the scope of the largest financial businesses compared with the banking, insurance, trust and other financial institutions, their comparative advantages lie in the familiarity to capital markets, the skillful use of the various types of investment and financing tools, abundant talent and more complete service systems. How to tightly come around their comparative advantage, to integrate various resources, to form their own core competitiveness, to create greater value by providing customers with system solutions are the core objectives which are always the commander in chief of its wide range of innovative. For this reason, this article about The HX securities companies business model innovation, is written for exploring and establishing new securities company core competitiveness of the road, to win competitive advantage by creating greater value for customers.Generally speaking, the means of innovation are often manifested as increased efficiency, lowered costs, differences of products and services, or more systematic solutions, innovative attempts, however, they have to face conflicts with the current interests. The author thinks that we should set a better business mechanism to get balance between innovative business and market efficiency, get rid of the brokerage business information management business, direct investment business, investment banking and so on. We should no longer isolate ourselves from facing the same market and the same customers while providing relatively homogeneous products and services. Instead, we need to carry out the reengineering of the business processes of the past, reduce the management mechanism, and remove those management means which is not in line with current trends. We would better provide overall and long-term program, multi-business synergies, the depth of excavation customer demand-oriented innovation business model, and bring greater value to customers, while increasing market efficiency. Therefore, innovation is not a single business innovation, no much less than aimless impulse, but targeted, integrated business model innovation, which requires a bigger picture and forward-looking management thinking, from a strategic height of securities companies the organizational structure, business processes, management mechanism for a radical reform and innovation.This article is guided by the theory of innovation, collaboration theory and financial industries sustainable development theory, starting from the analysis of the current situation of China’s traditional brokerage business, drawing a conclusion that our brokerage presents a range of issues such as single path to profitability, lack of ability to resist risks, lack of core competitiveness. Analyzing the business perfonnance of brokerage innovation and development policy since 2012, our brokerage innovation business has well changed, risks comes up with opportunities. We should seize this opportunity to conduct a comprehensive business model innovation. Then the paper analyzes the business model of the foreign securities firms (in the United States and South Korea, for example) from which the paper seeks advanced experience of developed countries for reference. Next, the article puts forward that in the new market environment, the basic ideas of innovate the HX securities company business model is to integrate a wide variety of business and resources, to drive the integrated business innovation by carryng out business collaboration and to explore specific measures of this mode: organization structure innovation, business process reengineering, and management innovation. Organizational structure should be innovated through the introduction of the framework of the "Financial Holdings (early for the framework of the" sector "), in order to enhance synergies and diversify its business risk, improve management efficiency, reduce management costs; business process reengineering should set up a" comprehensive business management headquarters "to organize the launching of integrated business, and enhance operational synergies.(Management through the integration of business resources, information and human resources, focusing on efforts of product development, custom pools, innovative service methods, unified management channels and other measures to establish corporate clients, build the business of securities companies "-clients-products-services-channel’value chain; innovation is the establishment of incentives and compliance risk control mechanism, through the sharing of benefits and incentives to attract talent, to retain talent, and to promote the conduct of business, setting company-level integrated business compliance risk assessment agencies on a wide range of innovative business to improve the efficiency of deci si on-making, to reduce business risk, as well as the whole business, the whole risk control.) At last, the article suggests the application of new ideas and new technology to improve and change the existing method of service, service processes and products, and establish a new model of customer-centric "service" to build the core competitiveness of the brokerage.There are five chapters in this article. The Introduction shows the background, the theoretical basis of literature review, framework, research methods, the contribution and limitations of the article. The first chapter describes the Status of China’s securities companies business model and their problems. The second chapter analyzes the characteristics of the business model of securities firms in the United States and South Korea, and how to draw on from it. At the third chapter describes China’s securities companies business model innovation strategy and specific methods. Chapter IV describes the methods and standards of "service" to build the core competitiveness of securities companies.The article use empirical analysis and application of analytical methods, and a combination of case studies and comparative analysis. Note that the actual use of quantitative analysis with qualitative arguments.This article explores the HX securities company’s innovative development direction and core competitive force, shaping the ideas from the integrated business model point of view. The author hopes to provide the development of ideas for other companies. The article integrated business model innovation "business synergy drive" to create a new core competitiveness from existing businesses located sector "to" sector, risk control". From a single business model to the integrated business model, the author provides a single product and services to provide overall program transformation, conversion to a one-time service to the long-term sustainability services, and integrated business model innovation as a platform for long-term to create customer’s value.Due to the limitations of theoretical level, in addition to busy work, the research article on the future impact of innovation policy direction of China’s securities industry is to be furthered. There is not enough in analysis on the pattern of interests that block HX securities business fully coordinate. The author hopes that the studies in the future can be further deepened to integrate business model innovation measures into more specific, more operational patterns. |
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