Research On The Influential Factors Of Chinese Security Companies’ Core Competitiveness Based On SEM

After the financial crisis, the domestic capital market was badly battered. We realized that the pace of economic globalization accelerated, national economic situation was continually enhanced, to gain a foothold in the volatile international environment, the securities company must build its own core competitiveness, instead of imitating foreign investment banking business. Core competence is the soul of enterprises, it is different from other companies, and difficult to imitate and substitute. Recent years, China is perfecting the capital mark. On the one hand, to improve opening degree of the capital market, it gives right to the mixed operation of the banking, insurance and securities companies, the financial industry began to attempt cross-shareholdings, it brought about a wave of mergers and acquisitions. On the other hand, the "Twelfth five-year" plan proposed the view that "to speed up the construction of multi-level capital market", as the "new three board" listed, the domestic multi-level capital market system gradually formed by the main board, GEM, otc counter trading network and the property market, the diversity of capital market gradually grows.With the accelerating of interest rate liberalization, the improving of the capital market openness and diversity, the competition of securities companies intensified. Since 2012, the brokerage business innovation conference convenes for three consecutive years, it encourages the securities company to business innovation, prompts the securities companies pay close attention to the ability of foster the sustainable development of itself in the industry.Based on the actual requirement of promoting the core competitiveness, this paper utilizes the method of normative analysis and empirical analysis to analyze the securities company’s core competitiveness, according to the path of Reviewing theories and literature, building index system of influencing factors, setting model to empirical analysis, putting forward the conclusion and suggestion. First of all, sum up with the related theories basis on resources, information technology, knowledge, integration ability and the environment, review the related literature of the core competence evaluation, then divide the influence factors of securities company’s core competitiveness into resources, ability, and environment. Secondly, on the basis of analyzing the characteristics of the securities company, build the index system of the influence factors conclude the net capital, net profit, asset-liability ratio, return on net assets and so on. According to the data of China securities companies, this paper draw path analysis diagram and construct the structural equation model. The empirical results show that the environmental elements have high correlation with the core competitiveness, the standardized path coefficient was 0.994, the coefficient of resources is 0.956, and the standardized path coefficient of the ability was 0.528. Considering the influence of observation variables, it is the net capital, net income, the number of graduate degree, analysts and information technology personnel number, the dominate market share and sales quantity that dominates the core competence.Compared to using the method of factor analysis, grey correlation method, DEA, the analytic hierarchy process, this paper introduced the model of SEM to analyze the influence factors which affect securities company’s core competitiveness innovatively. On one hand, the using of SEM makes the research based on theory and experience. On the other hand, different from past studies, this paper focus on discussing the influence factors of securities company core competitiveness to provide guidance on proposing core competence.