Research On Stratified Location Strategies And Influencing Factors Of Securities Brokerage Offices In Shandong Province

Since the first treasury bill was issued by the Ministry of Finance in 1981,the Chinese securities industry has experienced more than 30 years.From the start of the industry to the beginning of its scale,and now it has developed and grown,the securities industry has been escorting the real economy for many years.In the future,the industry will still maintain a good momentum of development.Shandong Province is the top three economic provinces with GDP.The sustainable development of the real economy will still require the full support of the securities industry.As a carrier of the securities industry,securities companies use the securities business department as a frontline and are making every effort to create a full range of financial services for investors.With the boost of "Internet Plus"the development of the securities business department will face new opportunities and challenges in the future.For the academic research on the choice of location of financial institutions,there are already relevant literature results at home and abroad.However,analysis of the location factors of financial institutions mostly focuses on banks,and the research scope is also basically focused on the entire country.The location selection analysis for securities companies mostly starts from microscopic individuals and analyzes a specific business department from the perspective of management and geography.It is against this background that this paper attempts to study the factors considered by the security company when setting up the sales department in Shandong Province,and the influences and differences between these factors on the regional and city levels.The research is mainly divided into qualitative and quantitative aspects.In terms of qualitative analysis,this paper first sorts out the policies related to the operation of the securities companies' business operations in recent years,and then compares the data of the business operations in 2007 and 2016 in Shandong Province and finds that there are indeed significant regional distribution differences in Shandong Province.In recent years,the degree of attraction of the non-core cities in the province to the securities company's sales department has increased significantly.In addition,ArcGIS software was used for descriptive statistical analysis.The regional distribution,regional density,and uneven distribution were analyzed and explained.It was concluded that in the city level,Shandong Province has Qingdao and Jinan as "dual core" regions;at the regional level,Ludong and Luzhong areas have obvious advantages over Luxi and Lunan areas.On the other hand,an empirical analysis was conducted to introduce the Nlogit model.The data comes from Shandong Regulatory Bureau of the Securities Regulatory Commission,"Shandong Province Financial Statistics Yearbook" and "Shandong Province Statistical Yearbook",including information on the time and location of each securities company entering each city in Shandong Province from 2007-2016,as well as markets scale,financial development,market opportunities,and other data of city and region area.Finally,it is concluded that the securities companies will consider the"regional-city" stratification strategy when selecting the city to establish the business department.At the regional level,GDP has a significant attraction for securities company selection only in the relatively developed Ludong area.The number of investors' accounts has also played an attractive role in the selection of regions by securities companies.The "following of customers" behavior can be confirmed in the Luzhong,Lunan,and Ludong regions.At the city level,GDP has a significant impact on location choices.The number of accounts opened and the number of listed companies can also play a catalytic role in selecting a city for securities companies.In addition,as the financial center of Shandong Province,Qingdao and Jinan reflect the significant attraction to the securities company's sales department.This paper also takes into account the influence of corporate heterogeneity on location selection,and distinguishes between intra-provincial and extra-provincial company sales offices,and concludes that cities with larger market scale are more preferred to extra-provincial companies than intra-provincial companies.Finally,based on the distribution characteristics of the securities business department in Shandong Province and the development of the regional equity market,this paper proposes to improve the construction of the light business department,enrich the product financial service system,and improve the participation of the securities brokerage offices in the regional equity market.