Economic Cycle Fluctuation,Asset Allocation And Financing Structure Adjustment Of Securities Firms

In recent years,with the diversified development of the securities company's asset business,the securities industry has shifted from light asset management to heavy asset management,the scale of assets has expanded,and financing needs have increased.The choice of asset allocation model and financing structure management of securities firms have become more important.The impact of return of asset and financing costs on performance has also become increasingly significant.Asset and liability management has become a new topic faced by the securities industry.Judging from the influencing factors,asset allocation and financing behaviors of securities firms are affected by the capital market,and the capital market is closely related to macroeconomic fluctuations and monetary policy.The main research subject of this dissertation is that based on the perspective of macroeconomic cycle fluctuations,exploring the internal mechanism of securities firms' asset allocation and financing structure adjustment.Research status:The existing researches have studied the relationship between asset allocation,financing method selection,capital structure adjustment,and macroeconomic fluctuations in listed companies.It is believed that corporate finance behavior and financial asset allocation have economic cycles,and assets and liabilities affect each other subjecting to liquidity constraints.The existing research focuses on the periodicity of external financing of listed companies,but ignores the mechanism of the interaction between various factors.Asset allocation and financing structure adjustment did not consider the heterogeneity of the securities industry.Research ideas:Through the vertical analysis of individual case of Guotai Junan securities,combined with the existing literature research conclusions,applying the dynamic balance theory of capital structure,investment clock theory and liquidity risk management theory,based on the perspective of economic fluctuations,study the mechanism in which the macroeconomic fluctuations influencing the securities' asset allocation and financing structure.Research findings:1.The asset allocation of Guotai Junan securities is the result of balancing the external macroeconomic and internal risk return,and the adjustment of asset structure depends on the choice of allocation mode;2.The asset allocation model and the fluctuations of economic cycle of securities firms both affect the securities' financing behavior.The adjustment of financing structure is in line with the dynamic balance theory of capital structure;3.The adjustment mechanism of asset allocation and financing structure based on economic cycle fluctuations will help enhance the long-term operating efficiency of securities firms.Innovation and application value:The trade-off mechanism of the choice of asset allocation model and the optimization of financing structure of securities companies was discovered,the conduction path of macroeconomic factors was revealed,and an overall theoretical analysis framework was constructed based on liquidity risk management.This article rationalizes the internal logic relationship between asset allocation and financing structure of securities firms,and analyzes them based on the perspective of economic cycle fluctuations,expanding the research perspective of existing literature on unilateral or two-factor analysis.The conclusions of this case study are representative and can provide reference from both theoretical and practical perspectives.By building an adjustment mechanism based on the asset allocation and financing structure of the economic cycle,it will help realize the harmonization and harmonization of risks and benefits.It has important practical significance to implement asset liability management for the same type of securities companies.