Research On The Competitiveness Of Listed Securities Companies' Asset Management Business

With the reform and opening up,the national economy and household savings grew rapidly,which provided a huge market demand for the domestic asset management industry.Meanwhile,The increasing financial concept has been enhanced the demand of asset management.All kinds of financial institutions are optimistic about asset management industry.Thanks to the concerted efforts of Banks,insurance,Securities companies,trusts,and funds,China's asset management industry has entered its golden period over the past ten years.Especially since 2012,China's asset management business has grown rapidly and the overall scale of the industry has expanded rapidly.But the hidden crisis behind the rough growth is also emerging,with the harder regulation,the whole industry began to enter the adjustment period.Securities companies,as an important part of the asset management industry,when the profit space of brokerage business was shrinking,the asset management business provides a considerable revenue source for them.Then,in the new period of supervision,It is significant for securities companies who should improve themselves to make asset management business bring a continual source of revenue.First,this paper combed the related theories and literatures about securities companies' asset management business.From overall size and product type angle,we analyzed the current situation and find some problems,such as the acceleration of industry differentiation,the imbalance of business structure and the weak ability of risk control;Second,this paper selected 22 listed firms and 27 indicators from the 8 aspects,such as Scale ability,market ability,profitability,development ability and risk control ability.Then we used factor analysis method to extract 8 factors,including scale factor,product structure factor,corporate governance structure factor,profit and growth factor and so on.Scale factor was the most influential factor among them;Third,based on the results of factor analysis,we ranked the comprehensive score of the competitiveness of securities companies' asset management business,and found that the competitiveness of securities companies' asset management business is significantly differentiated;Finally,based on the reality and empirical results,this paper put forward 5 suggestions to improve the competitiveness of listed securities companies' asset management business in terms of scale strength,product structure,human capital,risk control ability and market capacity.