Evaluation Research On Competitiveness Of China's Listed Security Companies

With the continuous development of our national economy,the scale of capital market is gradually expanding,and the role played by the securities companies as the backbone of the capital market is becoming more and more important.After 31 years of development,as of December 2018,there are 131 securities companies in China,35 of which are listed,according to official data released by China's securities industry.As the main body of the capital market and an important part of the financial market,the level of competitiveness of the securities company will directly affect the development of the capital market and even the comprehensive national strength of our country.With the acceleration of world economic integration and globalization,Chinese securities companies are facing enormous opportunities and challenges.On the one hand,as the world's second largest economy,the international investment banking giant is increasingly active in China's securities market,bringing great pressure to domestic securities companies.On the other hand,in the economic globalization,domestic securities companies will also get rapid development opportunities.In this economic trend,understanding and improving their competitiveness is particularly important.According to the theory of enterprise competitiveness and the characteristics of securities companies,according to the total assets ranking of securities companies published by the China Securities Association for the year 2017,27 listed securities companies(all listed before December 2017 according to the integrity of the data)were selected as samples,and the scale of operation was selected in turn.Profitability,operational efficiency,risk management,governance structure,market capacity,potential development power and social value are used as the primary evaluation index of the competitiveness of listed securities companies,and the total assets are finally selected.The evaluation system of the competitiveness of listed securities companies is constructed by 21 secondary indexes,such as asset-liability ratio and public welfare expenditure.According to the step of factor analysis,using SPSS24.0 software to analyze the data of listed securities companies for three years,six main factors influencing the competitiveness of listed securities companies are determined: scale strength factor,governance structure factor,profitability factor.Potential development factor,operational efficiency factor and risk management factor.The listed securities companies are divided into 4 categories by cluster analysis.Through the analysis of the conclusion and finally put forward the corresponding opinions.This paper is divided into six parts:the first part is the theory,which discusses the background and significance of the research,the main content and innovation.The second part is the literature review,the domestic and foreign enterprises to the competitiveness research and the theory achievement development present situation.The third part is the establishment of the competitiveness evaluation system of listed securities companies and the explanation of the selected indicators.The fourth part is empirical research,using SPSS24.0 software to analyze the selected index data by factor analysis and cluster analysis,and explain the empirical results.The fifth part is the suggestion,combined with the empirical results and the actual situation,to improve the competitiveness of listed securities companies in China.The sixth part is the conclusion and the prospect,summarizes the research structure and makes the further prospect to the listed securities company competitiveness research.