Research On The Performance Evaluation System Of ZS Securities Anhui Branch Based On Balanced Scorecard

Recent years has seen the businesses and scales of Chinese securities firms soar,with the year 2018 alone recording a combined operating revenue of RMB 266.2b.With rapid industrial development has come tighter regulation.On April 27th 2018,PoBC,China Banking and Insurance Regulatory Commission,and State Administration of Foreign Exchange(SAFE)jointly issued the Guideline on Regulating Asset Management Operations of Financial Institutions,which enhances regulation on the AM arm of the securities industry by setting forth stricter and more detailed requirements on operation levels.This measure rapidly put restraints on the arbitrage scope of securities firms.In response and amid the overall push into AM operations by brokers,they shall inevitably plug the hole and boost operational performance.Besides,CSRC issued the Regulations on Foreign-invested Securities Firms(Draft for Comment)in March 2018,planning to allow foreign capital to take controlling stakes in JVs with Chinese counterparts.Foreign brokers are more sophisticated in terms of development than Chinese security firms.And with more abundant capital and human resources,the entrance of foreign players will bring considerable impacts to Chinese brokersZS Securities Anhui Branch was established in 2013.It has 10 business departments in Anhui,which are located in Hefei,Wuhu,Ma'anshan and other places.Faced with the influence of the above multiple factors,ZS Securities Anhui Branch needs to start from itself,through the establishment of a scientific performance evaluation system,to promote the long-term development of the company.At present,the company mainly uses the key performance indicators method to evaluate its performance.This performance evaluation method pays too much attention to financial indicators,ignores the long-term development of the company,and can no longer meet the fast changing external environment.And the performance evaluation system based on the balanced scorecard can well meet the development needs of the company,achieve its strategic objectives,and enhance the comprehensive competitiveness of the company.Balanced scorecard performance evaluation system,as one of the most outstanding corporate performance evaluation system,has been widely applied in developed countries.This paper mainly discusses from six aspects:The first part mainly elaborates the research background and significance of the performance evaluation system of the balanced scorecard.Then it combs the relevant research of domestic and foreign scholars,and finally explains the innovation and shortcomings of this study.The second part elaborates the concepts of performance evaluation and balanced scorecard,and introduces the related theories of strategic management,organizational behavior,principal-agent,incentive and so on.The third part introduces the basic situation of ZS Securities and Anhui Branch,and analyses the existing problems and causes of the current performance evaluation system.The fourth part is to construct the performance evaluation system of the Balanced Scorecard of ZS Securities Anhui Branch,sort out the design ideas,clarify the company's strategic objectives,and redesign the performance evaluation system indicators,and finally determine the weight of the indicators by using the analytic hierarchy process.The fifth part mainly analyses the key points and supporting guarantee of ZS Securities Anhui Branch in the process of implementing the performance evaluation system of balanced scorecard.The sixth part puts forward the research conclusion,points out the shortcomings of this paper,and makes a prospect for the future development of the Balanced Scorecard performance evaluation system.The innovations of this paper are as follows:Firstly,we try to build a balanced scorecard index system for ZS Securities Anhui Branch.In view of the small number of balanced scorecards used by securities companies at present,this study may have some reference significance for other securities companies to introduce balanced scorecards for the first time.Secondly,AHP analytic hierarchy process is used in the selection of index weight,which is more rigorous and efficient,and helps to balance the fairness of the establishment of scorecard indicators.