| In recent years,with the intensification of homogeneous competition in the brokerage industry,the commission rates of domestic brokerage firms have been declining,coupled with the decline in the stock market after 2016,the income from brokerage firms’ agency securities trading business has been shrinking rapidly.Since 2017,General Secretary Xi Jinping has publicly advocated the promotion of global digital development on more than 30 occasions,and the report of the 19 th Party Congress formally proposed the strategic concept of building a digital China and strongly supported the deep integration of digital technology with the real economy.Social progress,development needs,policy support and technological innovation have provided new ideas for the transformation of securities companies,and digital transformation has become a strategic priority for brokerages.However,the results of the current digital transformation in the securities industry are mixed.With the exception of a small number of successful pioneers,many brokerages need to make significant upfront investments in talent and technology in order to catch up with their top-tier competitors,but the implementation of these initiatives is not ideal due to a range of organizational,capacity and cultural constraints.This paper focuses on the digital transformation of Huatai Securities by using literature research,case study and comparative research methods,and examines the role of digital transformation on Huatai Securities and its impact on performance,with a view to providing reference for more securities companies to carry out digital transformation.This paper finds that Huatai Securities has started from an ecologically oriented digital transformation strategy,and has laid out the four aspects of resource investment,structure adjustment,culture building and platform development,and refined the three paths of digitisation of users,dataisation of key business and networking of key cooperation to form a comprehensive digital transformation business model.Based on the motivation of its transformation and the strategic layout of digital transformation,this paper digs deeper into the implementation path of transformation,and uses the combination of entropy method and BP neural network to build an industry performance evaluation model of securities to simulate the effect of digital transformation of Huatai Securities,and analyzes the simulation results with qualitative analysis to summarize the keys in the digital transformation of securities firms,with a view to providing other securities firms in digital transformation The simulation results are analysed together with the qualitative analysis.Through analyzing and summarizing the layout,path and results of Huatai Securities’ digital transformation,this paper puts forward research conclusions and insights.The conclusions of this paper are as follows:(1)Huatai Securities’ digital transformation is the result of the joint action of internal needs and external promotion;(2)Huatai Securities has carried out digital transformation in four aspects: resources,platform,architecture and culture;(3)Huatai Securities has achieved positive impact on corporate performance through digital transformation of users,business and network;(4)BP neural network model has good effect on the digital transformation of securities enterprises.(4)BP neural network model has good effect on the evaluation of digital transformation of securities enterprises.The implications of this study are as follows:(1)Digital transformation can reduce the cost of sales by empowering customers: mainly including mobile platform to attract customers,create customer acquisition channels,form scale advantages and achieve cost reduction and efficiency increase;big data analysis to carve customer portraits,explore customer needs,facilitate investment advisors to conduct accurate marketing and form a customer-centric service system.(2)Digital transformation can achieve business diversification through business reshaping: leveraging on digital transformation to improve wealth management business,realise diversified business layout,reduce reliance on traditional brokerage business and enhance anti-risk capability;building a trading platform for financing and securities financing,collating transactions between the two sides of financing and securities financing transactions,enhancing the competitiveness of corporate investment and trading business,financing and securities financing business and trade sales;leveraging on the big(3)The digital transformation can promote the digitalization of enterprises.(3)Digital transformation can promote the internal and external cooperation network of the enterprise and give full play to the synergy effect: by building an innovation community and implementing a comprehensive digital talent training system,the enterprise can stimulate its innovation ability;at the same time,it can acquire financial technology companies,introduce strategic investors and cooperate with multiple enterprises to develop cutting-edge financial technology projects,giving full play to the synergy effect,break through the development bottleneck and improve the core competitiveness and growth of the enterprise.The company also acquires financial technology companies,introduces strategic investors and develops cutting-edge financial technology projects in collaboration with various enterprises to give full play to synergies,break through development bottlenecks and enhance core competitiveness and growth. |
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