【作者】 赵玲；

【导师】 邱斌； 楼庆；

【作者基本信息】 东南大学 ， 工商管理（专业学位）， 2020， 硕士

【摘要】 2019年12月末,第十三届全国人大常委会审议通过修订后的《证券法》,明确自2020年3月1日起全面推行注册制,中国资本市场迎来发行制度改革的重要时机。一直以来,中国企业在沪深两市的上市需经监管部门实质审核,即采取“核准制”,注册制的推行,把审核风险转嫁给中介机构和市场,对证券公司从业人员提出了更高要求,也在未来很长一段时间内给我国证券公司的传统业务模式带来挑战。本文对注册制背景下证券公司业务模式转型进行研究与探讨,为确保数据的可得及统计口径的一致性,本文在选择研究样本方面,主要把国内已在沪深两市上市的36家券商作为主要研究对象,此类证券公司具有可持续发展能力,对于自身定位与战略发展具有相对明确的认识,在业务模式、盈利水平、经营特色等方面,基本能代表我国证券公司的经营现状与未来转型发展情况,能够满足本文的学习与研究。首先,本文阐述了文章的研究背景和全文结构,分析注册制下我国上市券商业务模式转型的理论意义和现实意义,并通过经典文献对核心概念进行界定、理清现有研究脉络;其次,通过数据分析梳理我国证券公司的业务现状,分析传统业务模式存在的问题,并就注册制带来的机遇与挑战进行分析,得出转型的必要性;再次,把36家上市券商作为研究样本,运用SWOT矩阵进行分析,得出常见的转型策略;同时,以高盛集团为案例分析境外上市券商业务情况,为我国上市券商业务发展与转型提供借鉴;最后,根据上述分析,本文进一步选取我国上市券商中的典型代表,对不同业务定位的上市券商进行业务转型分析,给出转型策略实施路径和相关对策建议:大而全的头部券商通过全产业链、全区域布局、开拓海外市场来发展业务;具有特色业务的券商可立足特色业务,做精做强品牌业务,适时以点带面拓展业务;具有地域特色的券商可在一定区域内深耕细作,布局区域内的全产业链业务;小型券商可通过资本市场并购等方式实现赶超。更多还原

【Abstract】 At the end of December 2019,the 13 th National People’s Congress Standing Committee reviewed and approved the revised Securities Law.The registration-based initial public offering(IPO)system is fully implemented from March 1,2020.China’s capital market ushers in an important opportunity to reform the issuance system.For a long time,the IPO methods of Chinese companies in Shanghai and Shenzhen stock exchanges have been substantively reviewed by regulatory authorities,which is approval-based initial public offering(IPO)system.Current trial and full implementation of registration-based initial public offering(IPO)system in the future,will passed on audit risk to intermediaries and markets,which will put forward higher employment requirements for the securities company employees,and it will also challenge the traditional business model of China’s securities companies for a long time to come.This thesis studied and discussed the transformation of securities company business model under the background of registration-based initial public offering(IPO)system.In order to ensure the availability of data and the consistency of the statistical caliber,36 domestic securities firms that have been listed in Shanghai and Shenzhen stock exchanges were chosen as main research objects.These securities companies were capable of sustainable development and had a relatively clear understanding of their positioning and strategic development.In terms of business operation model,profitability,and operating characteristics,they could basically represent the current status of China’s securities companies and their future transformation and development.And it could meet requirements of the study and research of this thesis.This thesis consists of six chapters.Firstly,it introduced the research background and structure,analyzed the theoretical and practical significance of China’s Listed Securities Companies business model transformation under the registration-based initial public offering(IPO)system,to define the core concepts,clarify the existing research context by studying the classic literature.Secondly,it sorted out the current business situation of China’s securities companies,and analyzed the problems of traditional business models,the opportunities and challenges brought about by the registration-based initial public offering(IPO)system,and drew the necessity of transformation.Thirdly,it used 36 Listed Securities Companies as research samples to find common transformation strategies by using SWOT matrix,and it used Goldman Sachs Group as a study case to analyze the business situation of overseas Listed Securities Companies,to provide a reference for the development and transformation of Listed Securities Companies business in China.Finally,based on the analysis above,the thesis further selected the typical representatives of China’s Listed Securities Companies with different business positions to conduct business transformation analysis,and gave the implementation path of transformation strategies and relevant countermeasure suggestions.Large and comprehensive head brokers develop their business through the entire industry chain,the entire regional layout,and opening up overseas markets.Specialized brokers can build on their unique business,and seek for opportunities to expand business in time.Brokers with regional characteristics can further cultivate in a certain area and lay out the entire industry chain business in the area.Small brokers can catch up with capital market through mergers and acquisitions.更多还原