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Study of Changjiang Securities Company’s Broking Business Innovation

Author: LvYao
Tutor: ChenYongSheng
School: Southwestern University of Finance and Economics
Course: Business Administration
Keywords: Securities companies Brokerage business Transformation
CLC: F832.51
Type: Master's thesis
Year: 2011
Downloads: 330
Quote: 0
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Abstract


The brokerage business is the core business of securities companies in China, but also the most important source of profit. Over the years, the brokerage business has been for securities companies to contribute more than 60% of the profits. However, in recent years, the domestic securities industry has been the major brokerage firms expanded commission price war dragged into a vicious circle of cul-de-sac, the homogenization services and down the consequences of the commission competition is the brokerage business profits declining, which is excessive securities companies rely on the brokerage business, is undoubtedly worse. Published in 2010 by the Securities Association of China securities industry operating situation, the industry-wide brokerage business income share decline from 69.2% in 2009 to 56.8%, commission rates in the industry fell by 23% to 0.097%. Thus, the traditional brokerage business profit model has internal and external contradictions highlighted, only the transformation of innovation in order to promote the sustained and stable development of the securities brokerage business. It should be noted that securities companies \Firstly the current situation of the domestic securities brokerage business, problems analysis to clarify the inevitability of the brokerage business model transformation and analysis of the future development trend of the brokerage business, pointed out that the the Securities Brokerage future profit will come from five areas , the traditional channel business commission income, investment advisory fees, margin trading business income, the IB business income and fund sales sub-warehouse income. On this basis, the direction of the transformation of China's securities brokerage business, that is, the brokerage business to diversify from a single shift to service-centric transformation. Practice has proved that some securities companies have been implemented by the investment advisory business, margin trading business, IB and innovative services such as differentiated services, the initial change in the situation of the rapid decline in commission income, walking in the forefront of the same industry transformation and exploration. Secondly, through the analysis of of brokerage securities brokerage business in the United States advanced experience, a very important lesson. Merrill Lynch FC mode is to my brokerage vigorously develop the investment advisory business is worth learning a model. Merrill Lynch investment advisory team as the cornerstone of the company, focusing on the cultivation and construction of the investment advisory team, relying on the professional services of the investment adviser access to the lucrative service charges. Path traversed from mature capital markets, improve service revenue will be the direction of of Securities Brokerage transformation in China. Finally, this theory with practice, the case of Changjiang Securities brokerage business transformation, carried out a detailed analysis and study of the use of the SWOT model Changjiang Securities brokerage business competitive environment, internal resources and external factors. On this basis, a series of measures of Changjiang Securities brokerage business transformation, including the company's retail business reform design, changes in the organizational structure of the business department, business process reengineering, the transition performance appraisal system, risk control. Changjiang Securities is a medium-sized brokerage firms listed on the Shenzhen Stock Exchange, has been ranked the second tier of the domestic brokerage, brokerage business has been the company's most important source of income, but the market share is low proportion. The paper aims to study the the Securities Brokerage transformation process, to make a practical guide countermeasures and suggestions on the Changjiang Securities adapt to industry trends, to promote the brokerage business transformation.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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