论文总字数：24619字

摘 要

互联网的广泛发展对金融服务行业产生了巨大的影响，券商业务在前几年一直主要靠传统业务，虽然一些可转债、融资融券等创新业务增加了证券公司的收入，但是经纪业务仍然占很大比例，证券公司整体创新能力不足，业务创新同质化趋势比较严重，现有的监管政策限制证券公司开展创新。如何创造新的利润增长点成为现今行业的关注点。

本文基于以往研究基础上，整合分析了目前券商经营情况，对当前券商的业务结构和收入结构进行整理分析，全面了解互联网金融和证券公司。互联网金融作为传统金融行业与互联网精神相结合的新兴领域，为金融业务的开展带来更为公平、透明、参与度高、成本低的市场环境。我国证券行业目前探索互联网发展的模式主要有网上开户、电子商城、移动终端、电子商务公司这几种模式。通过EVA绩效评定方法，分析业务模式绩效，选取创新类券商数据作为样本，建立WST模型，运用SPSS软件进行多元回归实证，分析券商业务模式与绩效的相关性。

本文研究发现，券商面临着传统经纪业务竞争混乱、业务收入结构不合理、数据与客户优势不明显、技术水平较低、网上平台不够成熟的内部问题，现行的业务模式不利于券商发展，收入来源比较固定，收入结构比较一致，业务范围比较小，各券商的业务也较为趋同，整体创新能力不够，整个行业的业务模式和绩效都有待改进。券商创新业务发展的关键之处在于实现金融产品与互联网精神融合，监管层制度进行改革的同时也要实现券商自身管理制度、业务流程的再造，为客户提供更优质的服务。在未来随着互联网与金融的深入结合，证券行业一定会找到适合的发展路径，更好的实现资本市场的强大。

关键词：互联网金融 券商 业务模式 创新业务

A STUDY ON INNOVATIVE BUSINESS OF

SECURITY COMPANY UNDER THE INTERNET FINANCE

Abstract

The coming of internet finance has a huge impact to the development of international finance service. In recent years, securities industry in China develops more quickly, thus strength of Security Company also has a rapid development. In the previous year, broker businesses always depend on traditional businesses, although a lot of innovative businesses such as convertible bonds、securities margin trading bring a certain profit for companies，brokerage businesses still take hold, the whole innovative ability of security company is lacking, the trend of the homogenization of business Innovation is severer, existing regulatory policies impose restrictions on the innovation of security companies. How to create more new profit growth points becomes the focus of attention in security industry.

The paper analyses business structure and income structure of Security Company based on previous analysis. By analyzing, we have a comprehensive understanding of internet finance and Security Company. As the combination of traditional finance industry and internet sprit, internet finance creates a fair, transparent, high participation and low cost atmosphere. In China, Securities Company has developed several types of models on the internet, such as online accounts, electronic mall, mobile terminals, e-commerce companies. The paper selected several innovative security companies to analyze the performance of the business model, by EVA method and establish WST model, using SPSS software to carry out multiple regression analysis, then having a correlation analysis between business model and business performance.

The study indicates that security companies are facing with a lot of problems, such as the competition confusion of traditional brokerage business, low level of technology, irrational revenue structure, insignificance of data and customers’ data, the current business model is not conducive to the development of security company, the sources of revenue is relatively fixed, revenue structure is not very good, scope of business is relatively small, the broker's business is also more convergence, the overall innovation capability is not enough, the entire industry's business model and performance should be improved. The key of the brokerage’s innovative development is to achieve a convergence of financial products and the spirit of Internet, Security Company should also improve its own management systems at the same time, to provide customers with better service. In the future, there must have be the best way for Security Company to develop internet finance, achieving stronger capital market.

Key words: Security Company; innovative business; business model; development direction

目录

摘要 1

Abstract 2

第一章 绪论 1

1.1研究背景 1

1.2 研究意义 1

1.3本文的关键问题及研究方法 2

第二章 相关研究文献综述 3

2.1互联网金融环境对券商发展的意义 3

2.2证券公司现状 3

2.3证券行业目前的发展模式 4

2.3.1网上商城 4

2.3.2网上开户 5

2.3.3移动终端 5

2.3.4电子商务公司 5

2.4 文献评述 5

第三章 证券公司结构分析 6

3.1券商业务收入数据分析 6

3.2国内券商主要业务结构数据分析 8

第四章 券商业务模式与绩效的相关性分析 9

4.1 券商业务模式EVA绩效分析 9

4.1.1 EVA评定方法简述 9

4.1.2 EVA计算方法 10

4.1.3 EVA计算过程 11

4.2.2 回归统计分析 13

第五章 证券行业创新面临的问题和建议 14

5.1 券商面临的市场环境 14

5.2券商面临的内部问题 14

5.2.1传统经纪业务竞争混乱 14

5.2.2券商业务收入结构不合理 15

5.2.3数据与客户优势不明显 15

5.2.4技术水平有待提高 15

5.2.5网上平台有待优化 16

5.3建议与对策 16

5.3.1监管层政策改革 16

5.3.2传统经纪业务的创新建议 16

5.3.3 互联网证券的发展路径 17

致谢 20

参考文献(References） 21

第一章 绪论

1.1研究背景

当前互联网环境下电子商务发展迅猛，金融行业在互联网大环境下也积极与网络接轨，网上业务开始在各券商实行，并且证券交易系统在动态行情分析、委托交易、实时新闻资讯、智能选股、等方面也实现了技术和管理等方面的创新，使得该系统可在基本面分析、自动选股、自动委托交易、技术面分析、新闻资讯汇集、等多方面满足投资者的投资需求分析。

在2014年上半年证券经营机构创新发展研讨会在京举行，会议上提出要深入贯彻落实证监会《关于进一步推进证券经营机构创新发展的意见》、国务院《关于进一步促进资本市场健康发展的若干意见》，提出积极鼓励支持引导证券行业开展创新活动。支持创新活动具体将从以下五个方面展开：一是开展证券公司牌照经营制度，监管方式积极探索功能化；二是对于证券行业的准入条件逐步实行放宽政策，鼓励支持市场竞争，用市场实现良性发展；三是推进行业创新业务发展，同时加强基础服务业务；四是发展融资融券业务，扩宽融资渠道，增强企业资本实力；五是双向发力推进市场运作，加快国际化发展。

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