2010年2月26在上海交易所上市证券经纪业务一直是证券公司的核心业务之一,
也是证券公司经营收入的主要来源。所以证券经纪业务竞争战略的研究对于证券
公司的长远发展有一定的现实意义。
本文的写作目的是,运用竞争战略的相关理论,结合华泰证券经纪业务的实
际情况,通过对华泰证券经纪业务外部环境和内部因素的分析,确定有利于公司
经纪业务长期发展的竞争战略——差异化竞争战略,并提出一系列战略保障措施。
文章通过运用PEST分析法对宏观环境加以分析,并运用五种竞争力模型对行
业竞争环境进行分析,总结出华泰证券经纪业务面临的外部机会如下:相关法律
法规的完善,监管部门“扶优限劣”政策为公司的证券经纪业务发展提供机会,《投
资顾问业务暂行规定》的出台对合规经营且具有一定竞争优势的华泰证券的经纪
业务增加了一个收入来源;行业管制的放松,尤其是混业化发展制度安排的逐步
放幵,公为司综合金融服务平台内涵的进一步丰富,为公司综合经营和跨业务经
营整体实力的提高提供了条件;国民经济的持续稳定发展为中国证券市场的发展
提供经济保障;居民收入的提高有利于客户资源的稳定发展;投资者受教育程度
的提高以及个人素质的提高,有利于证券市场秩序的稳定,同时也有利于创新品
种的推广;证券市场上产品和服务的品种越来越丰富,融资融券等创新业务的推
广,可以满足客户越来越多样化的需求;科技的进步,互联网以及3G业务的闩新
月异,为证券经纪业务开辟了很多服务通道。华泰证券经纪业务所面临的威胁主
要来自客户和现有的同行竞争者。随着客户需求的越来越多样化,单一的业务模
式己经不能够满足他们对于价格和服务的敏感度;此外,同行业之间的竞争越来
越激烈,由于普遍存在经营模式单一化以及服务同质化的特点,为了更好的吸引
客户,各券商便会将价格竞争进行到底,以致演变为恶性竞争。
文章通过价值链分析法,对公司内部条件的优势和劣势进行了总结分析。公
山东大学硕士学位论文
司的内部资源优势主要体现在:华泰控股集团的综合实力以及规模优势;公司在
客户关系管理方面比较先进的理念和先进的技术;在人力资源管理方面,能吸引
和培养出一批富有创造性的人才;在营销管理方面,有先进的营销手段和强大的
营销推广团队;财务管理方面,财务状况良好;在创新管理方面,产品和服务的
创新为证券经纪业务提供保障。紫金理财服务体系、紫金理财大讲堂、涨乐理财、
涨乐微博等对证券经纪业务的支持作用今后还有很大的发挥余地。当然在某些方
面也存在一定劣势需要改进,比如营业部经营效率不高;地区分配不平衡;产品
和服务的差异化程度不够等,公司的品牌影响力仍有待进一步提升。
文章通过比较分析得出结论:华泰证券经纪业务的最佳竞争战略应该是差异
化竞争战略,即通过差异化的产品和服务,打造全业务链的财富管理平台,以形
成自身独特的核心竞争力,实现公司的经营目标。在研究过程中,文章针对成本
领先战略、差异化战略以及集中战略三种战略对华泰证券经纪业务的适用性进行
了分析比较,并且借鉴国外证券公司经纪业务的竞争战略的经验,对于华泰证券
竞争战略的制定、实施和保障,具有积极意义。由于华泰证券的经纪业务在证券
行业具代表性,华泰证券经纪业务的竞争战略研究,对同行业的其它公司和其它
相关金融机构的战略管理应该有一定的借鉴意义和现实意义。
关键词:华泰证券经纪业务竞争战略差异化战略山东大学硕士学位论文
ABSTRACT
Huatai Securities Co., Ltd. is one of the first comprehensive securities companies,
which was approved by China Securities Regulatory Commission. It's also one of the
first pilots of innovation. With 20 years' development, the company has formed an
international securities holding group structure, which involved securities, funds,
futures, direct investment and overseas business. It is conducive to the sustained and
healthy development of the company that Huatai Securities listed on the Shanghai Stock
Exchange.
The brokerage business of Huatai Securities is widely recognized in the community.
It has continuously improved in the market competitiveness and brand influence in
recent years.
Along with the reform of non-tradable shares and the comprehensive management
of the brokerage, the capital market of our country has developed rapidly. Meanwhile,
the external environment of brokerage has also gradually changed. Securities brokerage
business has always been one of the core businesses of securities companies, and it's
also the main income source of securities companies. It is of practical significance to
research the competitive strategy of the securities brokerage business, by which we can
establish a competitive advantage in favor of the long-term development of the company.
The purpose of writing this thesis,is to establish a competitive advantage in favor of the
long-term development of Huatai Securities,by using the competitive strategy theory,
combined with the the actual situation of Huatai Securities brokerage business.
In this paper, we summed up the external opportunities and threats of Huatai
Securities through the PEST analysis and five forces model. There are several
opportunities as follows: perfection of relevant laws and regulations, sustainable
development of the national economy, improvement of residents 1 income,improvement
of the clients’ quality, innovative business launched and the progress of science and
technology, and so on. Most threats are from the customers and current competitors.
Through the value chain analysis, we can distinguish the advantages and
disadvantages. Advantages of internal resources of the company are mainly reflected in
the following: strong comprehensive strength and scale advantages of Huatai Holdings,
advanced ideas and technology in customer relationship management, ability to attract
and cultivate creative talent, strong marketing management by advanced marketing
methods and a strong marketing team, good financial situation, as well as innovation
management skills. Of course,there are also some disadvantages in the brokerage
business, such as the low operating efficiency of business department, regional
imbalance and shortage of difference.
By comparing three different competitive strategy, we conclude that differentiated
competitive strategy is the best choice to Huatai Securities. Through the differentiated
products and services, we can create a wealth management platform of whole business
chain, so as to form the company's own unique core competitiveness, and to achieve the
business objectives of the company. The research of this paper may be of some practical
significance to other companies' strategic management.
Key words: Huatai Securities; Brokerage Business; Competitive Strategy;
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