摘要
中国的资本市场正在一个充满机遇与挑战的环境中变革和成长，在 2012 年以前，
我国的证券公司基本都是靠全国各地的证券营业部通过开发交易型客户收取交易佣金
而获得收入，证券营业部作为证券公司最前线的业务部门都有独立的法人资格，证券
公司的经营战略基本与银行类似，大街小巷新设营业部跑马圈地。经过三十多年的风
雨历程，随着我资本市场成长和规范，中国的证券经营机构也从以往的忽视风险、追
求利益的粗犷扩充发展模式，转变成现在的强监管、重合规、控风险的稳健发展模式

H 证券公司北京分公司是成立不久的一家区域性分支机构。面临当期形式，传统
的战略和经营模式需要大量时间和成本积累交易资产，难以在短期达到收支平衡，已
经不能解决其生存和发展问题。对市场发展趋势进行准确把握，制定合理的发展战略
才是解决当前问题的出路，开阔思路，创新谋变已刻不容缓。因此，在现有的行业背
景下，系统的对 H证券北京分公司进行分析具有现实意义

本文通过对证券行业背景、H 证券北京分公司所处的外部环境和内部环境及发展
思路进行了全面介绍，对我国证券分支机构的发展概况以及 H 证券北京分公司发展过
程中面临的同业竞争、业务趋同、部门间协作不够，机制与市场脱节等制约证券分支
机构发展的因素进行了深入分析。以相关理论为依据，最终提出：H 证券北京分公司
未来发展战略将实行集中优势资源，以创新型资管业务、投行业务为抓手带动传统经
纪业务发展，形成多元化、综合化的一流证券分支机构。最后，文章针对 H 证券北京
分公司的发展过程中的实际问题，提出发展战略重点及规划

关键词：H证券北京分公司；证券行业；发展战略首都经济贸易大学硕士学位论文 H 证券北京分公司发展战略研究
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Abstract
The security industry in China is growing and reforming in an environment full of
opportunities and challenges. Before 2012 ， most of the security companies’ operating
incomes rely on commission fees from branches throughout the country ， which have
independent legal qualification and are the front-line business in the industry. After 30 years
of ups and downs， the Chinese security industry has developed from pure interest pursuing
and risk ignoring into strengthen supervision， stable operation and opportunity seeking from
the reform and innovation nowadays.
H Security Co.， Ltd. Beijing branch is a newly founded regional branch. However，
facing with current situation ， the branch requires a large amount of time and cost to
accumulate transaction asset by adapting traditional strategy and operating model. It’s more
and more difficult to reach balance of payments and solve the problem of survival and
development. The way to solve current problems is to accurately grasp the market trends and
establish reasonable strategies. It’s critical to be open-minded and innovative. Therefore，
systematically conduct a research of H Security Beijing branch has a constructive meaning
based on current industry background.
Based on relevant theories， this dissertation， firstly， comprehensively introduces the
security industry background， the outside and inside environment of the Beijing branch.
Then， conduct a deep analysis on the current development situation of branches in the
security industry， the competition and the business convergence between the Beijing branch
and other companies in the same industry， the lack of department cooperation， the gap
between mechanism and market and other factors restrict the development of branches in the
security industry. Based on analysis， this dissertation concludes that in order to become a
diverse and systematic security industry branch， H Security Beijing branch should focus its
advantageous resources on innovative capital management business， investment banking to
strengthen the development of traditional brokerage. Finally， this dissertation promotes
several measures and programme to solving practical problems.
Key words: H Security Beijing branch， security industry， strategic development首都经济贸易大学硕士学位论文 H 证券北京分公司发展战略研究
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目录
...I
Abstract ....II
1 ....1
1.1 研究背景和研究意义....1
1.1.1 研究背景 .....1
1.1.2 研究意义 .....1
1.2 研究方法2
1.3 研究内容及论文结构....3
1.4 创新点....3
2 ..4
2.1 相关文献综述....4
2.1.1 国外研究综述 .........4
2.1.2 国内研究综述 .........4
2.2 相关理论综述....5
2.2.1 PEST 分析方法 ........5
2.2.2 竞争能力矩阵分析法 .........5
2.2.3 波特“五力”模型......6
2.2.4 SWOT 分析法 ..........6
2.2.5 差异化战略 .6
3 H ......8
3.1 公司简介..8
3.1.1 H 证券公司介绍（总部）..8
3.1.2 H 证券公司北京分公司介绍..........8
3.2 宏观环境分析....8
3.2.1 政治、政策和法律环境 .....8
3.2.2 经济环境 .....9
3.2.3 社会环境 ...10
3.2.4 技术环境 ...11
3.3 行业竞争环境分析