HTZ券商直投公司的资产配置策略研究(MBA硕士)(论文43000字)
Research on Asset Allocation Strategy of HTZ Security’s Direct Investment
摘 要
证券公司直投业务在历经20世纪90年代初业务初试以及2007年的正式放开，监管层面不断出台政策对该项业务进行监管修正，直至2015年01月16日中证协下发《证券公司直接投资业务子公司管理暂行规定（征求意见稿）》，券商在直投子公司设立条件、公司股东、投资范围和业务范围等多个方面获得了更大的自主权。国内券商直投业务在经历了积极探索和稳健发展的初级阶段之后，进入了运营较为规范成熟的时期，直投子公司凭借着其专业的团队和独特的券商背景，逐渐成为私募行业一股不可小觑的力量。在国外成熟市场上，直接投资业务一直是证券公司的主要业务领域和重要利润来源,因此，源于发展壮大的需要，与实力雄厚、相对成熟的PE行业相竞争，研究如何在有限的投资规模内合理配置资产对券商直投公司而言是非常有必要的。随着国内证券市场的不断发展与完善，与直投相关的各方面条件日益成熟，券商直投业务市场巨大，潜力无限。券商直投公司为了提高收益和竞争力，创新业务层出不穷，风险也加大。本文旨在探讨券商直投公司如何在资产配置方面进行决策，进而在激烈的市场竞争环境下发展壮大以应对日益严峻的国际金融巨头的挑战，找寻成熟资本市场的直投业务运作模式。
本文是笔者根据在工商管理专业阶段所学的各项管理理论，与本人研究方向紧密结合，在遵循公司总体发展战略的前提下，确定公司的资产配置为研究对象，对公司资产配置内外部环境进行全面分析，从而提出适合公司发展的资产配置目标，并针对未来可能存在的战略性问题提出具体解决思路，以全面提升公司综合竞争力，期望能为公司快速、健康发展提供强有力的支持，同时对我国现有的同类型公司做大、做强有着一定的指导和借鉴意义。
关键词：券商直投；资产配置；模式；综合竞争力
ABSTRACT
After the direct investment business of securities companies in the early 1990 s business first try, and in 2007 officially open, regulatory policy to monitor the business will be modified continuously, until January 16, 2015 documented association issued by the securities company direct investment business unit management regulations (draft) , the brokerage set up the conditions in direct listing company, the shareholders of a company, investment scope, and multiple aspects such as the scope of business won the greater autonomy. Domestic brokers direct investment business after actively explore and steady development of the primary stage, after entering mature period, operating more specification straight listing company with its professional team and unique brokerage background, gradually become a force to be reckoned with in the private equity industry. Direct investment in overseas mature markets, business has always been a securities company's main business areas and important profit source, therefore, originated from the need of development, with strong, relatively mature PE industry competition, study how to rational allocation of assets within limited investment scale is necessary for brokers direct investment company. With the continuous development of domestic securities market and perfect, various conditions associated with direct investment is increasingly mature, brokers direct investment business market is huge, the potential is infinite. Brokers direct investment companies in order to improve the income and competitive and innovative business emerge in endlessly, risk also increased. The purpose of this paper is to explore how brokers direct investment company in terms of asset allocation decisions, and develop in the fierce competition in the market environment to meet the challenges of the increasingly severe international financial giants, looking for mature capital market direct investment business operation mode.
This article is based on the professional stage of the business administration management theory, combining with my research direction, under the premise of following the company's overall development strategy, determine the company's asset allocation as the research object, the comprehensive analysis on the assets of the company internal and external environment, thus put forward to meet the goals of asset allocation for the development of the company, and for the future possible strategic problem put forward the concrete solution, to enhance comprehensive competitiveness, the company for the company's rapid and healthy development to provide strong support, at the same time to our country existing the same type of company do bigger and stronger has certain guidance and reference significance.
Key words: Direct Investment；Asset Allocation；Mode；Comprehensive Competitiveness
目 录
摘 要 I
ABSTRACT I
目 录 I
第一章 引 言 1
1.1 研究目的和意义 1
1.2 论文的基本框架 2
第二章 理论基础 5
2.1券商直投内涵 5
2.2资产配置理论 7
2.2.1 马科维茨模型 7
2.2.2 资本资产定价模型 8
2.2.3 套利定价模型 11
2.2.4 资产配置其他理论 11
2.3 资产配置程序 12
第三章 HTZ券商直投公司环境分析 15
3.1 HTZ公司概况 15
3.2 HTZ公司外部环境分析 15
3.2.1经济环境 15
3.2.2政策环境 16
3.2.3行业环境 18
3.3 HTZ公司内部环境分析 19
3.4 HTZ公司财务战略对资产配置的需求 21
3.4.1 HTZ公司财务战略 21
3.4.2 HTZ公司总体战略、财务战略对资产配置的需求 22
第四章 HTZ券商直投公司资产配置的决策 24
4.1 HTZ公司资产配置的目标 24
4.1.1 HTZ公司资产配置的总体目标 24
4.1.2 HTZ公司资产配置的具体目标 24
4.2 HTZ公司的资产配置策略选择 24
4.2.1 HTZ公司资产配置SWOT分析矩阵 24
4.2.2 HTZ公司的资产配置策略选择 27
第五章 HTZ券商直投公司资产配置的实施与控制 29
5.1 HTZ公司资产配置的实施 29
5.1.1 HTZ公司资产配置实施的方法 29
5.1.2 HTZ公司资产配置的实施计划 30
5.1.3 HTZ公司资产配置实施的保障措施 30
5.2 HTZ公司资产配置的控制 31
5.2.1明确资产配置控制的内容 31
5.2.2 建立资产配置控制的机制 32
第六章 结论与展望 33
参考文献 35
致 谢 37 |
