新形勢下期貨公司發展戰略研究

Abstract

近年來，中國期貨市場在資本市場體系中經歷了從封閉到開放、從夾縫求存到價值認同的深刻發展變化，期貨公司作為金融企業的組織定位亦得到較大的提升。2013年，國債期貨的上市將進一步加快推進期貨市場融入主流金融圈，期貨公司發展面臨前所未有的新形勢和新機遇。 隨著投資諮詢、資產管理、風險管理服務子公司等創新業務的陸續推出，期貨公司傳統一元業務結構開始充實起來，圍繞新業務、新發展的討論也滲透到各家公司戰略決策和經營管理的骨髓中，期貨公司也真正迎來了差異化競爭時代。在新的歷史形勢下，光大期貨如何因勢利導制定發展戰略，進一步整合嫁接好平臺資源優勢，力爭在新的三年發展時期晉升行業龍頭，是一項具有重大現實意義的戰略課題。 本文以企業競爭戰略理論為基礎，運用PEST、五力競爭模型、SWOT等分析工具對公司所處的宏觀、行業和內部環境進行分析，結合光大期貨現實狀況，對其競爭環境和條件進行綜合評價；此外，本文特別採取案例研究的方式，對境外不同類型期貨經營機構（傳統獨立型經紀商、期現兼營經紀商、大型投行內嵌期貨部門、臺灣地區期貨公司）的戰略發展經驗進行梳理，既包含成功的案例，亦有失敗的案例，旨在探尋並提煉出新形勢下光大期貨戰略定位、發展目標和實施策略。

In recent years, profound changes and tremendous development have taken place in Chinese futures market, which changes from closed to open and is widely recognized by the capital market. The position of the futures companies as financial enterprises have also been greatly improved. In 2013, the launch of treasury bond futures will further accelerate the futures market to integrate into the core financial circle. Meanwhile, futures companies are confronted with unprecedented new situation and opportunities. With innovative businesses, such as investment consulting, asset management and subsidiary of risk management services launched successively, futures companies’ traditional business structure began to enrich, and the discussion about these new businesses and development opportunities infiltrate into each company's strategic decision-making and management process. In addition, futures companies really ushered in the era of competitive differentiation. In this new situation, how to make development strategies, how to further integrate the advantages of platform resources, and how to become industry leader in the next three years, are all significant strategic issues Everbright Futures Co.,Ltd faces. This paper is based on the theory of enterprise competition strategy and uses several strategic analysis tools, such as PEST, Michael Porter's Five Forces Model and SWOT to analyze the macro, industry and internal environment; and to make the comprehensive evaluation of the competitive environment which Everbright Futures is confronted with. Moreover, case study approach is used in this paper. By introducing the strategic development experiences of different types of overseas futures institutions (traditional independent brokers, futures commission merchants, futures sectors in large investment banks,) and futures companies in Taiwan ), including both the successful and failed cases, we try to figure out Everbright Futures’ strategic positioning, development goals and implementation plans in the new situation.