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標題: | 券商系期貨公司發展戰略研究——以申銀萬國期貨公司為例 Research on the Development Strategy of Securities Holding Futures Company: the Shenyin&Wanguo Futures Company as Case Study |
作者: | Hai-Sheng Huang 黄海生 |
指導教授: | 李存修 |
關鍵字: | 發展戰略,券商系期貨公司,波特五力分析,SWOT分析, Development strategy,securities holding Futures Company,SWOT analysis techniques, |
出版年 : | 2013 |
學位: | 碩士 |
摘要: | 2007年以來,中國期貨行業發生了一系列並購,以證券公司(以下簡稱券商)參股或者控股傳統期貨公司為特徵,券商為了參與股指期貨並開展IB業務選擇參股或者控股期貨公司。為區別于傳統期貨公司,這些期貨公司被稱為券商系期貨公司。股指期貨上市3年來,券商系期貨公司取得了迅猛發展,未來券商系期貨公司如何發展?本文以券商系期貨公司為研究物件,並以申銀萬國期貨公司為案例,探索券商系期貨公司的發展戰略。
首先,本文對中國期貨行業的發展歷史和現狀進行了梳理,結合美國期貨行業發展歷史,以高盛集團、花旗銀行和曼氏金融為例,借助波特五力模型,對券商系期貨公司進行了五力分析,探索未來中國期貨行業的發展趨勢及券商系期貨公司的發展戰略。 其次,本文專門以申銀萬國期貨公司為例,說明券商系期貨公司的發展戰略定位。運用SWOT分析技術,從優勢、劣勢、威脅和機會四個角度對申銀萬國期貨公司進行了全方位的分析。在此基礎之上,分析了申銀萬國期貨公司的發展戰略選擇和競爭戰略選擇。 最後,本文通過對券商系期貨公司的特點分析,結合前文研究結果,提出了券商系期貨公司的發展戰略:第一個層面,通過與股東券商公司協同發展,實施 “證期融合”的一體化發展戰略;第二個層面,通過轉型發展,實施公司自身的集中發展戰略;第三個層面,借助創新業務的開展,實施差異化的競爭戰略。 Since 2007, China's futures industry has undergone a series of mergers and this is characterized by securities companies (hereinafter referred to as brokerage) shares or holding traditional futures company. In order to participate in stock index futures brokerage and conduct IB business, the securities companies share or hold traditional futures company. Different from traditional futures companies, futures companies these are called securities companies holding Futures Company. Since stock index futures marketing, this type of futures companies has achieved rapid development. How to develop in the future? In this paper, securities companies holding Futures Company as the research object, and Shenyin&Wanguo futures company as case study, we discuss the development strategy of this type of Futures Company. Firstly, this paper review the development of China's futures industry's history and current situation, and conclude the experience of the U.S. futures industry development history, such as Goldman Sachs, Citigroup and Man Financial. By using Porter's five forces model, this paper analyze the five forces of securities companies holding Futures Company. Based on this, this paper also discuss the future development trend of China's futures industry. Secondly, the paper devoted to the strategic positioning of the company's development illustrating on the Shenyin&Wanguo futures company. By using the SWOT analysis techniques, this paper conducted a comprehensive analysis from the strengths, weaknesses, threats and opportunities these four angles. On this basis, this paper analyzes the company's development strategy and competitive strategic choice. Finally, through the analysis above, this paper proposed securities companies holding Futures Company’s development strategy: the first level, through joint development with shareholders brokerage companies, the implementation of integration development strategy; second level, through restructuring and development, the implementation of the company's own development strategy focused; third level, with innovative business development, the implementation of differentiated competitive strategy. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/58803 |
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顯示於系所單位: | 臺大-復旦EMBA境外專班 |
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