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论文编号：	2464
作者编号：	033002
上传时间：	2010/6/10 22:05:12
中文题目：	基金管理公司核心竞争力构建研究
英文题目：	A Study on the Core Competence of Asset Management Companies
指导老师：	张玉利
中文关键字：	基金管理 核心竞争力 产品创新力 风险控制
英文关键字：	fund management core competence product innovation
中文摘要：	2008年美国“次贷危机”引发全球性金融危机的爆发，而后国际油价金价持续飙涨，各国汇率与利率波动幅度加大，影响股票市场涨跌及汇率、利率升贬的因素日益复杂，国际经济、金融环境更加动荡不安。这给全球实体经济运行带来了巨大的负面影响，中国作为世界经济体中的一员，也难以独善其身，中国大陆的实体经济和虚拟经济发展均受到影响。资产管理行业是不同于传统的实体经济的行业，其产品的虚拟性、与实体经济的高度关联性及面对经营风险的复杂性、多重性，决定了加强资产管理公司核心竞争力建设的重要性。经营了233年的苏格兰皇家银行——霸菱银行的倒闭、2008的美国华尔街三大投资银行的破产倒闭均给资产管理公司的长远发展、经营风险的控制敲响了警钟，因此，本论文将集中研究虚拟经济的主体——资产管理公司在此诡谲多变的市场中，如何持续拥有竞争优势，如何塑造与强化资产管理公司的核心竞争力，以快速适应这动态的竞争环境。 西方正式的核心竞争力理论研究仅有20年左右的历史，但关于核心竞争力的思想却有上百年的历史溯源。本论文在对西方不同学派关于核心竞争力的概念进行梳理比较以及从经济学、管理学角度对核心竞争力的概念进行回顾后，结合资产管理行业的特殊性，提出了资产管理公司核心竞争力的构成与特征。基金管理公司从事的是一种资金信托业务，并没有有形的产出，因此，其核心竞争力也就体现为一种知识、技能以特定方式的组合，是基金管理公司在长期的经营发展过程中积累的、不能在短期内投资提高的能力。它不易被竞争对手所模仿，它能够显着实现顾客的价值需求，领先竞争对手，同时能为其自身带来超额收益及市场竞争优势。基金管理公司核心竞争力具有鲜明的个性特征——价值性、整体性、独特性和难以模仿性。同时，它还具备延展性、知识性、辐射性、动态性、不可交易性、难以替代性等连带特征。 按照论文的研究逻辑，本文在文献回顾与综合分析的基础上，提出了在经济全球化、金融国际化背景下资产管理公司核心竞争力的构成纬度，构建基金管理公司核心竞争力的评测体系。应用资源基础观点的VRIO分析框架与价值链分析来分辨基金管理公司的有价资源与能力，结合基金管理公司的行业属性和公司经营风险分布特征，依此本文将基金管理公司所占有的资源类型为8个方面和2个层面：（1）基金经理的才能；（2）基金管理公司的制度、文化；（3）战略管理能力；（4）基金产品开发能力；（5）基金营销能力；（6）基金运作的风险控制能力；（7）基金公司的组织优化能力；（8）基金公司的人力资源管理能力。其中，基金经理的才能、人力资源管理制度、基金管理公司制度文化属第一层次，属于人力资本资源；基金公司的战略管理能力、基金产品的创新能力、基金市场的营销能力、基金运作风险控制能力、基金公司的组织优化能力属于第二层次组织资本资源。在作者提出的基金管理公司核心竞争力构成模型的基础上，本论文分别从产品创新力、风险控制力、组织优化力、市场营销力四个角度研究基金管理公司核心竞争力的构建机制与提升路径。并且结合台湾基金管理公司的成长历程，来检验本论文提出的基金管理公司核心竞争力构成纬度的有效性。 本论文的创新点在于国际金融危机背景下，结合资产管理行业特殊性，提出了基金管理公司核心竞争力构建的研究论题，并从经济学（金融学）、管理学的视角来跨学科研究基金管理公司的核心竞争力构建论题，提出了基金管理公司核心竞争力的构成要素，将基金管理公司核心竞争力的评测体系系统化、模型化。不足之处在于限于数据获取的原因，未能开展大陆基金管理公司的案例研究，将本论文提出的基金管理公司核心竞争力评测模型应用于中国基金管理公司的管理实践中，这一点期望在今后的工作和研究生涯中得以补充完善。
英文摘要：	The explosion of global financial crisis caused by US ‘Sub-prime Crisis’ has drastically impacted the global economy. China， as one of the member in global economy， can not work on its own and Mainland China’s developments of real economy and virtual economy both have been influenced dramatically. The asset management industry is unlike industries in traditional real economy. The virtual attribute of the product， the high correlation with the real economy， and the complexity and multiplicity of business risk all determine the importance to enhance the construction of the asset management company’s core competence. The bankruptcy of Baring， a 233-year Scotland bank， and the bankruptcies of three Wall Street investment banks in 2008， both sound the alert bell of the long-term development and business risk of the asset management companies. Therefore， the thesis focused on the research of the virtual economic entity - the construction issues of the asset management company’s core competence. Formal theoretical research on core competence in western countries only has a 20-year history. However， its cerebration has a historical review for hundred years. After comparing the concepts of core competence among different western schools and reviewing the concepts from the perspectives of economics and management， the thesis combined the particularity of the asset management industry and addressed its composition and characteristics of the asset management company’s core competence. The asset management company is engaged in the capital fiduciary business without tangible output. Hence， its core competence is embodied in a particular composition of knowledge and skills and is the ability of an asset management company， which is accumulated in the process of long-term business development and can not be enhanced in a short time. The core competence can not be easily imitated by competitors， remarkably achieves the value demands from clients to take the lead， and brings the extra profit and competitive advantage of its own. The core competence of the asset management company has clear-cut characteristics- value， unity， uniqueness， and un-duplicity. Besides， it also owns the interconnected characteristics of ductility， knowledge， radiation， dynamical， non-tradability， and irreplaceability. Based on the logic of dissertation research， the thesis， on the basis of thesis review and comprehensive analysis， addressed the constitution of the asset management’s core competence given the globalization of economy and financial internationalization and constructed the evaluation system of the asset management company’s core competence. According to the implicit characteristics of the core competence theory and the research of the core competence，combined with Resource-Based theory point of view, via VRIO analysis frame and value chain to identify asset management company valued resource and compentence，the thesis classified the industry attribute of the asset management company and the characteristics of the company business risk distribution and categorized the asset management company’s core competence into 8 aspects and 3 dimensions： （1） the capability of the fund manager， （2） the system and culture of the asset management company， （3） the ability of tactical management， （4） the ability of product innovation， （5） marketing ability， （6） the ability of risk control， （7） the ability of organization optimization， （8） the ability of human resources management. Among the 8 aspects， the capability of the fund manager and the system and culture of the asset management company are subject to the first dimension. The ability of tactical management is subject to the second dimension and is the tangible reflection of the capabilities of the asset management company and the fund manager. The ability of product innovation and marketing ability determines the effectiveness of the tactic implementation and is the final reflection of the core competence. The ability of human resources management， the ability of risk control， and the ability of organization optimization are the support and guarantee of the core competence. On the basis of the composition model of the asset management company’s core competence proposed by the author， the thesis researched the cultivation mechanism and the ladder to enhancement of the asset management company’s core competence from the four perspectives of the abilities of product innovation， risk control， organization optimization， and marketing. The innovation of the thesis is to combine the particularity of the asset management industry to propose the research topic of the asset management company in the background the international financial crisis. From the economics （finance） and management points of view， the thesis cross-field researched the topic of cultivating the asset management company’s core competence， proposed the elements of the asset management company’s core competence， and systemized and modeled the evaluation system of the asset management company’s core competence. Due to the limited access to data， the deficiency of the thesis is the inability to develop case studies and to apply the evaluation model of the asset management company’s core competence on China asset management companies’ management practices. This is expected to be complemented in the future via work experience and researches.
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