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论文编号：	7357
作者编号：	2120122967
上传时间：	2015/6/7 17:40:41
中文题目：	资本中介业务背景下PX证券资产负债管理研究
英文题目：	Asset/Liability Management Research on PX Securities Company LTD.
指导老师：	陈国欣
中文关键字：	证券；资产负债；资本金配置
英文关键字：	Stock market；Asset/liability management；Capital allocation
中文摘要：	2012年以来，我国证券行业进入了创新改革大周期，多层次资本市场的层次的丰富与完善、政策鼓励与放松及互联网思维的影响，使得整个证券行业及监管部门不断加快观念转变，形成了自上而下的行业松绑与自下而上的探索突破相结合的发展态势。2014年以来利好政策不断，新三板全国扩容、沪港通交易常态化、新国九条推出、注册制、资本账户开放、国企改革持续推进，市场化改革方向明确，2014年12月A股市场更是创造了突破万亿元单日交易量记录，标志着证券行业迎来春天。承接良好市场发展态势的2015年是券商大年，市场红利、制度红利以及杠杆提升多重红利将开启行业广阔空间。整体行业处于业务放量发展阶段，因此盈利将持续快速增长。外在实力提升上，证券公司自身业务模式势必面临全面革新，经纪业务新模式、投行市场化、资产管理业务规模化将引领券商进入客户获取与市场占有逆转的崭新时代。在内在实力提升方面，券商需尽快步入加杠杆化周期，不仅通过业务模式加杠杆、资本加杠杆以至于人力加杠杆均有助于激活券商经营活力。2014年已有多家券商布局，完成IPO上市、增发或发行次级债，意在尽早着手补充资本金为提升资产配置能力、提升杠杆空间打好基础。 我国券商杠杆远低于海外成熟市场投行杠杆率水平，在创新改革大周期下，券商加杠杆时代全面来临。金融的核心即是杠杆，券商业务中能够迅速且持续增加盈利规模的模式即为利差×杠杆，通过放大杠杆实现赚取不断提升的利差规模。受行业监管政策的限制等因素，我国券商行业整体杠杆水平尚未超过3倍，相比海外投资银行平均杠杆水平15倍的仍属于低水平。而资本中介业务快速规模化发展将促使业务加杠杆、资本加杠杆、人力资源加杠杆多措并举，随之而来业务模式将不断创新、资金来源更加多元化、股权激励和员工持股提上日程，由此提升的杠杆水平将推动ROE拉升。 如何合理管理券商资产负债表，在放大杠杆赢得高水平ROE的同时能够合理应用债务融资工具、提升负债形成资产流动性以及引导资本金配置到高回报、高周转的业务类型对券商盈利能力的影响至关重要。本文采用理论分析与实际相结合的方法，通过行业内有代表性的券商资产负债表分析对比PX证券资产负债表现状，对PX证券资产负债管理进行研究。 本文以PX证券为例，首先介绍了证券行业发展概况，资产负债及杠杆管理现状，通过类比分析行业内代表性券商资产负债特征，分析PX证券面临的资产负债管理问题及其成因。其次，结合券商特色债务融资工具组合应用、公司负债构成与形成资产类别之间的联系、业务开展偏好及资本金配置规则应用提出了PX证券资产负债管理改进方案。最后总结全文，并指出在今后的实践研究中，必须结合最新的政策信息、监管环境变化、客户及资源变化及根植PX集团这一特点应不断创新的资产负债管理方式，最终达成提升资本金配置效率，合理放大并控制杠杆，实现流动性风险可控范围内的最优资产负债结构。
英文摘要：	In 2012, Chinese stock market entered its new period of revolution based on fast-consummating regulations of Chinese capital market, supportive and easy financial and monetary policies, and the fast-growth financial services. After the innovational cycle in 2012, the Chinese mainland stock market was on fast lane trajectory since 2014. For instance, the A-share market reached the new highest single-day trade volume, the Shanghai-Hong Kong Stock Connect was officially started to launch, and the quick enlargement of Chinese NASDAQ-like growth board. Therefore, the thriving stock market increased securities companies profit margin in a respectable figure. Meanwhile, securities companies’ departments like brokerage and investment banking invented several new business modes in order to catch the remarkable opportunity from the thriving market. On the other side, securities companies also accelerate their leverage by issuing secondary debts and so on. Comparing securities companies leverage ratio in China and the United State, it is obviously that the average of Chinese securities companies’ leverage was much lower than the average of American securities companies, which is less than 3 times and 15 times respectively. However, securities companies raised their leverage by many ways, such as innovation of business modes and diversify their capital source to rocket the return on equity (ROE). Thus, securities companies needed to increase their management ability on asset, liability, liquidity, debt financing instruments and capital allocation. This paper analyzes PX Securities as the example. Firstly, the paper introduces the overview of Chinese security industry, the current situation of management of asset, liability and leverage. The paper also examines the managerial problem and cause by compare other Chinese security companies. Secondly, by combining the application of security companies’ debt financing instruments, debt structure, business growth preferences and the capital allocation to propose the reformative plan. Finally, the conclusion part points out that security companies must keep innovating new managerial patterns to adjust changes from internal and external environment. Key Words：Stock market；Asset/liability management；Capital allocation
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