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Chinese securities companies

Core Points of View Preface Acknowledgments NOTE FROM THE AUTHOR Economie Growth, Financial Restructuring, and Prospects of Securities Companies UNDERSTANDING THE ECONOMIC TRENDS OF CHINA FROM A SECURITIES FIRM'S PERSPECTIVE The General Growth Trend of the Chinese Economy Going Forward Changes of GDP and Disposal Income Per Capita THE EVOLUTION OF CHINESE FINANCIAL STRUCTURE IN THE FUTURE Historical Data Evolution Prediction Internal Incentives for Market Evolution of China's Financial Structure CORE COMPETITIVE EDGE Four Factors Determining the Competitive Edge of Securities Companies Review and Judgment of Historical Roles of Chinese Securities Companies THE BIRTH AND GROWTH OF CHINESE SECURITIES COMPANIES—A BRIEF HISTORY The Preliminary Phase of Chinese Securities Companies—1987 to 1995 The Infancy Phase—1987 to 1990 The Quick Startup Phase—1990 to 1995 Rapidly Expanding Stock Market Preliminary Formation of a Separated Regulation Model in the Securities Industry The Fast-Development Phase of Chinese Securities Companies, 1996 to 2001 Profitability Of Securities Firms Enhanced Number of Securities Companies Stabilized, Industry Competition Sharply Increased Securities Regulation System Further Streamlined Administration and Rectification Phase, 2001 to 2005 Normalized Development Phase, 2005 to 2011 REVIEW OF THE PROS AND CONS OF CHINESE SECURITIES COMPANIES Theoretical and Practical Judgment Based on Functions of Securities Companies Growth Traits of Securities Companies Basic Functions of Securities Companies in the Financial System HISTORIC CONTRIBUTIONS OF CHINESE SECURITIES FIRMS Facilitating Stock Reforms of State-Owned Companies and Improving Quality of Corporate Operations Active Contributions to Activating Idle Social Assets and Improving Overall Operational Quality of National Economy Boosted Development of a Financial System Anchored on the Securities Market Promoted the Creation of Diverse Social Assets and Expanded Citizens' Investment Options Strongly Enhanced the Development of Transparency in the Capital Market Missteps of Chinese Securities Firms and Lessons Learned Tunneling Caused by Direct Investments and IPOs The Impairment of Insider Trading on Market Accountability and Investor Interests Undermotivated Innovation and Underdeveloped Competitiveness of Securities Companies CASE STUDIES: TYPICAL CHINESE SECURITIES FIRMS Wanguo Securities: A Story about a Broken Dream History Treasury Bond Incident Lessons Jun'an Securities: The Fall of a Star Early Glory The Coup Lessons GF Securities: A Success Story of an Ordinary Unprivileged Business Hard-Earned Success Strategy Is Vital to Success Business Growth Is Driven by Innovation Compliance Generates Power for the Sustainable Development Mechanism Haitong Securities: A Shady Deal History Low-Profile Reverse Takeover Deal-Making Some Puzzling Aspects of This Reverse Takeover Deal Industrial Securities: Robust Management Innovation-Powered Business Growth: Two Transformations Lessons The CICC: Going Upscale About the CICC Appeal to Upscale Clients Lessons CITIC Securities: The Benchmark Maker About CITIC Securities Farsighted Development Strategy and Efficient Capital Operation Lessons Analysis of Functions of Chinese Securities Companies THEORETICAL ANALYSIS OF FINANCIAL FUNCTIONALITY Particularities of Securities Issuance and Trading Functions of information Marketplaces and Securities Firms How Securities Firms Function: Information Network, Reputation Management, and Tacit Skills FUNCTIONAL ORIENTATION FOR SECURITIES FIRMS Financial Market Service Providers Asset Securitization Capabilities Capabilities in M&A and Reorganization of Resources Available Wealth Management Capabilities Business Model A Business Model B CHANGE OF THE CHINESE DEPOSITORY SYSTEM FOR SECURITY DEPOSITS AND HOW CHINESE SECURITIES FIRMS FUNCTION Misappropriation of Clients' Security Deposits by Securities Firms and the Industry-wide Crisis A Case Study of Misappropriation of Client Security Deposits by Chinese Securities Firms Chinese Depository System Reform INSTITUTIONAL CHANGE AND FUNCTIONAL EVOLUTION FOR CHINESE SECURITIES FIRMS—AN ANALYSIS WITH PARTICULAR INTEREST IN THE FUNCTION OF AN UNDERWRITER'S GOODWILL Institutional Change The Impact of Securities Firms as Public Companies Classified Oversight and the Impact Functional Evolution—An Analysis with Particular Interest to the Function of an Underwriter's Goodwill How the Function of Goodwill Is Shaped Historical Performance of the Function of Goodwill An Empirical Study of the Function of a Securities Underwriter's Goodwill Hypothesis and Sampling Empirical Tests and Results Analysis of the Management Model of Chinese Securities Companies INTRODUCTION ORGANIZATION AND MANAGEMENT IN INVESTMENT RANKS: A GENERAL ANALYSIS RASED ON INSTITUTIONAL RANKING AND FUNCTIONAL RANKING Investment Banks in the Financial System: Definition and Functional Orientation Investment Banks: A Brief Survey from the Perspective of Separation of Activities Functional Orientation of Investment Banks Organization and Management in Investment Banks: A Global Perspective Determinants of Organization and Management Organization and Management in Investment Banks: Continental Europe, the United States, and Japan Post-1980 Tendency and the Latest Developments of Organization and Management in Investment Banks around the World ORGANIZATION AND MANAGEMENT IN CHINESE SECURITIES FIRMS: A HISTORICAL AND THEORETICAL REVIEW Change of Activities and in Organization and Management in the Chinese Securities Firms Primary Crossover (1987-1994) Strict Separation Of Activities (1995-1999) Concurrence of Separation and Crossover (Since 2000) Internal Logic for Organizational and Management Evolution in Chinese Securities Firms SELECTION OF MODELS (GOALS) FOR CHANGE OF ORGANIZATION AND MANAGEMENT IN CHINESE SECURITIES FIRMS Financial Holding Companies: Definition Heterogeneous Financial Conglomerates (HFC) Criteria for an Ideal Future Management Model for Chinese Securities Firms Financial Holding Companies: The Best Model for Large Investment Banks in the Tendency toward Integration Financial Holding Companies Are the Best Choice for Large Chinese Investment Banks, Subject to the Constraints of the Current Financial System Criteria for an Ideal Future Management Model for Chinese Securities Firms: Factors Within Firms SOME IDEAS OF OVERALL POLICY FOR FUTURE ORGANIZATIONAL AND MANAGEMENT TRANSFORMATION IN CHINESE SECURITIES FIRMS Operations and Oversight Based on Separation of Activities and the Financial Holding Model Some Experience Gained from Undergoing Pilot Programs of the Financial Holding Model and Integration Of Activities Selection of Landing Site for Financial Holding Model Regulatory Framework for Financial Asset Management Company-Based Financial Holding Model Multilevel, Diversified Independent Securities Firms Independent Securities Firms Must Find Their Competitive Advantage over Financial Holding Company-Controlled Securities Firms by Differentiation The Policy Orientation to Classification-Based Market Access and Oversight Greatly Supports Independent Securities Firms in Diversification Marketization and Emerging Private Securities Firms Regulators Should Establish a Sound Regulatory Policy Framework for Private Securities Firms Regulators Should Provide Necessary Protection of Private Securities Firms' Rights and Interests on the Principle of Fair and Equitable Treatment Regulators Should Also Create Conditions for the Growth of Private Securities Firms Analysis of the Profit Model of Chinese Securities Companies THEORETICAL ANALYSIS OF PROFITABILITY MODELS Background and Significance of Studies on Securities Company Profitability Models The Meaning of Profitability Model for a Securities Company Profit Structure of the Securities Company Profit Methods of the Securities Company Factors Affecting the Profit Model of a Securities Company External Factors Internal Factors PROFITABILITY STRUCTURES OF CHINESE SECURITIES COMPANIES Overall Profitability Structure The Effect of an Enterprise's Scale on Its Profitability Structure The Effect of Location on the Profitability Structure PROFIT METHODS OF THE MAIN BUSINESS OF SECURITIES COMPANIES Analysis of Traditional Business Brokerage Commission Business Investment Banking Business Asset Management Business Proprietary Business Analysis of Innovative Business Securities Margin Trading Business Direct Investment Stock Index Futures CHARACTERISTICS OF THE PROFITABILITY MODEL OF SECURITIES COMPANIES Channelized Pan-Banking Characteristics Uniformity Varying Service Capabilities and Overall Need for Improvement Signs of a Transition in the Profitability Model CONSTRUCTION OF NEW PROFITABILITY MODELS Differentiation of Profitability Models among Securities Traders as Larger Ones Become More Weil-Rounded and Internationalized How International Demand Gives Rise to Internationalized Vision and Raises the Bar for Service Capability How to Effectively Draw on the Comparative Advantages of the Domestic Capital Market, Identify International Customers, and Raise Service Levels A Transition from Channels to Services Innovation in Traditional Business Brokerage Business—Specialized Operation Investment Banking Business—Transitioning toward Equal Importance for Securities Issuance and Financial Consultancy Proprietary Business—Actively Taking Part in Market Transactions Asset Management Business—Product Innovation Cultivation and Growth of Innovative Business Profit Growth Points Brought about by Innovative Business CASE STUDIES CITIC Securities—Equal Importance to Tradition and Innovation, Firm Foothold in China, and Aggressive Exploration Overseas Development of Both Wholly Owned and Equity-Controlled Business; Taking Root in Beijing, Guangdong, Shanghai, Zhejiang, and Shandong; Brokerage Accounting for Half of the Revenues Soochow Securities—Brokerage Supplemented with Investment Banking, Firm Regional Foothold, and Nationwide Exploration Analysis of Risk Management in Chinese Securities Companies STATUS QUO AND TREND ANALYSIS OF RISK MANAGEMENT IN SECURITIES COMPANIES Sources of Risks Facing Securities Companies Market Risks Liquidity Risks Operational Risks Policy Risks Compliance Risks Financial Risks Risk Management of Overseas Securities Companies Advanced Risk-Management Concepts Well-Rounded Organizational Structure for Risk Management Effective Risk-Management System and Mechanism Quantitative Risk-Management Method Risk Management in Chinese Securities Companies Post Purge Institutional Environment for Risk Management in Securities Companies Analysis of the Status Quo of Risk Management in Chinese Securities Companies Risk Management in Securities Companies Post Financial Crisis Analysis of Problems in Risk Management of U.S. Investment Banks during the Financial Crisis Inspirations Drawn from the Financial Crisis for the Risk Management of Securities Companies Strategic Risks and Risk-Management Strategies of Securities Companies The Meaning of Strategic Risk Management MANAGEMENT OF RISKS ASSOCIATED WITH TRADITIONAL BUSINESS OF CHINESE SECURITIES COMPANIES Securities Proprietary Business Risk Management Major Sources Risks in Securities Proprietary Business Management of Risks Associated with Proprietary Business of Securities Companies Management of Risks Associated with the Brokerage Business of Securities Companies Major Sources of Risks in the Brokerage Business Management of Risks Associated with Brokerage Business Management of Risks Associated with Investment Banking Business of Securities Companies Major Sources of Risks in Investment Banking Business Management of Risks Associated with Investment Banking Business of Securities Companies Management of Risks Associated with Asset Management Business of Securities Companies Sources of Risks in Asset Management Business Management of Risks Associated with Asset Management Business of Securities Companies Management of Risks Associated with Research and Investment Consultancy Business of Securities Companies Management of Risks Associated with Research and Investment Consultancy Business MANAGEMENT OF RISKS ASSOCIATED WITH INNOVATIVE BUSINESS OF SECURITIES COMPANIES Management of Risks Associated with Securities Margin Trading Analysis of Risks Associated with Securities Margin Trading Management of Risks Associated with Securities Margin Trading Business of Securities Companies Management of Risks Associated with Stock Index Future Business Sources of Risks in Stock Index Futures Business Management of Risks Associated with the Direct Investment Business of Securities Companies Risks Associated with the Direct Investment Business Risk Management for the Direct Investment Business Analysis on Structure and Competitiveness of Talent in Chinese Securities Companies DEVELOPMENT TREND AND CORE COMPETITIVE STRENGTH IN THE SECURITIES INDUSTRY Development Trends of Securities Companies Core Competitive Strength of Securities Companies DEMAND FOR TALENTS IN THE DEVELOPMENT OF THE SECURITIES INDUSTRY Professional Talent Investment Research Talent Sponsor Representative Chartered Financial Analysts (CFA) Wealth Manager Risk Management Information Management Interdisciplinary Talent Senior Managers Marketing Service Management Talent COMPARATIVE ADVANTAGES AND DISADVANTAGES OF WEALTH MANAGEMENT TALENT IN THE SECURITIES INDUSTRY Profitability Model Needs to Be Clearly Defined Team Building Should Be Conducted in a Coordinated Way Solid Evaluation and Incentive Mechanisms Are Needed Contents of the Wealth Management Business Functional Requirements for Wealth Management Service Personnel Evaluating the Overall Financial Condition of the Individual at Present Identifying Their Purposes and Goals Identifying Potential Problems Recommending Possible Solutions Providing and Implementing Suggestions Supervising the Wealth Management Plan Wealth Management Talent Environment Analysis Quantitative Analysis of Talent Demand Client Group Analysis Product Une Analysis Resource Input Analysis Service Capability Analysis Third-Party Wealth Management Companies EFFECTIVE TALENT MANAGEMENT IN SECURITIES COMPANIES Characteristics of Securities Company HR Management Determined by the Industry High-Caliber Personnel Diversified Business Categorization Requires the Leadership of the Company to Play a Leading Role in a Series of Human Resources Decisions High Personnel Mobility Becomes a Double-Edge Sword in Human Resource Management The Prevailing "Buyer's Market" of Talent Is Forcing Securities Companies to Make Breakthroughs in Their Talent Recruitment Techniques Information Plays an Essential Role in Business Competition Development Trend of Human Resource Management in Securities Companies in the Future Theoretical Frameworks for Human Resource Management in Securities Companies Analysis of Sponsor Regime for Chinese Securities Companies ORIGIN AND DEVELOPMENT OF THE SPONSOR REGIME IN CHINA Sponsor Regimes in Overseas Securities Market The U.K. Alternative Investment Market (AIM): Lifelong Sponsor System The U.S. NASDAQ Market: Assorted Sponsor System The Malaysia MESDAQ Market: Relay Sponsor System The Hong Kong Growth Enterprise Market: A System of Decomposed Sponsor Roles The Chinese Mainland Stock Markets: From Quota Management to Sponsor System Comparison of the Sponsor Systems of Various Countries Sponsor Structure Sponsor Qualifications The Term of Sponsors Sponsor Duty System ANALYSIS OF PUNISHMENTS IMPOSED BY THE CSRC ON RULE-BREACHING SPONSORS Punishment for Rule-Breaching Sponsors Analysis of Sponsor Institution and Representative Credit Regulation by Regulatory Measures Analysis of the Market Boards of Breaching Sponsors Analysis of the Annual Frequency of Punishments against Sponsors RULE BREAKING SPONSOR—CASE STUDIES The Case of Suzhou Hengjiu Photo-Electronic The Case of Hepalink INTRINSIC FLAW OF THE SPONSOR SYSTEM: IMBALANCE BETWEEN PROFIT AND RISK Incompetence of Sponsors Unreasonable Sources of Income for Sponsors Ambiguous Rights and Responsibilities among the Sponsor, the Issuer, the Regulator, and Other Intermediary Institutions Ambiguous Rights and Responsibilities for the Sponsor Representative and the Sponsor Ambiguous Rights and Responsibilities between the Sponsor and the Issuer Ambiguous Rights and Responsibilities between the Sponsor and the Regulator Ambiguous Rights and Responsibilities between the Sponsor Institution and Other Intermediary Institutions. More Severe Punishment Needed for Breaching Sponsors DIRECTION FOR SPONSOR SYSTEM REFORM Improving Stock Issuance Pricing System and Securities Market Litigation System Sponsor Competence Standardization Tying Profit to Duties Performed by a Sponsor Specifying the Rights and Responsibilities of the Sponsor, the Issuer, and the Regulator Specifying the Rights and Responsibilities between the Sponsor Representative and the Sponsor Institution Specifying the Rights and Responsibilities between the Sponsor and the Issuer Specifying the Rights and Responsibilities between the Sponsor and the Regulator Specifying the Rights and Responsibilities between the Sponsor Institution and Other Intermediary Agencies Tougher Penalties for Law-Breaching Sponsors Experience and Lessons from International Investment Banks (Securities Companies) in Mature Markets OVERVIEW OF THE DEVELOPMENT HISTORY OF INVESTMENT BANKS IN THE MATURE OVERSEAS MARKET Evolutionary History and Structural Patterns of Investment Banks in the United States The Merrill Lynch Model The Citigroup Model Evolutionary History and Structural Patterns of Investment Banks in the United Kingdom Evolutionary History and Structural Patterns of Investment Banks in Germany Evolutionary History and Structural Patterns of Investment Banks in Japan Development Paths of Overseas Investment Banks as Inspirations for China ANALYSIS OF INVESTMENT BANK REGULATION IN MATURE OVERSEAS MARKETS Categorization of International Investment Bank Regulation Systems The Investment Bank Regulation System in the United States Investment Bank Regulation System in the United Kingdom What Can China Learn from Overseas Investment Bank Regulation Systems ANALYSIS OF THE ORGANIZATIONAL STRUCTURES OF INVESTMENT BANKS IN MATURE INTERNATIONAL MARKETS Organizational Forms of Investment Banks in Mature International Markets Family Business and Partnership Mixed Companies Publicly Held Companies Modern Financial Holding Companies Governance Structures of Investment Banks in Mature International Markets Equity Structure The Structure of the Board of Directors Board of Supervisors and the Management Functional Divisions What China Can Learn from the Organizational Structures of Investment Banks in Mature International Markets Focusing on the Cultivation of Financial Holding Companies in Keeping with the Trend Of the Time Expediting Financial Legislation and Improving the Legal Environment for Securities Companies Optimizing Governance Structures and Improving Operation Efficiency of Securities Companies ANALYSIS OF BUSINESS STRUCTURES OF INVESTMENT BANKS IN MATURE INTERNATIONAL MARKETS General Analysis of Business Structures of Investment Banks in the United States U.S. Investment Bank Business Structure Case Study: Goldman Sachs U.S. Investment Bank Business Structure Case Study: Morgan Stanley U.S. Investment Bank Business Structure Case Study: Merrill Lynch U.S. Investment Bank Business Structure Case Study: Lehman Brothers What China Can Learn from the Business Structures of American Investment Banks ANALYSIS OF THE INTERNAL CONTROL OF INVESTMENT BANKS IN MATURE INTERNATIONAL MARKETS The Five Factors of Internal Control Internal Environment Risk Assessment Control Activities Information Communication Supervision Risk Management of Investment Banks Major Categories Of Risks Risk-Management Architecture Risk-Management Methods What China Can Learn From Internal Control of Investment Banks in Mature International Markets Emphasize Corporate Culture, Avoid "Lone Wolf" Approaches Improving Risk-Management Architecture, Making Taking Full Advantage of Advanced Risk-Management Techniques without Relying Too Much on Them WHAT CHINA CAN LEARN FROM THE DEVELOPMENT OF INVESTMENT BANKS IN MATURE INTERNATIONAL MARKETS Messages in Terms of Regulation Strengthening Regulation on Derivatives Strengthening Regulation on the Securities Market, Especially the OTC Market Messages in Terms of Organizational Structure Messages in Terms of Business Structure Raise the Capital Scale of Securities Companies Active Innovation in Business Varieties Cultivating Core Business, Launching Differentiated Services and Specialty Services Messages in Terms of Corporate Governance and Internal Control Improving Understanding of Internal Control Systems Setting Internal Control Objectives in a Dynamic Way for Different Periods of Time Attaching Importance to Risk Identification and Response While Setting Strategic Goals for Internal Control Attaching Importance to the Effect of Culture on Internal Control Appropriately Spreading Out Equity and Enhancing the Foundation of Internal Control Future Development and Reform Focuses of Chinese Securities Companies—General Principle SOME DIRECTIONS FOR THE FUTURE DEVELOPMENT OF CHINESE SECURITIES FIRMS The Main Driving Force of an Emerging International Financial Center in China International Finance-Related Services Global Investors' Services Guaranteed Market Liquidity Product Pricing The Promoters of Change in the Chinese Financial System An Innovator in Financial Products Risk Allocator Wealth Manager SOME PRIORITIES OF FUTURE REFORM IN CHINESE SECURITIES FIRMS Create an International Vision The Irreversible Trend of Economic and Financial Globalization Financial Globalization Gets Chinese Securities Firms Involved A Global Perspective Of Capital Markets Accelerate the Concentration of Capital for Business Growth and Expansion Promote Differentiation-Based Management and Competition Differentiated Market Positioning Differentiated Marketing Differentiated Products and Services Differentiation of Business Regions Transform Business Models Restructuring Existing Brokerage Services and Placing Broker Services at the Core Consolidating Securities Underwriting Services Promoting Restructuring and M&A Services Exploring New Business Models in Asset Management Services Creating a Harmonious Financial Investment Culture for a Mutually Beneficial Outcome About the Author

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