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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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