中国证券公司核心竞争力的内涵与评估——基于美国金融危机的反思

The Connotation and Assessment of Core Competence of Chinese Securities Companies——Rethinking Based on the U.S. Financial Crisis

美国金融危机中投资银行普遍经营失败的深刻启示在于:核心竞争力中风险控制和承受能力最重要;核心竞争力的评估和培育必须坚持长期视角。提高证券公司核心竞争力的关键在于培养保障企业稳定盈利和成长并保持一定市场竞争优势的能力,这种能力必须植根于企业良好的治理结构和优秀的企业文化。论文分别建立了中国证券公司核心竞争力的理论指标体系和实证评估指标体系,运用因子分析法对31家中国证券公司竞争力进行综合评价。研究发现:样本公司核心竞争力不强;行业内出现明显分化;市场份额年均增长、总资产利润率和净资本等指标对核心竞争力的估值有重要影响。

There are profound revelations from the investment banks＇ failure in the 2008 America financial crisis： the ability to control and defuse risk is the most important factor in the core competence;the assessment and cultivation of the core competence must adhere to long-term perspective;and so on.The key of increasing core competence lies in the ability to maintain competitive advantage and gain profit stably in the long-term,which should be rooted in the stable and effective governance structure,as well as in the excellent corporate culture.A theory evaluating system and an empirical evaluating system of core competence are built up respectively in this paper.Then we apply Factor Analysis to make comprehensive evaluation for 31 security companies.The result shows： the core competence of all samples is not strong;there is significant differentiation in the industry;some indicators such as average annual growth rate of market share,the total net capital assets and profitability,have an important impact on the valuation of core competence.