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Chinese securities companies - Wu Xiaoqiu

Year 2014

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Core Points of ViewPrefaceAcknowledgmentsNOTE FROM THE AUTHORIntroductionEconomie Growth, Financial Restructuring, and Prospects of Securities CompaniesUNDERSTANDING THE ECONOMIC TRENDS OF CHINA FROM A SECURITIES FIRM'S PERSPECTIVEThe General Growth Trend of the Chinese Economy Going ForwardChanges of GDP and Disposal Income Per CapitaTHE EVOLUTION OF CHINESE FINANCIAL STRUCTURE IN THE FUTUREHistorical DataEvolution PredictionInternal Incentives for Market Evolution of China's Financial StructureCORE COMPETITIVE EDGEFour Factors Determining the Competitive Edge of Securities CompaniesChapter 1. Review and Judgment of Historical Roles of Chinese Securities CompaniesTHE BIRTH AND GROWTH OF CHINESE SECURITIES COMPANIES—A BRIEF HISTORYThe Preliminary Phase of Chinese Securities Companies—1987 to 1995The 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 2001Profitability Of Securities Firms Enhanced Number of Securities Companies Stabilized, Industry Competition Sharply Increased Securities Regulation System Further Streamlined Administration and Rectification Phase, 2001 to 2005Normalized Development Phase, 2005 to 2011REVIEW OF THE PROS AND CONS OF CHINESE SECURITIES COMPANIESTheoretical and Practical Judgment Based on Functions of Securities CompaniesGrowth Traits of Securities Companies Basic Functions of Securities Companies in the Financial System HISTORIC CONTRIBUTIONS OF CHINESE SECURITIES FIRMSFacilitating Stock Reforms of State-Owned Companies and Improving Quality of Corporate OperationsActive 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 LearnedTunneling 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 DreamHistory 327 Treasury Bond Incident Lessons Jun'an Securities: The Fall of a StarEarly Glory The Coup Lessons GF Securities: A Success Story of an Ordinary Unprivileged BusinessHard-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 DealHistory Low-Profile Reverse Takeover Deal-Making Some Puzzling Aspects of This Reverse Takeover DealIndustrial Securities: Robust ManagementInnovation-Powered Business Growth: Two TransformationsLessons The CICC: Going UpscaleAbout the CICC Appeal to Upscale Clients Lessons CITIC Securities: The Benchmark MakerAbout CITIC Securities Farsighted Development Strategy and Efficient Capital Operation Lessons Chapter 2. Analysis of Functions of Chinese Securities CompaniesTHEORETICAL ANALYSIS OF FINANCIAL FUNCTIONALITY Particularities of Securities Issuance and TradingFunctions of information Marketplaces and Securities FirmsHow Securities Firms Function: Information Network, Reputation Management, and Tacit SkillsFUNCTIONAL ORIENTATION FOR SECURITIES FIRMSFinancial Market Service ProvidersAsset Securitization CapabilitiesCapabilities in M&A and Reorganization of Resources AvailableWealth Management CapabilitiesBusiness Model ABusiness Model B CHANGE OF THE CHINESE DEPOSITORY SYSTEM FOR SECURITY DEPOSITS AND HOW CHINESE SECURITIES FIRMS FUNCTIONMisappropriation of Clients' Security Deposits by Securities Firms and the Industry-wide CrisisA Case Study of Misappropriation of Client Security Deposits by Chinese Securities Firms Chinese Depository System ReformINSTITUTIONAL CHANGE AND FUNCTIONAL EVOLUTION FOR CHINESE SECURITIES FIRMS—AN ANALYSIS WITH PARTICULAR INTEREST IN THE FUNCTION OF AN UNDERWRITER'S GOODWILLInstitutional ChangeThe 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 GoodwillHow the Function of Goodwill Is Shaped Historical Performance of the Function of Goodwill An Empirical Study of the Function of a Securities Underwriter's GoodwillHypothesis and SamplingEmpirical Tests and ResultsChapter 3. Analysis of the Management Model of Chinese Securities CompaniesINTRODUCTIONORGANIZATION AND MANAGEMENT IN INVESTMENT RANKS: A GENERAL ANALYSIS RASED ON INSTITUTIONAL RANKING AND FUNCTIONAL RANKINGInvestment Banks in the Financial System: Definition and Functional OrientationInvestment Banks: A Brief Survey from the Perspective of Separation of Activities Functional Orientation of Investment Banks Organization and Management in Investment Banks: A Global PerspectiveDeterminants 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 REVIEWChange of Activities and in Organization and Management in the Chinese Securities FirmsPrimary 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 FirmsSELECTION OF MODELS (GOALS) FOR CHANGE OF ORGANIZATION AND MANAGEMENT IN CHINESE SECURITIES FIRMSFinancial Holding Companies: DefinitionHeterogeneous Financial Conglomerates (HFC) Criteria for an Ideal Future Management Model for Chinese Securities FirmsFinancial Holding Companies: The Best Model for Large Investment Banks in the Tendency toward IntegrationFinancial Holding Companies Are the Best Choice for Large Chinese Investment Banks, Subject to the Constraints of the Current Financial SystemCriteria for an Ideal Future Management Model for Chinese Securities Firms: Factors Within FirmsSOME IDEAS OF OVERALL POLICY FOR FUTURE ORGANIZATIONAL AND MANAGEMENT TRANSFORMATION IN CHINESE SECURITIES FIRMSOperations and Oversight Based on Separation of Activities and the Financial Holding ModelSome 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 FirmsIndependent 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 FirmsRegulators 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 Chapter 4. Analysis of the Profit Model of Chinese Securities CompaniesTHEORETICAL ANALYSIS OF PROFITABILITY MODELSBackground and Significance of Studies on Securities Company Profitability ModelsThe Meaning of Profitability Model for a Securities CompanyProfit Structure of the Securities Company Profit Methods of the Securities Company Factors Affecting the Profit Model of a Securities CompanyExternal Factors Internal FactorsPROFITABILITY STRUCTURES OF CHINESE SECURITIES COMPANIESOverall Profitability StructureThe Effect of an Enterprise's Scale on Its Profitability Structure The Effect of Location on the Profitability StructurePROFIT METHODS OF THE MAIN BUSINESS OF SECURITIES COMPANIESAnalysis of Traditional BusinessBrokerage Commission Business Investment Banking Business Asset Management Business Proprietary Business Analysis of Innovative BusinessSecurities Margin Trading BusinessDirect Investment Stock Index Futures CHARACTERISTICS OF THE PROFITABILITY MODEL OF SECURITIES COMPANIESChannelizedPan-Banking CharacteristicsUniformityVarying Service Capabilities and Overall Need for Improvement Signs of a Transition in the Profitability ModelCONSTRUCTION OF NEW PROFITABILITY MODELSDifferentiation of Profitability Models among Securities Traders as Larger Ones Become More Weil-Rounded and InternationalizedHow 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 ServicesInnovation in Traditional BusinessBrokerage 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 BusinessProfit Growth Points Brought about by Innovative BusinessCASE STUDIESCITIC Securities—Equal Importance to Tradition and Innovation, Firm Foothold in China, and Aggressive Exploration OverseasDevelopment of Both Wholly Owned and Equity-Controlled Business; Taking Root in Beijing, Guangdong, Shanghai, Zhejiang, and Shandong; Brokerage Accounting for Half of the RevenuesSoochow Securities—Brokerage Supplemented with Investment Banking, Firm Regional Foothold, and Nationwide ExplorationChapter 5. Analysis of Risk Management in Chinese Securities CompaniesSTATUS QUO AND TREND ANALYSIS OF RISK MANAGEMENT IN SECURITIES COMPANIESSources of Risks Facing Securities CompaniesMarket Risks Liquidity Risks Operational Risks Policy Risks Compliance Risks Financial Risks Risk Management of Overseas Securities CompaniesAdvanced 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 CompaniesPost Purge Institutional Environment for Risk Management in Securities CompaniesAnalysis of the Status Quo of Risk Management in Chinese Securities CompaniesRisk Management in Securities Companies Post Financial CrisisAnalysis of Problems in Risk Management of U.S. Investment Banks during the Financial CrisisInspirations Drawn from the Financial Crisis for the Risk Management of Securities CompaniesStrategic Risks and Risk-Management Strategies of Securities CompaniesThe Meaning of Strategic Risk ManagementMANAGEMENT OF RISKS ASSOCIATED WITH TRADITIONAL BUSINESS OF CHINESE SECURITIES COMPANIESSecurities Proprietary Business Risk ManagementMajor Sources Risks in Securities Proprietary Business Management of Risks Associated with Proprietary Business of Securities CompaniesManagement of Risks Associated with the Brokerage Business of Securities CompaniesMajor Sources of Risks in the Brokerage Business Management of Risks Associated with Brokerage BusinessManagement of Risks Associated with Investment Banking Business of Securities CompaniesMajor Sources of Risks in Investment Banking BusinessManagement of Risks Associated with Investment Banking Business of Securities CompaniesManagement of Risks Associated with Asset Management Business of Securities CompaniesSources of Risks in Asset Management BusinessManagement of Risks Associated with Asset Management Business of Securities CompaniesManagement of Risks Associated with Research and Investment Consultancy Business of Securities CompaniesManagement of Risks Associated with Research and Investment Consultancy Business MANAGEMENT OF RISKS ASSOCIATED WITH INNOVATIVE BUSINESS OF SECURITIES COMPANIESManagement of Risks Associated with Securities Margin TradingAnalysis of Risks Associated with Securities Margin TradingManagement of Risks Associated with Securities Margin Trading Business of Securities CompaniesManagement of Risks Associated with Stock Index Future BusinessSources of Risks in Stock Index Futures BusinessManagement of Risks Associated with the Direct Investment Business of Securities CompaniesRisks Associated with the Direct Investment BusinessRisk Management for the Direct Investment BusinessChapter 6. Analysis on Structure and Competitiveness of Talent in Chinese Securities CompaniesDEVELOPMENT TREND AND CORE COMPETITIVE STRENGTH IN THE SECURITIES INDUSTRYDevelopment Trends of Securities CompaniesCore Competitive Strength of Securities CompaniesDEMAND FOR TALENTS IN THE DEVELOPMENT OF THE SECURITIES INDUSTRYProfessional TalentInvestment Research Talent Sponsor Representative Chartered Financial Analysts (CFA) Wealth Manager Risk Management Information Management Interdisciplinary TalentSenior Managers Marketing Service Management Talent COMPARATIVE ADVANTAGES AND DISADVANTAGES OF WEALTH MANAGEMENT TALENT IN THE SECURITIES INDUSTRYProfitability Model Needs to Be Clearly DefinedTeam Building Should Be Conducted in a Coordinated WaySolid Evaluation and Incentive Mechanisms Are NeededContents of the Wealth Management BusinessFunctional Requirements for Wealth Management Service PersonnelEvaluating 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 AnalysisQuantitative 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 COMPANIESCharacteristics of Securities Company HR Management Determined by the IndustryHigh-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 ManagementThe 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 FutureTheoretical Frameworks for Human Resource Management in Securities CompaniesChapter 7. Analysis of Sponsor Regime for Chinese Securities CompaniesORIGIN AND DEVELOPMENT OF THE SPONSOR REGIME IN CHINASponsor Regimes in Overseas Securities MarketThe 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 SystemComparison of the Sponsor Systems of Various CountriesSponsor Structure Sponsor Qualifications The Term of Sponsors Sponsor Duty System ANALYSIS OF PUNISHMENTS IMPOSED BY THE CSRC ON RULE-BREACHING SPONSORSPunishment for Rule-Breaching SponsorsAnalysis of Sponsor Institution and Representative Credit Regulation by Regulatory MeasuresAnalysis of the Market Boards of Breaching SponsorsAnalysis of the Annual Frequency of Punishments against SponsorsRULE BREAKING SPONSOR—CASE STUDIESThe Case of Suzhou Hengjiu Photo-ElectronicThe Case of HepalinkINTRINSIC FLAW OF THE SPONSOR SYSTEM: IMBALANCE BETWEEN PROFIT AND RISKIncompetence of SponsorsUnreasonable Sources of Income for SponsorsAmbiguous Rights and Responsibilities among the Sponsor, the Issuer, the Regulator, and Other Intermediary InstitutionsAmbiguous Rights and Responsibilities for the Sponsor Representative and the SponsorAmbiguous 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 SponsorsDIRECTION FOR SPONSOR SYSTEM REFORMImproving Stock Issuance Pricing System and Securities Market Litigation SystemSponsor Competence StandardizationTying Profit to Duties Performed by a SponsorSpecifying the Rights and Responsibilities of the Sponsor, the Issuer, and the RegulatorSpecifying 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 SponsorsChapter 8. Experience and Lessons from International Investment Banks (Securities Companies) in Mature MarketsOVERVIEW OF THE DEVELOPMENT HISTORY OF INVESTMENT BANKS IN THE MATURE OVERSEAS MARKETEvolutionary History and Structural Patterns of Investment Banks in the United StatesThe Merrill Lynch Model The Citigroup Model Evolutionary History and Structural Patterns of Investment Banks in the United KingdomEvolutionary History and Structural Patterns of Investment Banks in GermanyEvolutionary History and Structural Patterns of Investment Banks in JapanDevelopment Paths of Overseas Investment Banks as Inspirations for ChinaANALYSIS OF INVESTMENT BANK REGULATION IN MATURE OVERSEAS MARKETSCategorization of International Investment Bank Regulation SystemsThe Investment Bank Regulation System in the United StatesInvestment Bank Regulation System in the United KingdomWhat Can China Learn from Overseas Investment Bank Regulation SystemsANALYSIS OF THE ORGANIZATIONAL STRUCTURES OF INVESTMENT BANKS IN MATURE INTERNATIONAL MARKETSOrganizational Forms of Investment Banks in Mature International MarketsFamily Business and Partnership Mixed Companies Publicly Held Companies Modern Financial Holding Companies Governance Structures of Investment Banks in Mature International MarketsEquity 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 MarketsFocusing 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 MARKETSGeneral Analysis of Business Structures of Investment Banks in the United StatesU.S. Investment Bank Business Structure Case Study: Goldman SachsU.S. Investment Bank Business Structure Case Study: Morgan StanleyU.S. Investment Bank Business Structure Case Study: Merrill LynchU.S. Investment Bank Business Structure Case Study: Lehman BrothersWhat China Can Learn from the Business Structures of American Investment BanksANALYSIS OF THE INTERNAL CONTROL OF INVESTMENT BANKS IN MATURE INTERNATIONAL MARKETSThe Five Factors of Internal ControlInternal Environment Risk Assessment Control Activities Information Communication Supervision Risk Management of Investment BanksMajor Categories Of Risks Risk-Management Architecture Risk-Management MethodsWhat China Can Learn From Internal Control of Investment Banks in Mature International MarketsEmphasize 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 MARKETSMessages in Terms of RegulationStrengthening Regulation on Derivatives Strengthening Regulation on the Securities Market, Especially the OTC Market Messages in Terms of Organizational StructureMessages in Terms of Business StructureRaise 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 ControlImproving 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 ControlChapter 9. Future Development and Reform Focuses of Chinese Securities Companies—General PrincipleSOME DIRECTIONS FOR THE FUTURE DEVELOPMENT OF CHINESE SECURITIES FIRMSThe Main Driving Force of an Emerging International Financial Center in ChinaInternational Finance-Related Services Global Investors' Services Guaranteed Market Liquidity Product Pricing The Promoters of Change in the Chinese Financial SystemAn Innovator in Financial ProductsRisk AllocatorWealth ManagerSOME PRIORITIES OF FUTURE REFORM IN CHINESE SECURITIES FIRMSCreate an International VisionThe 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 ExpansionPromote Differentiation-Based Management and CompetitionDifferentiated Market Positioning Differentiated Marketing Differentiated Products and Services Differentiation of Business Regions Transform Business ModelsRestructuring 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 OutcomeAbout the Author
 
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