【作者】 李贵军；

【导师】 郭元晞；

【作者基本信息】 西南财经大学 ， 产业经济学， 2013， 博士

【摘要】 产业生态位理论是产业经济学理论与生态位理论互相融合和相互作用的一种创新理论,由Hutchinson提出的“n维超体积”在生态位的研究中具有深远影响。产业生态位理论将生态位理论引入到产业经济学中,据此提出产业组织生态位理论、产业生态位理论等。基于产业生态位理论,可以将证券行业的发展看作一个产业种群生态系统,该种群生态系统包含了种群数量、种群生态环境、种群竞争格局、种群生命周期等相关内容,每一项内容都是影响生态系统优化与变革的生态因子。盈利模式则是综合反映该种群利用资源环境输出产品和服务,以及随之形成的业务模式、业务结构、收入规模、利润增长的战略规划和制度安排。随着生态系统内外部环境的不断变化,生态因子必须通过不断调整(内部优化与外部关系整合)才能获取更多的发展能量。因此从这个角度来看,券商盈利模式创新是券商行业和个体不断适应内外生态因子变化,寻求资源获取和产品输出路径改变的过程。盈利模式创新的本质是在特定资源维度和规模形态的空间结构中,内部各行为主体通过与外部环境进行互动和矛盾冲突,不断打破自身发展限制、努力获取最佳战略位置的过程和状态。因此,利用产业生态位理论对券商行业转型和产业,研究盈利模式创新具有重要意义。当前我国证券行业的发展,既面临内部生态位错乱,竞争无序的压力,又面临金融领域其他行业的挑战。券商行业总体存在规模较小,竞争加剧,业务单一,资金效率低下、行业周期性强、融资渠道窄的现实特征,盈利模式面临严重挑战。券商行业生态位水平较同为金融行业的银行、保险和信托低,且近年来出现继续下行趋势。在产业生态多维影响因素中,盈利模式是一个能够影响行业升级和业务结构调整的重要生态因子,因此利用产业生态位理论分析行业现状、解释产生各种现实情况产生的原因,并在此方向下深入研究行业和企业发展战略、业务规划,和解决证券行业盈利模式创新问题,既有重要的理论价值,也具有十分重要的现实意义。基于此,本文在研究中拟解决三个主要问题：(1)为什么用产业生态位理论分析券商行业,以及本文分析券商行业问题着眼点；(2)基于产业生态位理论视角,券商盈利模式存在的3大主要问题,即对比资产收益率低下,收入周期性特征明显、收入模式单一；(3)针对出现的问题,分析出现问题的深层次原因及改变现状的政策建议,即基于存在的3大主要问题如何进行券商盈利模式进行创新。带着这样的研究思路和研究目的,按照提出问题、分析问题、解决问题的研究范式,进行了7个部分的研究。第一章绪论部分。绪论部分针对本文研究背景、研究目的、研究意义、研究内容、研究方法进行简单说明,并根据研究的主要内容,来描述文章整体研究框架。通过对文章研究内容的总体介绍,有助于从整体上把握文章研究思路和脉络。第二章是理论和文献综述部分。首先,该部分主要针对国内外关于产业生态位理论研究及应用状况进行综述分析,从而为本文后续研究奠定理论基础。通过文献综述部分,可以发现产业生态位理论作为一种产业经济学的衍生性理论,逐渐得到了人们的认可和接受,并在现实的实践中得到了越来越广泛的应用。但是迄今为止,将产业生态位理论应用到券商盈利模式创新当中,还属于一个全新课题。如何从本质上分析产业生态位理论以及理解该理论与券商盈利模式创新之间的关系,从深层次上认识券商盈利模式创新的现实意义、探寻到具有前瞻性的券商盈利模式具有关键性的影响。其次、文章对盈利模式的理论基础作了相应的介绍,明确了盈利模式构成要素及特征,盈利模式的本质。文章认为盈利模式是构成价值获得的各种因素的综合体,是基于战略层面的以客户和利润为导向的企业资源运营方式,其本质是企业竞争优势的体现,是实现企业利润和价值的最大化。再次,文章对券商发展和创新的文献进行了综述。现有文献总体认为,我国证券公司之间的业务过于同质化,公司之间缺乏业务分工,且恶性竞争严重,这样的盈利模式造成证券公司的收入来源严重依赖于市场行情周期,使证券行业很难持续发展壮大。相关的研究多立足于行业竞争和收入结构,对于更深层次的机理分析,以及扭转行业盈利模式的着力点和具体措施相对缺乏。第三章是基于产业生态位视角的盈利模式现状研究和实证分析。首先,该部分从产业生态环境的角度分析券商盈利模式转型的宏观环境,即经济发展趋势、产业政策调整、资产证券化、产业转型和升级对盈利模式的积极影响。其次,文章接着分析行业内部生态环境,从行业当前盈利模式特点、行业竞争状况,经纪业务现状和佣金率下滑等方面作了相应的分析。再次,文章在分析内外生态环境的基础上,再利用相关的量化理论对前文研究作相应的实证分析。文章利用基于生态位时空分异测度的相关理论,利用行业集中度、行业结构定量模型分析了行业竞争格局,实证分析券商行业当前过度竞争,行业集中度度过低,产业绩效低下的判断。最后,文章通过构建产业生态位值测度的数量模式,分别对金融行业内券商生态位水平,以及行业内券商之间的生态位水平的差异,研究行业生态环境所处的态势和变化趋势。研究发现,券商行业与金融领域其他行业相比,其生态位值偏低,且仍处于下滑趋势。通过该部分的理论实证得出结论,券商行业盈利模式的三大症结在于盈利周期性波动严重、行业资产收益率低、行业收入结构狭窄。针对以上三大问题,后文将分别从逆周期调节机制研究、券商行业资金使用效率研究和功能定位三个方面分别予以分析。第四章是关于券商盈利模式与逆周期调节机制的研究。券商行业靠天吃饭的特征明显,市场行情的波动直接决定着券商行业收入曲线。盈利模式具有较强的周期性是我国券商行业盈利模式的一大显著特征。发达资本市场投资银行收入曲线并未呈现如此大的波动。文章第四部分就证券行业顺周期性特征以及逆周期调节机制作相关分析,以促进券商盈利模式创新。第五章是关于券商盈利模式与资金使用效率研究。资金使用效率低下,杠杆率低是我国券商行业盈利模式的主要特征。该部分对国内券商融资和资金使用特点,对券商风险管理和资产负责等作了相关研究,并对比分析发达资本市场资金效率情况后,提出提升资金使用效率的政策建议。第六章是关于券商盈利模式与功能定位的研究。券商业务收入来源单一业务结构过于集中是行业的又一弊端。证券行业作为金融市场的核心,广泛参与投资融资业务、证券发行承销、资产管理、财务咨询业务,但经纪业务仍是收入结构的主体。券商盈利模式的创新必须明确业务功能和定位,拓宽业务范围,深化券商作为金融中介和资本服务职能。该部分通过梳理发达市场券商功能发展历程,对比分析与成熟市场的差距,提出完善我国券商行业功能定位的政策建议。第七章是结论与建议。主要对文章研究内容进行全面总结和概括,并提出政策建议。本文研究创新点主要表现在：(1)本文将产业生态位理论引入到券商盈利模式创新当中,以产业生态位的视角研究券商行业存在的问题,是对产业生态位理论运用的一种新尝试,也是券商盈利模式创新研究视角创新。文章通过为券商盈利模式创新提供新的理论基础,寻找新的注脚和依据,对于推动券商盈利模式创新与实践具有重要的现实意义。(2)本文基于产业生态位的视角得出券商行业三大根源性痹症,在此基础上将盈利模式主要问题归纳为分析了三大痹症,即券商行业盈利模式的三大症结在于盈利周期波动严重、行业资产收益率低、行业收入结构过窄造成竞争过度。这一分析有别于行业盈利模式痼疾在于竞争加剧、佣金率下滑的普遍认识。(3)文章结合行业规制和盈利模式现状,分别针对三大弊病提出与之相应的政策建议和措施,这为监管部门改善行业生态外部环境,券商个体转变企业经营思路,构架新的盈利模式具有现实参考意义。本文研究不足主要表现在：(1)理论深度需要进一步加强。产业生态位理论属于一种产业经济学理论与生态位理论结合式的创新。产业生态位理论既融合了产业经济学一些基本的理论(诸如产业制度理论、组织理论、交易理论等),也吸纳了生态位理论的基本观点,因此产业生态位理论包含了丰富的内容。鉴于本人理论基础相对薄弱,对于产业生态位的理解的层次还需要提高,因此本文针对产业生态位的一些论述以及尝试性创新,可能还有一些值得商榷之处。因此进一步提高本文研究的理论深度,是日后仍然需要完善的课题。(2)定量研究不足。定量研究是为理论研究提供现实论据的主要研究手段,鉴于本文研究过程中,涉及的变量比较复杂,因果关系难以进行单线条式的梳理,因此模型构建显然十分困然,从而造成本文定量研究只能提供一些基本的数据分析作为研究论据,导致本文定量研究不足。这些对于本文得出的一些结论合理性以及说服性产生一定的负面影响。本文将产业生态位理论引入到券商盈利模式创新之中,是采用产业经济学理论解决券商盈利模式问题的一种全新尝试。从理论来看,这种尝试对于丰富产业经济学理论的内容,提高产业经济学理论的实战价值、拓展产业经济学理论应用边界,具有十分重要的意义。从实践来看,券商盈利模式创新是一个比较复杂的问题,它涉及到诸多方面因素,使用产业生态位理论去系统研究券商盈利模式创新问题,有助于我们从现实的角度,站在战略高度去认识券商盈利模式创新的内在迫切性,同时有助于从比较凌乱的现实中,寻求到正确的方向,不再局限于细枝末节问题处理,而是着眼于未来战略性方向,从根本上为券商盈利模式创新提供不竭动力。更多还原

【Abstract】 Industry ecological niche theory is an innovative theory, which is the convergence and interaction of industrial economics theory and ecological niche theory. The ’n-dimensional super-size’ putting forward by the Hutchinson has far-reaching implications on the ecological niche research. Industry ecological niche theory is introduced into the ecological niche theory in industrial economics, which proposed ecological niche theory of industrial organization, industrial ecological niche theory etc. Based on industry ecological niche theory, the development of the securities industry can be seen as an industrial population ecology system, which includes species ecosystem populations, population ecology, population competitive landscape, population and other related content life cycle. Each of them affects the ecological system optimization and transformation of ecological factors. Profit model is a comprehensive reflection of the use of resources and the consequent formation of a business model, business structure, income scale, profit growth of institutional strategic planning and operational implementation. As ecosystems internal and external environment is changing, ecological factors must be continuously adjusted (optimized internal integration and external relations) in order to obtain more development energy. Therefore, from this perspective, the brokerage profit model is the process of brokerage industry and individual constantly adapting to the inside and outside factors, to seek resources and product output path changing process. Profit model innovation is the essence of a particular resource in a spatial dimension and scale morphological structure, the internal various actors interact with the external environment and conflict, constantly breaking the limits of their own development, and strive to obtain the best strategic location and status of the process. Therefore, the research industry ecological niche for industrial upgrading and enterprise development strategy has important practical significance.Currently, the development of China’s securities industry, is facing internal ecological niche disorder, disorderly competition pressures, and other brokerage industries’ challenge. Brokerage industry in general is an industry with smaller scale, competition, single business, capital inefficiency, and is a strong cyclical industry which has narrow financing channels, and the profit model facing serious challenges. Brokerage industry’s ecological niche comparing with the same level financial sector banks and insurance is low, and the downward trend continued in recent years. In industrial ecology multidimensional factors, the profit model is an ecological factors which could affect the industry’s key business structure. Based on this, the study intends to address three main issues:(1) Why we use industry ecological niche theory to analyze brokerage industry, as well as why this thesis focus on the brokerage industry issues;(2) Based on industry ecological niche theory perspective, brokerage profit model exists the three main issues, namely the low rate of return on assets contrast, income cyclical characteristics significantly,and income single model;(3) According to the problems, the thesis analyzes deep-seated reasons of the problems and pointed out the policy recommendations of how to change the current status. With this research ideas and research purposes, in accordance with problem raising, problems analyzing, problem-solving research model, the thesis studied seven parts.The first part is the introduction part which describes the research background, purpose, significance, research and research methods. And according to the main research content, it describes the thesis as a whole research framework.The second part is the literature review section. Firstly, this section mainly reviews and analyzes the domestic industry ecological niche theory research and application conditions, so as to lay the theoretical foundation of the follow-up sections. Through literature review section, you can find industry ecological niche theory as a theory of industrial economics derivative, has been gradually recognized and accepted by the people, and has been more and more widely used in the reality of practice. But so far, how to apply the industry ecological niche theory to the brokerage profit model innovation is still a new topic. How to grasp the essence and understand the theory and brokerage profit innovation model relationship, to have deeper understanding of brokerage profit innovation model on the practical significance, to explore scientific and rational forward-brokerage profit model have important influence. Secondly, the thesis introduces the basis of the profit model, clarifies profit model elements and characteristics and the nature of the profit model. Thirdly, the thesis describes the brokerage development and innovation literature. Existing literature generally believe that China’s securities business companies are homogeneous, companies are lack of business labor division, and the vicious competition is serious, so it causes securities firms rely heavily on market cycle, and the securities industry is difficult to sustain development and growth. Related researches all focus on the industry competition and revenue structure, the mechanism for deeper analysis, the focal point of the industry profit model and the relative specific measures is few.From the industrial ecology perspective, the third part researches the profit mode and raises empirical analysis. Firstly, the part from the industrial point of view analyses the macro environment which transformed from the environmental brokerage profit model, namely economic development trends, industrial policy adjustments, asset securitization and industrial transformation. Secondly, the thesis analyses the ecological environment within the industry, from the industry’s current profit model characteristics, excessive competition of the industry, the part correspondingly analyses the economic services,commission rates decline etc. Thirdly, based on the internal and external environment, using relevant quantitative theory related research the thesis raised the corresponding empirical analysis. Finally, the thesis based on building valued measure the number of modes, analyses the financial industry ecological niche brokerage level, as well as brokerage industry ecological niche level difference. After research, we found brokerage industry compared with other sectors of the financial sector ecological niche value is significantly lower, and is still in decline. According to the part of the theory evidence, we can conclude that the three brokerage industry profit model crucial reasons are:severe cyclical fluctuations, industry capital gains rate and industry revenue structure narrow. To solve the above three problems, the follow-up parts analyses counter-cyclical adjustment mechanism, the brokerage industry and capital efficiency.The fourth part is about the brokerage profit model and counter-cyclical adjustment mechanism. Brokerage industry characteristics significantly dependent on the market cycle, the market volatility directly determines the brokerage industry revenue curve. Profit model with strong periodicity of brokerage industry profit model is one of the major salient features. Developed capital markets, investment banking revenue curve did not show such large fluctuations.The fifth part is about the brokerage profit model with the efficient use of funds. Inefficient use of funds, low leverage is the main features of brokerage industry profit model. The part researches characteristics of the financing and domestic funding of the brokerages and reseaches the asset risk management.Part Ⅵ is brokerage profit model and Function Study. Securities industry is the core of the financial markets, which broadly participates in investment financing, securities issuance underwriting, asset management, financial advisory services and brokerage services. It is still the main revenue structure.Part Ⅶ is conclusions and suggestions. The part raises the whole conclusion and raises the policy suggestion.Innovation of this study is mainly in:(1) This thesis introduces the theory of industrial ecology to brokerage profit model innovation which is a new interpretation and use of elaborate.(2) Based on industry ecological niche brokerage industry perspective, the thesis drawn three causes of arthralgia (3) In combination with industry regulations and profit model status, the thesis raises the policy suggestion and advise. There is real meaning for improving the outside environment and construct new profit model.This thesis shortage mainly in:(1) theoretical depth should be further strengthened. Industry ecological niche theory belongs to the industrial economics theory and ecological niche theory combines style innovation. Industry ecological niche theory combines both industrial economics some basic theories (such as industrial systems theory, organization theory, transaction theory, etc.), but also absorbed the basic viewpoints of ecological niche theory, so industry ecological niche theory contains a wealth of content. Since I am relatively weak theoretical foundation for the ecological niche industry also need to improve the level of understanding, so this thesis discusses some of the ecological niche industry and try to innovation, there may be some debatable. Therefore, to further improve the theoretical depth of this study is the subject of the future still need to improve.(2) Lack of quantitative research. Quantitative research is to provide a realistic theoretical research argument main research tool, given the course of this study, involving more complex variables, causality is difficult to sort out a single line style, so obviously very sleepy contingent model building, resulting in this quantitative study only can provide some basic data analysis as a research argument, leading to lack of quantitative research thesis. These some of the conclusions for this rationality and persuasiveness have some negative impact.This thesis introduces the industry ecological niche theory to brokerage profit model. It is an innovation which uses the industrial economics brokerage profit model theory to solve the problem. From the theoretical point of view, such an attempt to enrich the content of the theory of industrial economics, industrial economics theory to improve real value, expand the industrial application of economic theory borders, has very important significance. From a practical point of view, brokerage profit model innovation is a more complicated issue, which involves many other factors.The usage of industry ecological niche theory, helps us from a practical point of view, on a strategic level brokerage profit model innovation to recognize the inherent urgency, while helping more messy reality from seeking the right direction, no longer confined to the minutiae deal with the problem, but rather focus on the future strategic direction for the brokerage fundamentally profit model innovation inexhaustible power.更多还原