Evaluation Of The Growth Of The China Securities Research

Since theSSE(Shanghai stock exchange) and SSE(Shenzhen stock exchange) had been established, after 20 years of development, our country security market has considerable size, and has played an important role in the capital allocation, fund raising, capital pricing. Security companies are the important organizers of security market, and their growth condition affect the long-term stable development of the security market directly.On the other hand, in the open capital markets, whether security companies of our country have prepared for the incentive competing with foreign horizontal competition is to be the most concern in securities industry.Therefore, the growth evaluation of security firm is particularly important.This paper makes a study on growth evaluation of listed security companies. Firstly, we summarized domestic and overseas scholars'study on enterprise growth and growth evaluation, and then established the security company growth evaluation index system on the basis of analysing the operating situation of China's security companies, and established the evaluation model. Paper analyzed the growth of listed security companies from profits growth ability and development potential two aspects, and evaluated the growh synthetically with the method of two-dimensional vector space distance.Through the empirical research, we draws the following conclusions:1) The existing literatures on enterprise growth evaluation provide some reasonable evaluation indexes, but they didn't make specific research on some industry, so wo can't evaluate the growth of security companies specifically and accurately with existing evaluation system.2) Through analysing the Chinese securities companies operating situation, we found some problems about operating of security companies as following:security companies have similar security business and unreasonable income structure; Security company business innovation is insufficient; The registered capital is scarce, and generally smaller scale; Company business are highly correlated with market fluctuations, and the ability to resist risk is weak.3) Paper chooses 11 evaluation index to construct the evaluation index system from earnings growth ability and development potential two angles, and then uses the factor analysis and the two-dimensional vector space distance method to analyse, at last paper concludes the following conclusions:about 8.3 percent of the listed security company grow better; 41.7 percent of listed securities company have general growing performance; 50 percent of the listed securities company's growth is poorer. Meanwhile, they which grow better have strong profits growth ability and potential development; they that have general growing performance only have sttrong ability in one aspect and need to improve in another aspect;they that have poor growth are expected to improve both profits growth ability and potential development.