Evaluation And Analysis On Comprehensive Strength Of China Securities Companies

With the gradual improvement of securities market system and the expansion of business scope of securities companies,the competition between the securities is increasingly fiercer,mainly displays in two aspects:First,business convergence,for more and more securities companies have gradually from business brokerage business involves various areas,such as securities issuance and underwriting, investment consultation,asset management,etc.;Second, brokerage and proprietary business in hand,for the securities company is not only the stock market Facilitating agency but also the stock market participates in the investment institution.Stable healthy and quick development of securities markets plays a decisive role in the development of the securities market is the driving force.Comprehensive strength of securities companies will not only affect the strength of their position in the securities industry,but also affect the operation of securities companies on the securities market,so the evaluation of comprehensive strength is very necessary.In the existing literature, the evaluation of comprehensive strength of securities company just is against part of a relative strength of the abundant securities company evaluation analysis or some securities companies (such as brokerage, innovation,etc.), basically doesn't have such on our most securities companies in the comprehensive evaluation; Constructing the evaluation index system of comprehensive strength.there was a big differences remained to be discussed further perfected.Now two or more comprehensive evaluation method are combined together,such as principal component and standard deviation method.standard deviation and AHP,and the entropy weight method and hierarchical analysis method, and the combination of AHP and grey correlation analysis method and fuzzy mathematical model and AHP,the rough sets and expert evaluation method,fuzzy comprehensive evaluation method based on entropy weight and AHP combined,etc..They are widely used in every field. In view of this,this paper concretely describes the connotation of the comprehensive strength of securities companies from the various abilities which the securities companies display in operation and development process embodies,such as profitability,solvency, operation ability,development ability,and existing scale,risk control,corporate governance,resources environment and so on,this paper finaly selects 21 indicators.The Entropy weight and AHP method are used to appraise the comprehensive strength of securities companies.By means of normalization treatment and Grey Correlation Degree Analysis,from scale factor,ability factors,risk control,corporate governance four aspects evaluate the comprehensive strength of 94 securities companies.Then this article further evaluates the comprehensive strength of our country securities companies,makes comparative analysis from different angles,such as classified regulation and listed or not etc.and points out that the comparative analysis of securities companies comprehensive strength and its major characteristics of the difference between. Combining comprehensive evaluation results indicates the main conclusion,and reveals the present status and existing problems of our country securities companies,for putting forward effective feasible suggestions.The paper is divided into six major parts as follows:Partâ… :Introduction.From the research background and the research significance two aspects,the paper gives the research mentality and the content frame,meanwhile briefly reviewes and assesses the current and the previous comprehensive evaluation method of the related literature.Partâ…¡:Construction evaluating indicator system. Describe the connotation of the comprehensive strength of securities companies from the various abilities which the securities companies display in operation and development process embodies, such as profitability,solvency,operation ability,development ability, and existing scale, risk control,corporate govemance,resources environment and so on;According to selecting indicators with the scientific,comprehensive,simplicity and manageability principle, select the target initially,then uses the principal component analysis method and binds qualitative analysis method,and ultimately determines the evaluating indicator system.Partâ…¢:Determine the weights of evaluation indicators.The primary data existence different dimension.then indicators are not unified nature of the data. first needs to be normalized to the standardized processing,after then the standardized processing data will use in determining the weight and the computation next chapter incidence coefficient matrix.This part adopts quantitative method and qualitative approach,namely the entropy weight method and the analytic hierarchy process to determine the comprehensive weight method of the indexes weights.Part IV:Test and evaluat.After a brief explanation applicability about the commonly used comprehensive evaluation method, describe the basis for selecting the gray correlation method as the comprehensive evaluation method in detail.The comprehensive evaluation method's theory,the step and the concrete implementation carries on detailed showing; According to the standardized processing sample data,get comprehensive evaluation results,furtherly according to the comprehensive evaluation result.describe the difference of the comprehensive strength of securities companies.Part V:The analysis of evaluation results.Comparative analysis from different categories (Innovation category, standard class, pending review class) and securities companies listed or not (listed and unlisted securities companies),and points out the chief feature of each kind of securities companies strength difference.Part VI:Main conclusion and Suggestions.Combined with the fourth and fifth part of comprehensive evaluation results indicates that the main conclusion.To enhance the comprehensive strength of China securities companies,this paper gives three suggestions that making up this deficiency and advantage, internal control and external supervision to combine together.sounding corporate governance system.The evaluation indicator system of comprehensive strength is constructed.which comprehensively as possible counts various features reflecting the comprehensive strength of Chinese securities companies.The evaluation index system is divided into four levels they are target strata,criterion layer,son criterion strata and index layer; According to the basic theory of the enterprise financial comprehensive evaluation, securities companies'ability factors are divided into profitability,operation ability, solvency,capacity development four tall criteria;Strictly, total indicators are used to embody scale factors,the financial ratios indicators are used to embody ability factors; The classified regulation rating which the China Securities Regulatory Commission evaluated is introduced into index system.