Research On The Valuation Of Securities Companies Under The New Business Model

The traditional business model has been unable to support the effective development of the securities industry, the traditional business model is one of the key factors causing the current competition pattern of domestic securities companies, and has brought the development bottleneck of the securities companies. Securities industry, the general assembly, opened a new era of innovation in securities companies. From the industry regulatory innovation, institutional innovation, and promote the securities company's management innovation, business innovation, and ultimately to achieve the brokerage business model innovation.The main features of the new business model mainly include two aspects: first, customer service needs and customer experience, to break the barriers between business lines, to achieve resource sharing and business series, the formation of a range of economic effects; two is gradually reducing channel business accounting for the contribution of capital to securities companies to enhance the performance of the capital intermediary business, big balance sheet.In the last century seventy's, the United States investment banking industry also experienced the current domestic securities companies are facing problems. At that time, the United States investment bank in the full analysis of customer needs, through a series of business innovation and business model innovation, to achieve a successful transition, effectively promote the innovation and development of the industry, to achieve the value of investment banking. Goldman Sachs is a typical.According to DuPont analysis, improve the securities company's financial leverage, to enhance the company's ROE level, so as to effectively improve the valuation of securities companies. In the new business model, due to the decline in commission rate of this trend, brokerage investment banking revenues will gradually decline, the capital intermediary business will occupy a larger proportion, play a more important role, the securities companies will also be transferred from the traditional business model of light assets to increase leverage to earn interest margin business model. But in the new business model, there are two external factors that affect or limit the valuation of securities companies. One is regulatory policy, the other is the market demand. The current regulatory policies on the existence of the size of the securities company liability limits, which limits the financial leverage effect of the future market of capital intermediary business, the total demand for the upper space, the use of funds and profit margins are larger.This article from the following aspects, the orderly deployment. First, the paper introduces the research background, purpose and significance, research ideas and structure of the paper. Then, the paper introduces and discusses the evaluation theory of securities companies. In the third chapter, the development of the traditional business model of domestic securities companies is analyzed. The fourth chapter analyzes the development of the new business model of securities companies in China. The fifth chapter discusses the impact of the new business model on the valuation of securities companies and case analysis.