The Influence Of Securities Industry Opening-Up On CITIC Securities Operating Risk And Countermeasures

From the documents of the 19 th National Congress and the reform measures of Boao Forum for Asia on the financial sector,the establishment of a multi-level capital market and the expansion of financial opening-up are the focus of future efforts.The pace of opening up securities industry will further accelerate in the process of internationalization of financial markets.As the pace of opening up securities industry continues to accelerate,domestic securities industry will also benefit from the process.Foreign financial institutions such as Morgan Stanley,UBS and Goldman Sachs have entered Chinese securities market through a variety of business methods,and their rich experience will bring huge challenges to domestic securities.Facing the advantages of large securities firms in developed countries in terms of capital,asset size,innovation ability and management mode,how to strengthen their competitive advantages and to relieve the competitive pressure of foreign securities has become a problem that domestic securities industry needs to deal with.This paper firstly sorts out the opening-up process of securities industry in detail,and summarizes the current situation of securities industry,which provides the background for the following analysis.Then,this paper analyzes the market concentration of securities industry and compares the differences between Chinese and foreign securities in capital scale,revenue structure,corporate governance and reserve of talents.On the basis,this paper analyzes the impact of securities industry opening-up from the aspects of revenue and cost to explore the changes it will bring to the operating risk of securities.Through analysis,we believe that the opening-up of securities industry will bring more opportunities than challenges for large domestic securities.The entry of large foreign securities will intensify competition in the industry,raise industry standards,activate the catfish effect and accelerate the adjustment of securities industry.Large domestic securities have more customer resources and better risk tolerance,and the increase of industry competition will create more opportunities for mergers and acquisitions,forcing them to strengthen internal management,to enhance innovation ability and to go to the international market.This paper uses the case study method and takes CITIC Securities as the object to analyze its operating conditions and competitive environment extensively.On the basis,this paper makes a detailed analysis of the fluctuation of operating conditions of CITIC Securities in recent years,thus confirming the influence of securities industry opening-up on the operating risk of large securities.Finally,in view of the challenges and risks brought by opening-up of securities industry,effective measures are put forward from the aspects of revenue structure optimization,service efficiency improvement and risk management in order to promote the cultivation of international securities and to ensure steady development of the whole industry.