Research On The Performance Evaluation And Influencing Factors Of CITIC Securities

In the past 30 years,the rapid development of China's securities industry has brought it to a considerable scale and level,but a series of problems have also arisen.As the development of the domestic securities industry has entered an inflection point,homogeneous competition has become unsustainable.The search for new growth points has intensified the differentiation of the industry.At the same time,digitalization and financial technology have also led to disruptive changes.This article takes CITIC Securities Co.,Ltd.among the first batch of comprehensive securities companies approved by the China Securities Regulatory Commission as an example,combined with its operating data for 17 consecutive years from 2003 to 2019,and uses principal component analysis to establish a systematic operating performance evaluation system.At the same time,it explores the main factors that affect operating performance,aiming to help CITIC Securities optimize its own policies to expand its competitive advantage,help similar securities companies break through existing bottlenecks,and also enrich literature and cases in related research fields.This paper starts from the four parts of business scale,profitability,growth ability,and operational and asset management capabilities.A total of 8 indicators are selected using principal component analysis to comprehensively evaluate the business performance of CITIC Securities at various stages in the past 17 years.Linear regression analysis analyzes the five aspects of GDP(logarithmic),debt-to-asset ratio,net value from the macro and micro perspectives of the market environment,the level of solvency,corporate assets,profit structure,and the degree of specialization of the main business.The five main influencing factors of the growth rate of assets,the proportion of main business profits and the growth rate of net business income from securities brokerage are established equations with operating performance.The results show that for CITIC Securities,its operating performance has shown an overall upward trend in 17 years.In the part of influencing factors,GDP(logarithm),asset-liability ratio,net asset growth rate and net business income growth rate of agency securities trading will all positively affect operating performance,and the proportion of main operating profit will negatively affect operating performance.Based on this,four suggestions are put forward.First,we must focus on the overall improvement of the company's overall strength.Secondly,we must formulatecooperation strategies to promote healthy competition.At the same time,we will formulate marketing strategies to make business progress stable.Finally,we must clarify our own strategies and adjust business models,and carry out internal integration and external innovation.To deal with the current challenges and achieve sustainable development.