Study On The Impact Effect Of The Development Of Wealth Management Business Of Chinese Securities Companies

With the opening up of China’s financial industry to the outside world,domestic brokerage firms have implemented commission liberalization policies in line with foreign capital markets,commission rates have been adjusted downward,brokerage revenue has been decreasing year by year,and the increasingly fierce homogeneous competition has led to a gradual decline in the operating profit of securities companies.At the same time,along with the rapid development of national economy,the domestic high net worth customers group is rising rapidly,followed by various and differentiated financial management needs.In this context,securities companies must take the initiative to reform and innovate,actively explore the development direction of wealth management business,find new profit points and sustainable development mode,and realize the value of securities industry itself.Based on theories related to wealth management,this paper combs and summarizes the relevant literature on the development of wealth management business in the securities industry,and selects the annual net profit,total asset size,income from distribution of financial products,income from investment advisory business and other micro data of 25 domestic listed securities companies from 2016 to 2021,as well as macroeconomic data such as the total annual trading volume of the securities market,and conducts Multiple regression analysis is conducted to quantitatively explore the impact of various business measures in the development of wealth management business of China’s securities companies on the company’s operating performance,and the changes brought by the development transformation on the company’s operating performance in two different periods from 2016-201 8 and 2019-2021 are considered respectively,using the introduction of the new regulations on capital management in 2018 as the dividing line.The empirical results show that the three aspects of information technology development level,product allocation capability,and investment advisory service capability in wealth management business have a significant positive correlation in promoting the improvement of securities companies’ operating performance,which will become the main breakthrough direction for the development of securities companies’ wealth management business,while the financing and financing service capability is positively correlated with the company’s operating performance,but the effect is not significant,while the impact of 2016-2018 and the regression analysis of 2019-2021 show that the above significance trend is becoming more and more obvious.Then this paper takes Founder Securities as a specific case of China’s securities companies to promote the development of wealth management business,and analyzes the current situation,effective development measures and shortcomings of its wealth management business.Finally,combining the findings of the empirical study and the case study,specific countermeasures are proposed for the promotion of wealth management business of Chinese securities companies in terms of customer classification services,product allocation capability,investment advisory services,and information technology investment.