Research On Competitive Strategy Of AX Securities Investment Banking Business

Securities companies are an important part of the capital market.Investment banking business of securities companies is one of the core businesses of securities companies.It has irreplaceable functions in optimizing resource allocation,improving social benefits,and serving the real economy.In recent years,a series of changes have taken place in the environment where securities companies operate their investment banking business: the scale of stock financing and bond financing continues to grow,and the enthusiasm for corporate financing is high;China has continuously improved the capital market structure and established the Beijing Stock Exchange;Fully implement the registration system to improve the audit speed of investment banking business;The new Securities Law and the Criminal Law Amendment(11)have increased industry supervision.Under the changes of various external environments,the investment banking business of securities companies has obvious advantages in the investment banking business of leading securities companies,while the investment banking business of small and medium-sized securities companies is highly competitive.There is a trend of Matthew effect in the industry,and the development of investment banking business of small and medium-sized securities companies is difficult.Based on the theory of competitive strategy,core competence and other theories,drawing on the research results in the fields of competitive strategy and investment banking business,this paper uses the research methods of literature research,quantitative research,qualitative analysis and questionnaire survey to study the competitive strategy of AX Securities Company’s investment banking business.First,this article analyzes the external and internal environment of AX Securities Company’s investment banking business.The PEST analysis and Porter’s five forces model are used to analyze the macro environment and industry environment of AX Securities’ investment banking business,and the value chain model is used to analyze the value chain of AX Securities’ investment banking business.On this basis,the key factors of the internal and external environment of AX Securities’ investment banking business are obtained,The key factors of the internal and external environment are systematically analyzed by using the internal and external factor evaluation matrix and the analytic hierarchy process(AHP).Then,this article made a competitive strategy choice for AX Securities Company’s investment banking business.Use the SWOT analysis method to comprehensively analyze the opportunities,threats,advantages and disadvantages of AX Securities Company’s investment banking business,build the SWOT analysis matrix,and propose SO,ST,WO,WT strategies that match the development of AX Securities Company’s investment banking business.On this basis,it is concluded that bond business and equity business should adopt different strategies.Using the QSPM matrix and combining the industry characteristics,this paper expounds the alternative competitive strategy and feasibility of AX Securities Company’s investment banking business,and finally determines that AX Securities Company’s investment banking business should choose the differentiated competitive strategy at this stage.Finally,this article formulates the implementation and guarantee measures of differentiated competition strategy.In view of the difference between the investment bank bond business and the equity business of AX Securities,this paper proposes to implement the differentiated competitive strategy in terms of the actual situation of the bond business from the aspects of human resources acquisition and resource support,professional level control of practitioners,compliance risk control management,and the development of bond business cooperation institutions;For equity business,carry out differentiated competitive strategy from the aspects of IPO key business,new third board and Beijing Stock Exchange business,internal institutional business coordination of securities companies,refinancing of listed companies and follow-up services of mergers and acquisitions.At the same time,this paper further proposes the safeguard measures of differentiated competition strategy,including strengthening the management of corporate culture,strengthening the level of risk and quality control,strengthening external coordination and department cooperation and communication,and improving the level of human resources.AX Securities Company is a medium-sized securities company with relatively high comprehensive ranking in China.If its investment banking business wants to break out in the competitive environment,it must explore and formulate appropriate competitive strategies.The research in this paper will help AX Securities Company to choose appropriate competitive strategies for its investment banking business and improve its core competitiveness.Given that medium-sized securities companies are facing the same environment and have many similarities in their business development,this paper may have some reference value for the selection of competitive strategies of the same type of securities companies.