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摘要中国证券市场，从无到有已经有二三十年的时间了，我们不可否认中国金融体系建立之迅速，但同时也不能忽视快速成长中伴随的阵痛。而证券业长期无序低效的竞争，便是其中之一。作为融资方与投资者的纽带，证券公司对我们证券市场的重要性不言而喻。如今存在的市场集中度低、券商业务同质化等问题逐渐暴露，证券业并购亟待得到指导，所以本文针对中国证券业的并购进行探究。首先， 本文从中国证券业现状出发， 分别从宏观和微观角度阐述我国证券业并购的动因，然后辅以申万收购宏源的实例分析，印证动因的同时引出下文对证券业并购所应注意问题的讨论，最后进行总结。总体上，本文采取的是理论联系实际的研究模式，特别对申万收购宏源进行了着重分析。在研究方法方面，本文多运用对比研究，也在实例分析部分进行了财务分析。研究表明，市场主导的中国证券业并购是大势所趋。本文的结构如下：第一章，绪论；第二章，证券业现状与并购的动因分析；第三章，申银万国收购宏源证券分析；第四章，中国证券业并购注意的问题；第五章，结语。毕业论文关键词：证券公司 并购 动因 申万 宏源27126
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Title Causes and problems of M&A in China’s financial industry
Abstract
It has been three decades since the establishment of China’s security market. Nobody can
deny the fact that China’s financial system is built rapidly, but with great pain. The disorder and
inefficient competition in the financial industry is one of them.
As the bond between financier and investor, securities firm plays a significant role in the
financial market. The problems such as low concentration and homogenization of brokerage
business have been noticed. The guidance of merger and acquisition in financial industry is
desired. And that’s why this article will explore M&A in China’s financial industry.
Firstly, we start from the current situation of China’s financial industry and explain the
drivers behind M&A from both macro and micro perspectives. Then we supplemented by case
study of SW Security’s acquisition with Hongyuan Security and led to the discussion of
problems to M&A in financial industry. Finally we come to the conclusion. Overall this article
takes the research model that considers both theory and practice. In terms of methodology, we
capitalize on comparison study and financial analysis in case study.The conclusion is that
market-driven M&A in China’s securities industry is mainstream trend.
This paper is structured as below.Chapter 1: Introduction.Chapter 2: Motivation of M&A
in securities industry.Chapter 3: Case study of SW Security’s acquisition of Hongyuan Security.
Chapter 4: Problems to M&A in China’s securities industry. Chapter 5: Conclusion.
Keywords Securities firm, M&A, SW Security, Hongyuan Security
目 次
1 绪论.1
1.1 我国证券业并购概述及研究意义1
1.2 文献综述. 2
2 证券业现状与并购的动因分析.3
2.1 我国证券业发展现状 3
2.2 动因分析 4
3 申银万国收购宏源证券分析.5
3.1 并购背景6
3.1.1 申银万国简介.6
3.1.2 宏源证券简介7
3.2 并购动因分析10
3.2.1 政策约束下的灵活变通.10
3.2.2 协同效应10
3.3 申万、 宏源整合风险分析.12
4 中国证券业并购注意的问题14
4.1 并购中的政府干预14
4.2 并购后的整合问题14
5 结语. 16
致谢.17
参考文献.18
1 绪论
1.1 我国证券业并购概述及研究意义
中国证券市场诞生于 20 世纪80年代，虽然存在政府的推动，但这是中国经