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Wysłany: Sob 9:10, 23 Kwi 2011
Temat postu: mbt laarzen Securities firms and international str
2. Securities of the company's international competitive advantage with a clear demonstration effect.
3. The current domestic and international business of securities companies in China there is some room for development.
(3) and QFII related to international business. QFII as financial strength, investment philosophy advanced large multinational financial institutions, domestic securities companies benefit from the largest and most direct would be brokerage business. In addition, QFII's intervention, on the one hand for large capitalization stocks state-owned enterprises within the brokerage firms to provide underwriting international strategic placing objects; the other hand, for M & A and securities brokerage firms to expand consulting business offers significant opportunities.
either set up an overseas subsidiary of the domestic securities companies, or domestic joint-venture securities companies on the market, its competitive advantages of international operation of the demonstration effect is very obvious. Guotai Junan earlier the All licenses, and for the last three years earnings,
MBT Schuhe günstig
, is seeking to list in Hong Kong. Its parent company's brokerage business, financing business, international business, etc. in the domestic industry are top. The end of 2001 China International Finance Corporation A stock brokerage business to get a license, exclusive in 2002 that the mainland securities firms underwriting a third of the total stock market in the domestic market shows that the competitive advantage of joint ventures.
3. Foreign investment banks continued to deepen China's securities market, securities companies in China also formed a large international pressure.
(4) and QDII, CDR related to international business. QDII is a completely open capital account is not the country, allowing domestic investors to institutional investors through the licensing of a securities investment outside the system. Relevant national institutions will
(2) Sino-foreign fund management companies, joint stock company's international business. Outside the control of the fund is a joint venture securities companies starting international operations. Fund joint venture securities companies can be given an international investment management, marketing organizations, risk control, product design, the use of global investment platform for foreign companies, investment research reports, models and international advantages. Joint venture securities company focused on the underwriting of A shares, including China's domestic market, Chinese companies listing overseas, some business in China, and foreign companies listed on domestic business in China, part of a large foreign companies in overseas joint venture will also support customer networks the company's business development, internationalization of the securities company provides business opportunities.
before joining WTO, representative offices of foreign investment banks in the country is the only window. Including Merrill Lynch, Goldman Sachs, BNP Paribas, CLSA, JP Morgan and other foreign securities institutions have been established in the country more than 70 offices, in a familiar market, understand the law, training and human resources play an important role, in part executives to achieve localization. After joining WTO, foreign companies and joint ventures have a choice of QFII. From those involved in international investment banking point of view of domestic business was mainly involved in the domestic B-share market trading, the Chinese government and enterprises involved in external debt service, a virtual monopoly of overseas companies listed on China's stock underwriting, bond financing, large enterprises overseas mergers and acquisitions, joint venture companies engaged in underwriting domestic A shares, foreign shares brokerage, securities underwriting, brokerage and fund management, and self-service.
(1) serve the foreign acquisition of Chinese enterprises. China's accession to WTO, foreign direct investment to establish the new company will be the main way to mainly take the acquisitions, mergers and other means to change the mode of investment banks, securities companies which carry out foreign capital for domestic investment banking mergers and acquisitions provide the foundation. While it is difficult for domestic securities companies also compete with foreign investment banks, but the investment bank of the relevant domestic legal system, enterprise system and political culture and other aspects should be much more familiar than foreign investment banks in the foreign country more competitive on small and medium sized M & A projects.
2002 年 3 月 1 start of the implementation of the going out, The approach also provides securities company may apply for approval to establish or equity participation, acquisition of foreign securities companies, in principle, allow domestic brokerages to go abroad,
belstaff bolsas
, so as to China's international brokerage paved the way for building a strategic international business in China securities companies organizational framework. Group has subsidiaries, branches, joint ventures and overseas subsidiaries, in securities, futures, securities investment funds and venture capital funds and other operators of large-scale securities holding group will emerge.
Securities firms and international strategic framework for policy recommendations
A clear international strategy of securities companies main constraints and favorable conditions under the current system, the design of international strategy, international securities companies in China's top priority. This paper analyzes the international strategy of securities companies constraints, favorable conditions and the general framework proposed by the current international strategy of securities companies to implement the main elements and the corresponding policy recommendations. International securities companies, one international business, including the domestic market-based international business and to foreign markets as the basis of international business; Second, international institutions, including foreign securities companies to open branch in China institutions and securities companies in China to set up branches abroad. After WTO accession, foreign securities firms can only set up representative offices in China from the developed to the establishment of joint venture equity securities companies and fund management companies, QFII and so on, from indirect into direct landing approach. In contrast, the business of securities companies, whether international or international institutions are lagging behind, in the early stages of development. Joint venture securities companies model the one hand, the internationalization of China's development faces severe challenges, on the other hand also in the domestic market for the securities companies in China provides a unique international platform. Seize this opportunity to understand the business of securities companies is the current development and future of international relations, a clear international strategy to implement the main constraints and favorable conditions to develop an international strategy, China's securities companies to international priorities .
strictly separate operation,
mbt schoenen online kopen
, separate supervision mode, with the pace of financial mixed operation of exploration, not only in the domestic market, securities companies are facing banks, insurance, fund, trust, business penetration and competition, but also to Chinese banks face a financial holding group for the background of international investment banking competition. Currently these agencies include the China Construction Bank and Morgan Stanley and other financial and investment institutions 5 joint venture China International Capital Corporation, China Industrial and Commercial Bank of East Asia Securities in Hong Kong set up after the acquisition of joint venture investment bank - Commerce and Industry of East Asia, Bank of China in London preparation of the BOC, the Agricultural Bank of China in Hong Kong, a wholly owned subsidiary of Farmers Bank Securities, marking the state-owned commercial banks have engaged in investment banking with international business organizations, international business, who want have a considerable pressure on securities firms.
First, China's securities companies to develop international strategies constraints
2. In the context of banks in financial holding group's international investment banking business of securities companies to form larger international operation pressure.
domestic securities companies source of revenue is highly concentrated in brokerage,
MBT обувь
, investment banking, proprietary three traditional areas, innovative business still at an initial stage. The international investment bank has already broken through the traditional business areas, a modern investment bank involved in almost all areas. In the past 20 years, globalization and international economic situation in an increasingly competitive market, the international investment banking, international business, the parallel development of diversification and specialization. One investment bank in a variety of new competition in the international business is playing an increasingly important role. In China, the international brokerage business, in addition to the shrinking of the B share business, other business almost blank.
Second, China's securities companies to implement the favorable conditions for international strategy
1. A single domestic business of securities companies, international businesses carry out nearly blank.
China for a long period of time can not freely convertible RMB, the domestic securities investment are subject to strict international policy control. In addition, a short history of the development of Chinese securities market, its legal framework, regulatory system and there is a big gap between the international securities markets. This is a direct result of China's securities companies lack the motivation and the overall international business strategic planning, there is no specific international strategy and its implementation steps. Some brokers take the form of policy barriers to bypass registration in overseas joint ventures or acquired by its major shareholders in the institution by its hosting of overseas business, potentially increasing the risk.
strength of weak securities companies in China, the lack of an international distribution network,
mbt laarzen
, the lack of international talents and experience in the international market, the lack of influence in the international capital markets and reputation, and these foreign investment banks in the competition was in downwind. Set up branches in Hong Kong as a base to conduct international business in domestic securities companies (such as SW, Guotai Junan, etc.), means that international agencies have started, but in terms of quantity, the regional distribution or on the role of the international branches, are simply not well-known securities companies with foreign par. Other large securities firms to establish overseas branches are also some exploration, but only in exchanges with foreign institutions to understand the level, can not go deep because of policy barriers, but also not conducive to the accumulation of international experience and international talents in the exercise.
4. Securities companies to expand their living space by the current international policy constraints.
1. The policy environment began to become loose.
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