Disadvantages: the domestic financial market is unstable, and it is more difficult to implement the national monetary policy. Opening up too quickly may trigger a financial crisis.
China joined the World Trade Organization in 20001,
According to the General Agreement on Trade in Services and Financial Services
According to the requirements of the trade agreement, China promised to open its capital.
Foreign companies are allowed to enjoy national treatment in this market.
Establish intermediary organizations in China capital market and cancel them.
Cross-border service restrictions, gradual opening of capital projects,
Move towards liberalization. In order to fulfill the commitment to join the WTO
China government will cancel foreign investment at the end of 2006.
Investment in the financial sector in terms of equity, region and quantity
Restrictions have ushered in a new all-round opening of the financial industry.
Situation. At present, foreign banks, brokers and insurance companies
Division, investment banks and other financial enterprises are mostly
We set up a branch in China. Future QFII
(Qualified foreign institutional investors)
That is, the qualified foreign institutional investor system refers to
Allow qualified foreign institutional investors, in a certain
Remittance of a certain amount of foreign exchange funds according to regulations and restrictions
Gold, and converted into local currency, through strict supervision.
Special account for investing in the local securities market, and its information
Capital gains, dividends, etc. It can be converted into foreign exchange after approval.
A market opening mode of export), it will be more
Enter China's financial industry at a faster speed and on a larger scale.
Industry. Mei Sen and Bain of Harvard University are adopted in this paper.
"Market Structure" Constructed by Others —— "Enterprise Behavior"
"Market Performance" Analysis Framework (Analysis Paradigm for short)
Type), study the financial field after the full opening to China.
The influence of industrial organization of financial industry.
First, the impact on China's financial market structure.
1. Entry barriers. Restrict the entry of external enterprises
Barriers mainly include policy barriers and economic barriers.
Base. After the full opening of the financial industry, policy barriers will
Gradually abolished, economic barriers are mainly reflected in absoluteness.
Cost advantage, economies of scale, product differentiation and
Obstacles to having special resources. transnational
Financial enterprises can take advantage of the price advantage after entering,
Raise the absolute cost barrier, that is, domestic financial enterprises
So it runs the same product without any
Price advantage. Multinational financial enterprises can pass more
Ways to reduce product cost.
Form an absolute cost barrier. For example, multinational financial enterprises.
The industry has a huge marketing network and capital strength.
Be able to quickly adjust strategy and production in different markets.
Products, accelerate capital turnover, reduce service prices.
In addition, multinational financial groups also carry out activities in China enterprises.
Monopoly mergers and acquisitions, poaching a large number of talents, will have a great impact on China.
Financial enterprises form absolute cost barriers. Financial industry
One of the remarkable features of is to increase the service volume.
The international cost is higher than the marginal cost after the manufacturing industry increases production.
The decline is faster and there are obvious economies of scale.
Yes Domestic financial enterprises are small in scale and have economies of scale.
It should not be big. Multinational financial enterprises have strong capital strength.
Thick, with obvious economies of scale advantages, will be improved.
Scale economic barriers in China's financial industry.
2. Market concentration. September 25, 2005
On June 20th, Hang Seng Bank added a line of 50 million US dollars.
Taking this as a symbol, multinational financial enterprises have been expanding and prospering.
Bank, Merrill Lynch International, Credit Suisse First Boston
And successively obtain new or newly approved quotas. according to
National Bureau of Domestic Trade Financial Enterprise Information Center
According to the data, the top 50 funds in China in 20065438 were +0.
The service amount of financial enterprise group is 680. 1 100 million yuan, only
It accounts for 2.9152.5 billion of the total social product finance in China.
2.33% yuan, the financial market concentration is high.
CR50=2.33, while the US financial market in the same period
The field concentration index is 9. 16 times that of China. along with
The entry of multinational financial enterprises, China's financial industry
Market concentration will be further improved.
3. Vertical integration. Multinational financial enterprises
Vertical integration, on the one hand, is manifested in the wholesale and retail business.
On the other hand, it is reflected in the integration with China.
The financial industry has formed strategic alliances and even acquired shares.
China's financial industry. In brand management, in addition to taking
In addition to price reduction, internet and other methods, cross-cultural camps are also adopted.
Sales and enthusiastic public welfare to establish a social image, so as to achieve
Implement the strategy of vertical integration.
Second, the impact on the behavior of financial enterprises in China
After QFII entered the financial field, due to its regulations
Mode advantage and price advantage have improved the whole financial market.
Market concentration and entry barriers enhance market competition.
Degree, which will certainly affect the behavior of enterprises.
1. Price behavior. The financial industry is highly competitive.
In the industry, price is its main means of competition. step
In order to perfect the China market, China financial enterprises.
Share often adopts various flexible pricing strategies.
However, domestic financial enterprises have also joined the ranks of price increases.
The ranks of war. Most commonly used in price competition.
According to the characteristics of different needs of different investors.
Price discrimination strategies, such as membership, are formulated to
Investors are divided into member customers and ordinary customers.
Class, price-sensitive regulars.
Implement preferential prices for member customers. And supporting services,
Preferential discounts, refundable price reductions, etc. Are all negative.
The same type of price discrimination strategy.
2. Promotion strategy. Multinational financial enterprises are promoting
Have rich sales experience, usually take what you need.
Advertising, theme activities and other forms of promotion. contribution
The degree divides customers into three categories: the most valuable customers and
Most growth customers and negative customers. As far as I am concerned.
For example, financial business is mainly based on capital at present.
How much is the output? The following 654.38 yuan +0.5 million yuan is Volkswagen.
Retail customers, 1.5 ~ 0.5 million are personal financial customers.
500 ~ 654.38+00,000 are private bank customers. according to
According to the internal research institute of Agricultural Bank of China,
Each deposit of the customer is only 1500 yuan.
Profitability is possible, but commercial banks in China exist.
In a large number of low savings accounts, at present, only industry and commerce.
/kloc-Bank accounts below 0/00 yuan account for the total accounts.
5. 16%, and its average deposit is only 13 yuan.
Third, the impact on the performance of financial markets.
After the full opening of the financial industry, it is facing a market knot.
With structural changes, enterprises have adopted more flexible prices.
Grid strategy and promotion strategy will definitely affect finance.
Market performance of the industry. We will allocate efficiency from resources.
Fruit, technological progress and profit level.
Evaluate the influence of QFII on the financial industry after it enters the financial field
The impact of market performance.
1. Effect of resource allocation. Multinational financial enterprises
After China's entry, the competition between domestic and foreign enterprises has become increasingly fierce.
Intense, enterprises adopt various price reduction and promotion policies.
In short, investors can earn in the same currency.
In this case, more product combinations will be purchased, so
Improve the social welfare level. At present, multinational financial enterprises
Types of investment banking, insurance and wealth management
Many, many services, low service prices, China.
Domestic financial enterprises adopt low-cost follow-up strategy, which will make
The overall price level of the market has declined and finance has been optimized.
Industry resource allocation, improve the level of social welfare.
2. Technical level. Large multinational financial groups
Daily operations are networked and intelligent.
The management and the company headquarters make timely decisions and pass them
The network system coordinates the relationship between financial providers and customers in time.
Department. Domestic financial enterprises will be in terms of technical level
Imitate, learn and even further create multinational companies.
New, so that the overall technical level of China's financial industry has been obtained
Improve. 3. Profit level. In order to gain a foothold, multinational financial enterprises
Adopt low-price promotion strategy to expand market share,
It will definitely affect the service volume and profits of domestic financial enterprises.
Level, some small-scale and poorly managed financial enterprises are competing.
Will be eliminated or even bankrupt.
The full opening of China's financial industry will give domestic enterprises
Has brought severe challenges to improve China's financial industry.
Market performance, enhance the core competitiveness of China's financial industry,
Strengthen the merger and reorganization of domestic financial enterprises, according to the special
Industrial division of labor and economies of scale have cultivated a number of cross-land.
Large-scale financial enterprise groups across regions, industries and departments; increase
Strengthen the internal management of financial enterprises, reduce management costs and improve
High competitiveness of enterprises; Driving financial enterprises with information technology
Development, on the basis of fully popularizing computer applications, reform
Create traditional business processes, improve service efficiency, and further
Enhance the overall competitiveness of the financial industry. Meanwhile, as mentioned earlier,
At present, financial institutions in China play an important role in corporate governance and management.
Ability, business philosophy, investment skills and even financial strength.
These leading international and overseas financial institutions.
There is a clear gap between employers and employees, and there will be ten challenges.
Serious. How to improve your life under the new situation
Maintaining competitiveness is a problem that our financial institutions must think about.
Test and solve problems.
Four. abstract
Optimize the structure of financial industry and promote the development of insurance industry and securities industry.
Industrial and other financial development. First of all, cultivate suitable for the whole
The soil for the growth of financial industry. It is necessary to study the existence of financial industry.
* * * Problems and characteristics of financial reform and development.
Exhibition mode and path to benefit the insurance industry, securities industry and
Growth and expansion of other financial industries. Secondly, coordinate the room.
Follow the relationship between finance and direct finance and attach importance to the securities market.
Reform and development, fully understand the unique importance of the securities market.
Role, completely change and reverse the "heavy bank, light stock market" situation.
In practice, frequent securities markets caused by policy factors should be avoided as much as possible.
Ups and downs, so as not to affect the stable development of the financial industry.
Exhibition.
In the past few decades, the investment of financiers in developed countries
The concept has undergone profound changes, and it is a new finance with sustainable development.
Academic research on investment theory has been carried out in depth and achieved results.
A considerable achievement; Foreign financial enterprises have also taken action because
Consciously practice the new enterprise development strategy and compete with enterprises.
Force is related to improving the environment. On the other hand, in China, although
Existing financial enterprises have begun to explore in practice, but domestic gold
The financial industry's overall understanding of environmental risks and environmental values is still unclear.
Sufficient, public departments should adapt to the sustainable development of the financial industry.
Cognition and attention are still not enough. Draw lessons from foreign research
Survey results, as soon as possible to shorten the gap with international counterparts, change
The traditional loan policy is to arrange credit input as much as possible.
Reflect the harmony between environment and economy, and guide economic development.
The "green" road, this is the thinking and way that the domestic financial industry should have.
Should bear the social responsibility.