基金行业经过 20 年快速发展，基金公司已经由过去快速扩张模式转变为现在精耕 细作模式，以前靠渠道、靠营销、靠规模，现在靠细分市场、渠道销售、投资业绩、产 品创新和资源整合。公募基金公司在经历快速增长后，带来机构部门臃肿，工作流程繁 琐，工作效率低下；公司管理层忙于日常事，没有时间思考公司未来发展方向；股东一 味追求利润，不断对高管和基金经理们施压，外加公司激励制度不够完善，导致有资源、 有能力的员工另起炉灶，纷纷投身私募行业；面对其它金融机构大肆抢占资管市场份额 的情况下，公募基金必须建立并发挥自身竞争优势才能稳中求进。 本论文以 F 基金管理公司为对象展开研究，公司目前面临管理规模与投资业绩双下 滑，面临人才流失以及应变能力不足的问题，归根结底是公司经营战略不明确，缺乏核 心竞争力所致，如何通过经营战略研究来改善 F 基金管理公司经营现状呢，首先，通过 理论综述构成该论文的理论基础。其次，分析 F 基金管理公司经营现状，明确公司目前 面临的主要问题。再次，通过 PEST 工具分析外部宏观形势，通过波特五力分析行业竞 争格局，明确公司外部机会和威胁，通过分析企业自身资源和现有能力，明确 F 基金管 理公司优势和劣势。然后，结合 SWOT 分析矩阵，基于发展态势，基于波特通用业务模 型确定 F 基金管理公司的经营战略为高差异聚焦增长型战略。最后，明确战略目标后， 将战略目标分解，提供切实可行的解决方案，从而改善公司的经营状况。 希望本论文形成的思路与见解，有利于改善公司的经营状况，从而在行业竞争中占 据有利位置；同时，希望能为其它基金公司以及行业的发展提供一些借鉴。 关键词，公募基金；经营战略；SWOT；核心资源；核心能力II Abstract After 20 years of rapid development in the fund industry, the fund companies have changed from the past rapid expansion mode to the present intensive cultivation mode. They used to rely on channels, marketing, scale, but now rely on market segmentation, channel sales,investment performance,product innovation and resource integration. After experiencing rapid growth, public fund companies bring bloated institutional departments, cumbersome work flow and inefficient work, company executives are too busy with daily affairs and have no time to think about the future of the company, shareholders are blindly pursuing profits, constantly putting pressure on executives and fund managers. In addition, the company's incentive system is not flexible enough, resulting in the resignation of employees with resources and abilities, they shift to private equity firms. Faced with the situation that other financial institutions seize the market share of asset management, public fund companies must establish and give full play to their competitive advantages in order to make steady progress. This paper is based on F Fund Management Company. The company is facing the problems of declining management scale and investment performance, brain drain and inadequate adaptability. In the final analysis, the company's management strategy is not clear and lacks core competitiveness. How to improve the operation status of F Fund Company through strategic researchFirstly, the literature review forms the theoretical basis of this paper. Secondly, the paper analyses the operation status of F Fund Company and clarifies the main problems that F Fund Company is facing at present. Thirdly, through PEST tools to analyze the external macro-situation, through Porter's Five Forces to analyze the industry competition pattern, to identify the external opportunities and threats of F Fund Company, through the analysis of their own resources and existing capabilities, to identify the strengths and weaknesses of F Fund Company. Then, Combining SWOT analysis matrix, based on the strategic choice of development situation and Porter's general business strategy model, it is determined that F Fund Management Company's business strategy is a growth-oriented strategy with high differentiation and focus. Finally, After defining the strategic objectives, we provide practical solutions to improving the operation status of F fund company. It is hoped that the ideas and opinions formed in this paper will help to improve the company's operating conditions and occupy a favorable position in the industry competition. At the same time, it is hoped to provide some reference for other fund companies and the development of the industry. Keywords: Public fund, Business strategy, SWOT, Core Resource, Core competenciesIII 目 录 摘要...........................................................................................................................................I Abstract......................................................................................................................................II 图表清单..................................................................................................................................VI 第一章 绪论...............................................................................................................................1 1.1 研究的背景及意义...........................................................................................................1 1.1.1 研究背景.....................................................................................................................1 1.1.2 研究意义.....................................................................................................................3 1.2 文献综述...........................................................................................................................4 1.2.1 资源基础理论.............................................................................................................4 1.2.2 委托代理理论.............................................................................................................4 1.2.3 利益相关者代理理论.................................................................................................5 1.2.4 竞争优势理论.............................................................................................................6 1.3 研究内容及方法...............................................................................................................6 1.3.1 研究内容.....................................................................................................................6 1.3.2 研究方法.....................................................................................................................7 第二章 公司概况与面临问题...................................................................................................9 2.1 公司概况..........................................................................................................................9 2.2 公司面临问题................................................................................................................11 2.2.1 管理规模与投资业绩双下滑..................................................................................11 2.2.2 应变能力不足..........................................................................................................11 2.2.3 人才流失..................................................................................................................12 2.2.4 缺乏核心竞争力......................................................................................................13 2.3 本章小结........................................................................................................................14 第三章 外部环境分析.............................................................................................................15 3.1 宏观环境分析.................................................................................................................15 3.1.1 政治环境分析..........................................................................................................15 3.1.2 经济环境分析..........................................................................................................17 3.1.3 社会人文环境分析..................................................................................................18 3.1.4 技术环境分析..................................................................