A证券公司成立于2002年，经过十余年的发展，从区域性证券公司成长为一家全 国性综合金融服务机构。尽管公司近些年发展相对迅猛，但作为一家中小型券商，A证 券公司存在同类机构共同的问题，如业务基础薄弱、内部治理水平偏低、机制与人才 缺失等等。随着国家“去杠杆”、“去通道”的要求愈发严峻，金融行业监管形势也 发生了巨大的变化，“资管新规”、“资管细则”等一系列监管文件的出台让证券行 业蒙上一层巨大的阴影。新监管形势之下，A证券公司必将面临十分严峻的市场形势， 与大型券商之间的竞争劣势也更加明显，如何在当今金融形势下寻求发展机会，是公 司必须解决的问题。 本文将资本市场理论研究与金融市场实际业务相结合，旨在研究A证券公司在新 监管形势下如何通过拓展四板市场业务解决公司的业务发展问题。 在我国多层次资本市场构建进程中，四板市场作为场外交易市场的重要一环，始 终没能发挥出其应有的效用。但随着近些年四板市场政策监管体系的逐渐完善，四板 市场的业务发展必将成为资本市场业务新的增长点。本文通过对新监管形势进行分 析，梳理出监管形势改变对A证券公司业务发展的冲击和影响。再对A证券公司业务 发展情况进行分解剖析，运用PEST分析工具找出公司外部环境和内部条件影响，分析 公司目前业务发展遇到的问题及相应影响因素，从而提出A证券公司通过开展四板市 场业务解决公司现有业务发展面临的问题。 本文提出的单一资金债权融资、四板市场“类投行”业务、真实股权投资及可转 板企业辅导等业务方式力求解决A证券公司在新监管形势之下存量业务受损，新增业 务开发困难的问题。基于证券公司四板市场的业务拓展研究，是本文的特色，希望能 够对金融形势低迷的情况下苦苦挣扎的证券公司机构业务发展有所贡献。 关键词：证券公司；四板市场；新监管形势；业务拓展 II RESEARCHONTHEBUSINESSDEVELOPMENTOFTHEREGIONAL EQUITYMARKETOF ASECURITIESCOMPANYUNDER THENEWREGULATORYSITUATION ABSTRACT Asecuritiescompanywasestablishedin2002.Aftermorethantenyearsofdevelopment, ithasgrownfromAregionalsecuritiescompanyintoAnationalcomprehensivefinancial serviceinstitution.Althoughthecompanyhasdevelopedrelativelyrapidlyinrecentyears,as Asmallandmedium-sizedsecuritiescompany,Asecuritiescompanyhascommonproblems withsimilarinstitutions,suchasweakbusinessfoundation,lowlevelofinternalgovernance, lackofmechanismandtalent,andsoon.Withtheincreasinglysevererequirementsof "deleveraging"and"de-channeling"ofthestate,theregulatorysituationofthefinancial industryhasalsoundergonetremendouschanges.Theintroductionofaseriesofregulatory documentssuchas"newrulesforassetmanagement"and"rulesforassetmanagement"has castahugeshadowonthesecuritiesindustry.Underthenewregulatorysituation,Asecurities companyisboundtofaceAveryseveremarketsituation,anditscompetitivedisadvantage withlargesecuritiescompaniesisalsomoreobvious.Howtoseekdevelopmentopportunities inthecurrentfinancialsituationisAproblemthatthecompanymustsolve. Thispapercombinesthetheoreticalresearchofcapitalmarketwiththeactualbusinessof financialmarket,aimingtostudyhowAsecuritiescompanycansolvethebusiness developmentproblemofthecompanybyexpandingitsbusinessinRegionalequitymarket underthenewregulatorysituation. Intheprocessofbuildingmulti-levelcapitalmarketinChina,regionalequitytrading market,asanimportantpartoftheotcmarket,hasneverbeenabletoplayitsduerole. However,withthegradualimprovementofthepolicysupervisionsystemofregionalequity tradingmarketinrecentyears,thebusinessdevelopmentofregionalequitytradingmarket willbecomeanewgrowthpointofcapitalmarketbusiness.Throughtheanalysisofthenew regulatorysituation,thispapercombsouttheimpactandimpactofthechangeofregulatory situationonthebusinessdevelopmentofASecuritiesCompany.Secondly,itdecomposesand III analysesthebusinessdevelopmentofASecuritiesCompany,usesPESTanalysistooltofind outtheinfluenceofexternalenvironmentandinternalconditionsofthecompany,and analysestheproblemsencounteredinthecurrentbusinessdevelopmentofthecompanyand thecorrespondinginfluencingfactors,soastoproposethatASecuritiesCompanycansolve theexistingbusinessdevelopmentofthecompanybydevelopingregionalequitytrading marketbusiness.Theproblemsweface. Thebusinessmodesproposedinthispaper,suchassingle-funddebtfinancing, "investment-like"businessintheregionalequitytradingmarket,realequityinvestmentand guidanceforenterprisesonthetransferableboard,trytosolvetheproblemsoflossofexisting businessanddifficultyindevelopingnewbusinessofAsecuritiescompanyunderthenew regulatorysituation.Businessdevelopmentresearchbasedontheregionalequitytrading marketofsecuritiescompaniesisthefeatureofthispaper,hopingtocontributetothe developmentofinstitutionalbusinessofsecuritiescompaniesstrugglingunderthefinancial downturn. KEYWORDS:Securitiescompany;Regionalequitymarket;Newregulatory situation;Businessexpansion IV 目录 摘要..........................................................................................................................................I ABSTRACT.................................................................................................................................II 第一章绪论...........................................................................................................................1 1.1研究背景...................................................................................................................1 1.2相关理论及研究综述...............................................................................................2 1.2.1多层次资本市场相关理论..............................................................................2 1.2.2场外市场相关理论..........................................................................................4 1.2.3四板市场相关理论..........................................................................................7 1.3研究目的与意义.......................................................................................................8 1.3.1研究意义..........................................................................................................8 1.3.2研究目的........................................................................................................10 1.4研究内容与思路.....................................................................................................10 1.4.1研究内容........................................................................................................10 1.4.2研究思路........................................................................................................11 1.5本研究创新之处.....................................................................................................12 第二章A证券公司业务发展状况及面临问题分析..........................................................13 2.1A证券公司业务现状分析......................................................................................13 2.1.1A证券公司简介............................................................................................13 2.1.2A证券公司经营概况....................................................................................14 2.1.3A证券公司主营业务结构性分析................................................................15 2.2A证券公司业务发展面临的问题及原因分析......................................................17 2.2.1业务发展面临的问题...................................................................................17 2.2.2原因分析.......................................................................................................20 2.3A证券公司开展四板市场业务的必要性分析......................................................23 2.3.1我国四板市场发展历程................................................................................24 V 2.3.2四板市场现有业务状况分析......................................................................26 2.3.3四板市场业务对A证券公司原有业务的替代效应....................................31 2.3.4四板市场业务是A证券公司的创新业务途径............................................31 第三章A证券公司四板市场业务拓展的外部环境和内部条件分析..............................33 3.1A证券公司四板市场业务拓展的外部环境分析..................................................33 3.1.1政治环境.....................................................................................