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- Creators: Shen, Wei
Description财富管理是一个高度信息不对称的行业，因此投资人需要尽可能减少自身的不确定来做投资决策，通过文献整理，本文发现通过建立信任来消除不确定性是很多投资人都会选择的帮助投资决策的方法。纵观历史，美国2007-2008年的金融危机也恰恰导致金融市场投资人对于理财机构信任的严重缺失，相同的情况也可能发生在中国财富管理市场，因此本文将此选作研究重点，希望深入研究财富管理公司投资人对理财师的信任来得到一系列结论。本文最终发现就平台和理财师相比，投资人更看重平台的信誉度。 投资人大多认为平台的信誉度要高于理财师的信誉度，但是这并不意味着理财师不重要。本文进一步的分析发现，多数投资人会和理财师建立起一种私人联系，且该私人关系有助于加强客户和平台的联系。投资人认为行业经验、为人诚恳，说话可信以及责任心是加强这种私人关系的重要因素。最后，投资人对于钜派平台的信任主要由对于理财师的信任来维持，同时对于理财师的信任主要来自与情感信任。本文的发现对财富管理平台具有战略意义。
ContributorsWu, Qimin (Author) / Shen, Wei (Thesis advisor) / Chang, Chun (Thesis advisor) / Zhu, Hongquan (Committee member) / Arizona State University (Publisher)
Created2019
Description
This thesis investigates whether mergers and acquisitions (M&As) help increase the competitive advantage and core competency of Chinese securities companies. Although M&As among Chinese securities companies were almost exclusively guided by the Chinese government in the earlier years, they have increasingly become more market-driven in recent years. Many large Chinese securities companies have engaged in horizontal mergers, cross-industry mergers, and cross-border mergers to increase their market positions. However, there is little up-to-date evidence about how these market-driven M&As influence the competitive advantage and core competency of securities companies in China. I seek to fill this gap by conducting a systematic analysis about whether M&As increase the core competency of the acquiring companies using data collected over a five-year window from 2010 to 2014.
On the basis of prior research findings and the current situation of the Chinese securities industry, I first develop a theoretical model about the sources of competitive advantage for Chinese securities companies, and then compile a comprehensive list of observable indicators that can be used to assess a Chinese securities company’s core competency. Next, I conduct a quantitative analysis to assess the core competency and relative market positions of the leading Chinese securities companies using data from 2010 to 2014. Overall, the results suggest that market-driven M&As increases the core competency of the acquiring securities companies. I then conduct four in-depth case analyses to better understand the mechanisms through which M&As can help increase the acquiring firms' core competency. I conclude with a discussion of the findings and their implications for Chinese securities companies and the overseeing governmental agencies.
On the basis of prior research findings and the current situation of the Chinese securities industry, I first develop a theoretical model about the sources of competitive advantage for Chinese securities companies, and then compile a comprehensive list of observable indicators that can be used to assess a Chinese securities company’s core competency. Next, I conduct a quantitative analysis to assess the core competency and relative market positions of the leading Chinese securities companies using data from 2010 to 2014. Overall, the results suggest that market-driven M&As increases the core competency of the acquiring securities companies. I then conduct four in-depth case analyses to better understand the mechanisms through which M&As can help increase the acquiring firms' core competency. I conclude with a discussion of the findings and their implications for Chinese securities companies and the overseeing governmental agencies.
ContributorsWang, Lijuan (Author) / Shen, Wei (Thesis advisor) / Qian, Jun (Thesis advisor) / Liu, Jun (Committee member) / Arizona State University (Publisher)
Created2016