iii 摘要 投资银行用通俗的话来说是资金供求方和需求方直接进行融资的桥梁，由于 信息不对称的原因，在资本市场中存在着的众多的资金需求方与供应方不能自行 进行匹配，投资银行通过搜集和传播信息，使得资金供需双方可以方便的进行沟 通，进而得以匹配，发挥其直接融资的市场功能。 当今资本市场发展迅速，企业融资需求不断增多，特别是2019年推出的科创 板，A证券公司投资银欧亿·体育（中国）有限公司务在该种大背景下将有利于其发展。A证券公司的竞 争战略目标是“未来五年，力争实现投融资业务收入占比与欧亿·体育（中国）有限公司平均水平保持一 致，各项投资银欧亿·体育（中国）有限公司务指标均位列欧亿·体育（中国）有限公司前十位”，要想实现这一目标，A证券公司 必须对当前的内外部环境进行分析，选择适合其自身的竞争战略，并为制定的竞 争战略提供一定的竞争战略保障。 本文通过梳理竞争战略相关理论、投资银行相关理论和文献的基础上，对A 证券公司投资银欧亿·体育（中国）有限公司务竞争战略进行研究，首先通过使用PEST、迈克尔·波特五 力模型等对A证券公司外部和内部环境进行了分析；其次，在以上基础上对内外 部环境进行了SWOT分析；最后基于以上的分析对A证券公司投资银欧亿·体育（中国）有限公司务竞争 战略选择进行分析，得出应选择差异化竞争战略，并提出以下实施措施：A证券 公司投资银欧亿·体育（中国）有限公司务资源配置功能差异化；A证券公司投资银欧亿·体育（中国）有限公司务资本中介功能 差异化；A证券公司投资银欧亿·体育（中国）有限公司务财务顾问功能差异化；A证券公司内部各业务 条线协同作战以实现差异化。 为确保差异化竞争战略的顺利实施，进一步提出了战略保障措施：建立资源 配置功能差异化服务机制；加强资本中介功能差异化人才队伍建设；做好财务顾 问功能差异化后勤保障工作；强化合规经营和协同作战意识。 关键词：投资银行；竞争战略；差异化；科创板 北京交通大学硕士专业学位论文 ABSTRACT iv ABSTRACT The investment bank is a bridge between the supply and demand sides of funds to finance directly. Because of the information asymmetry, there are many capital demanders and suppliers in the capital market can not match themselves. By collecting and disseminating information, the investment bank can make the supply and demand sides of funds communicate conveniently, and then match and play its direct role. Market function of receiving financing. Nowadays, with the rapid development of capital market and the increasing demand for enterprise financing, especially the scientific creation board launched in 2019, the investment business of A Securities Company will be conducive to its development under this background. A securities company's competitive strategy goal is "in 2022, strive to achieve the proportion of investment and financing business income consistent with the industry average level, each investment business index ranks the top ten in the industry". In order to achieve this goal, A securities company must analyze the current internal and external environment, select its own competitive strategy, and provide a certain degree for the formulation of competitive strategy. Competition strategy guarantee. On the basis of combing the relevant theories of competition strategy, investment banking and literature, this paper studies the choice of competition strategy for investment banking business of A Securities Company. Firstly, it analyzes the external and internal environment of A Securities Company by using PEST, Michael five forces model, etc. Secondly, based on the above, SWOT analysis is carried out on the internal and external environment. Finally, based on the above analysis, the paper analyzes the choice of competition strategy for investment banking business of A securities company, and draws a conclusion that differentiated competition strategy should be chosen, and puts forward the following implementation measures: A securities company's investment banking business resource allocation function is differentiated; A securities company investment banking capital intermediary function differentiation; A securities company investment banking financial advisory function differentiation; A securities company's internal business lines cooperate to achieve differentiation. In order to ensure the smooth implementation of differentiated competition strategy, further strategic safeguard measures are put forward: establishing differentiated service mechanism of resource allocation function; Strengthen the construction of differentiated 北京交通大学硕士专业学位论文 ABSTRACT v talent team with capital intermediary function; Do a good job in logistics support with differentiated functions of financial consultants; Strengthen the awareness of compliance management and cooperative operations. KEYWORDS：Investment Bank; Competitive Strategy; Differentiation; Science Creative Board 北京交通大学硕士专业学位论文 目录 vi 目录 摘要 ........................................................... III ABSTRACT ........................................................ IV 1引言 ........................................................... 1 1.1选题背景及研究意义 ......................................... 1 1.1.1选题背景 ............................................... 1 1.1.2研究意义 ............................................... 2 1.2研究问题与内容 ............................................. 3 1.2.1研究问题 ............................................... 3 1.2.2研究内容 ............................................... 3 1.3研究方法 ................................................... 5 1.4创新点 ..................................................... 6 2理论基础和文献综述 ............................................. 7 2.1理论基础 ................................................... 7 2.1.1投资银行相关理论 ....................................... 7 2.1.2竞争战略相关理论 ....................................... 8 2.2文献综述 .................................................. 11 2.2.1关于投资银行发展趋势研究 .............................. 11 2.2.2关于投资银行竞争战略研究 .............................. 12 2.2.3概括性评论 ............................................ 14 3 A证券公司当前投资银欧亿·体育（中国）有限公司务竞争战略及存在的问题 ................ 15 3.1 A证券公司投资银欧亿·体育（中国）有限公司务发展现状 ............................. 15 3.2 A证券公司当前投资银欧亿·体育（中国）有限公司务竞争战略 ......................... 15 3.2 A证券公司当前投资银欧亿·体育（中国）有限公司务竞争战略存在的问题 ............... 16 4 A证券公司投资银欧亿·体育（中国）有限公司务竞争战略环境分析 ........................ 17 4.1外部环境分析 .............................................. 17 4.1.1宏观环境 .............................................. 17 4.1.2竞争环境分析 .......................................... 22 北京交通大学硕士专业学位论文 目录 vii 4.1.3外部因素评价矩阵 ...................................... 30 4.2内部环境分析 .............................................. 31 4.2.1发展现状分析 .......................................... 31 4.2.2资源与能力分析 ........................................ 32 4.3 A证券公司投资银欧亿·体育（中国）有限公司务SWOT分析 ............................ 33 4.3.1优势 .................................................. 33 4.3.2劣势 .................................................. 34 4.3.3机会 .................................................. 36 4.3.4威胁 .................................................. 37 5 A证券公司投资银欧亿·体育（中国）有限公司务竞争战略规划 ............................ 39 5.1 A证券公司投资银欧亿·体育（中国）有限公司务竞争战略目标 ......................... 39 5.1.1 A证券公司的发展愿景 .................................. 39 5.1.2 A证券公司的企业使命 .................................. 39 5.1.3 A证券公司投资银欧亿·体育（中国）有限公司务的竞争战略定位 .................. 39 5.1.4 A证券公司投资银欧亿·体育（中国）有限公司务的竞争战略目标 .................. 39 5.2 A证券公司投资银欧亿·体育（中国）有限公司务应选择差异化竞争战略 ................. 40 5.2.1外部环境决定了差异化竞争战略 .......................... 40 5.2.2内部环境决定了差异化竞争战略 .......................... 41 5.2.3 SWOT分析决定了差异化竞争战略 ......................... 41 5.2.4总成本领先战略不适合A证券公司发展投资银欧亿·体育（中国）有限公司务 ........ 41 5.2.5目标集聚战略不适合A证券公司发展投资银欧亿·体育（中国）有限公司务 .......... 42 5.2.6实施差异化战略是由目前的经济环境和市场竞争态势决定的 .. 42 5.2.7实施差异化战略是由A证券公司自身情况决定的 ............ 43 5.3 A证券公司投资银欧亿·体育（中国）有限公司务差异化竞争战略的实施 ................. 44 5.3.1 A证券公司投资银欧亿·体育（中国）有限公司务资源配置功能差异化 .............. 44 5.3.2 A证券公司投资银欧亿·体育（中国）有限公司务资本中介功能差异化 .............. 45 5.3.3 A证券公司投资银欧亿·体育（中国）有限公司务财务顾问功能差异化 .............. 46 5.3.4 A