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Hundreds of securities companies took the first "cultural class" exam: only 12 got A, and Horizon Securities only paid 5,400 yuan at the bottom

Release Time:2022-05-14 Topic:Strength Ranking of Securities Firms Reading:5 Navigation:Stock Liao information > Finance > non-banking financial industry > Hundreds of securities companies took the first "cultural class" exam: only 12 got A, and Horizon Securities only paid 5,400 yuan at the bottom phone-reading

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Every reporter Wang Yandan Every editor He Jianling

On June 7 and 8, 2021, Students across the country have completed an important part of their lives: the college entrance examination. And in the next less than a month, 102 securities companies in the securities industry also ushered in their unique "cultural class exam".

On July 3, 2021, the Securities Association of China released the results of the 2020 securities company cultural construction practice evaluation results. This is the first time to conduct an "examination" on the cultural construction of various securities companies from the industry level. In addition, the "examination results" are linked to this year's classification evaluation, so they are highly valued by various securities companies.

The reporter of "Daily Economic News" noticed that in terms of cultural construction expenses of securities companies, 41 securities companies spent more than 10 million yuan. Among them, CITIC Securities is the only securities company with more than 100 million yuan in cultural construction funds, and the annual expenditure amounted to 1.23 billion. However, some securities companies have low investment in cultural construction, such as Datong Securities, China Post Securities, Chuancai Securities, Netcom Securities, Credit Suisse Founder, Kyushu Securities, Guodu Securities, JP Morgan Securities (China), and Horizon Securities. Cultural construction Expenditure is less than 200,000 yuan, of which Horizon Securities is only a mere 5,400 yuan.

According to the rules, in terms of the amount and proportion of cultural construction funds of securities companies, the securities companies ranked 1 to 10 scored 0.6 points, the securities companies ranked 11 to 20 scored 0.4 points, and those ranked 21 to 20 scored 0.4 points. 30 brokers scored 0.2 points. However, those who rank in the top 30 in terms of spending amount and whose proportion does not reach the industry median cannot score.

In addition, in the bonus item, the reporter of "Daily Economic News" also found that Nanjing Securities, Guoyuan Securities, UBS Securities, Guoyuan Securities and other securities companies took the initiative to take the lead For the formulation of self-discipline rules and norms for the construction of the association's industry culture, Nanjing Securities and Guoyuan Securities have both obtained Class A this time, which may have something to do with the bonus points in this regard.

According to the official statement of the Securities Industry Association, the cultural construction practice evaluation of securities companies is a comprehensive evaluation of the practice of industrial cultural construction in order to comprehensively promote and improve the construction of industry culture. Compliance, Integrity, Professionalism, Steady” core values ​​and the current status of cultural construction practice.

But for the 180 million investors, corporate clients and potential clients that securities firms serve, just looking at this data seems too boring and too abstract. What are the characteristics of each brokerage? Which companies are more trustworthy in terms of corporate culture? These issues may be more worthy of attention.

Two extremes: CITIC Securities spends 120 million to lead

Horizon Securities spends only 5,400 to be at the bottom

November 21, 2019, Securities Fund Industry Culture The construction mobilization meeting was held in Beijing. Yi Huiman, Secretary of the Party Committee and Chairman of the China Securities Regulatory Commission, attended the meeting and made a speech entitled "Accelerating Industry Culture"Building, Optimizing the Industry Development Ecology, and Focusing on Improving the Soft Power and Core Competitiveness of Securities Fund Institutions”, which opened the curtain of the industry-wide cultural construction work.

On July 3, 2021, the Securities Association of China released the results of the 2020 securities company cultural construction practice evaluation results. This is the first time to conduct an "examination" on the cultural construction of various securities companies from the industry level. In addition, the "examination results" are linked to this year's classification evaluation, so they are highly valued by various securities companies.

One of the most eye-catching is the ranking of cultural construction capital expenditures. According to the rules, in terms of the amount and proportion of capital expenditures for the cultural construction of securities companies, the securities companies ranked 1 to 10 scored 0.6 points, the securities companies ranked 11 to 20 scored 0.4 points, and the securities companies ranked 21 to 30 scored 0.2 points . However, those who rank in the top 30 in terms of spending amount and whose proportion does not reach the industry median cannot score.

Among the spending amount rankings, 41 brokerages spent more than 10 million yuan. The 30th is Southwest Securities, and the expenditure in 2020 is 14.3465 million yuan, so 14.3465 million yuan is the score "Watershed".

Among them, CITIC Securities is the only securities company with more than 100 million yuan in cultural construction funds, and the annual expenditure amounted to 123 million yuan; GF Securities, Huatai Securities, Essence Securities, Haitong Securities, Industrial Securities, Zheshang Securities and Everbright SecuritiesThe amount of cultural construction is 90.41 million yuan, 87.08 million yuan, 74.35 million yuan, 70.53 million yuan, 66.48 million yuan, 46.36 million yuan, 45.19 million yuan, and the proportion of expenditures reached 0.54%, 0.41%, 0.76%, 0.42%, 0.74%, 1.03%, and 0.38%, respectively. The above-mentioned brokerages all received 0.6 extra points.

Zhongtai Securities, days Feng Securities, Kaiyuan Securities, Changjiang Securities , Huaxi Securities, Donghai Securities and Dongxing Securities received 0.4 extra points respectively. The cultural construction capital expenditures of these 7 securities companies were 42.96 million yuan, 39.79 million yuan, 31.44 million yuan, and 27.13 million yuan respectively. RMB 25.29 million, RMB 23.89 million, and RMB 23.43 million, accounting for 0.42%, 0.91%, 1.22%, 0.38%, 0.58%, 1.13%, 0.54%.

Guoyuan Securities, Caitong Securities, China International Securities, Nanjing Securities, Huaan Securities, Huachuang Securities, and Southwest Securities received 0.2 extra points respectively, and the expenditures for cultural construction in 2020 were 23.12 million yuan, 22.88 million yuan, 22.09 million yuan, 20.07 million yuan, 17.38 million yuan, 15.54 million yuan and 14.35 million yuan, the proportion of expenditure is 0.61%, 0.35%, 0.39%, 0.94%, 0.62%, 0.54%, and 0.45% respectively.

Guotai Junan, Shenwan Hongyuan, China Merchants Securities, Ping An Securities, Orient Securities, Founder Securities< span id="quote _ sh601901">, Soochow Securities, Guosen Securities and other 8 brokers ranked high in terms of spending amount, but did not receive extra points due to their low proportion.

However, in the ranking based on the proportion of the assessment criteria, some small and medium-sized Add points.

The top 10 with 0.6 points are Kaiyuan Securities, Donghai Securities, Huajin Securities, Zheshang Securities, Nanjing Securities, Tianfeng Securities, Goldman Sachs Gaohua, Huarong Securities, Yuekai Securities, Anxin For securities, the proportion of expenses was 1.22%, 1.13%, 1.04%, 1.03%, 0.94%, 0.91%, 0.87%, 0.78%, 0.78%, and 0.76%, respectively.

The second tier is Industrial Securities, Hua Lin Securities, Guohai Securities, East Asia Qianhai Securities, Hwabao Securities, Caixin Securities, Huaan Securities, Guoyuan Securities, Nomura Oriental Securities and Hualong Securities accounted for 0.74%, 0.73%, 0.7%, 0.68%, 0.66%, 0.63%, 0.62%, 0.61%, 0.6%, and 0.58%, respectively. These 10 securities companies scored 0.4 points respectively.

The third tier with 0.2 points is Huaxi Securities, Zhongtian Guofu, Yintai Securities, Dongguan Securities, GF Securities, Dongxing Securities, Huachuang Securities, Century Securities, Capital Securities, Wanhe Securities, etc. 10 Family.

The ranking table also shows that some securities companies have not invested enough in cultural construction. Some of them are small in scale or are in the period of equity change, while others may be in a huge predicament.And restrict its investment in cultural construction. For example, Chase Securities, China Post Securities, Chuancai Securities, Netcom Securities, Credit Suisse Founder, Kyushu Securities, Guodu Securities, JPMorgan Chase Securities (China), and Horizon Securities have all spent less than 200,000 yuan on cultural construction. 5400 yuan.

The details of 12 bonus points and 6 points deduction determine the success or failure of the assessment

According to the "Basic Indicators of Cultural Construction Practice Evaluation of Securities Companies (Trial)" obtained by the reporter earlier, this time the securities companies Cultural construction practice evaluation is divided into three categories: basic evaluation indicators, bonus indicators, and deduction indicators.

A brokerage person who participated in this cultural construction evaluation application pointed out that most companies should get full marks in the basic evaluation indicators, and the difference is actually in the bonus and deduction indicators. From the perspective of his feelings, the extra points and deductions are mostly the assessment of some details.

Among them, the bonus indicators are mainly divided into two categories: corporate culture construction safeguard measures and construction results (maximum 2.75 points), and promotion of industry culture construction (maximum 1.25 points).

The company's cultural construction guarantee measures and construction results are further refined into 8 specific indicators:

1. The company incorporates cultural construction into the articles of association, and defines the cultural construction goals, main responsibilities and related requirements Wait.

2. The company clearly appoints the secretary of the party committee or the chairman of the board as the first person in charge of cultural construction.

3. The company headquarters has cultural construction propaganda positions (such as exhibition halls, showrooms, etc.).

4. The company has specialized training colleges or post-doctoral workstations to cultivate professional talents.

5. The company establishes or cooperates with specialized institutions or organizations (such as charitable foundations) to continuously carry out social welfare activities.

6. The ratio of capital expenditure to operating income or capital expenditure such as cultural construction research and exchange, education and training, brand promotion, company evaluation activities, etc. is ranked among the top 30 in the industry.

7. The company (including collectives and individual employees) has won the honorary titles above the provincial and ministerial level (inclusive) in spiritual civilization and cultural construction.

8. The company has participated in the research or selection activities related to cultural construction, and won the third prize (inclusive) or above at the provincial and ministerial level.

Promoting the construction of industry culture is specifically the 9th to 12th detailed indicators:

9. The company as the lead unit or the main writer participates in the self-discipline rules and norms of the association's industry culture construction and so on to formulate work.

10. On behalf of the industry, the company participated in the research and selection activities of cultural construction-related projects at the provincial and ministerial level and above, and won the third prize (inclusive) or above.

11. The company's participation in the key research projects of the association is recommended as an excellent research project.

12. The company participates in the cultural construction training and exchange work organized by the association, provides teachers, training courseware, and shares the practical experience of corporate culture construction.

The reporter noticed that the ninth item of the bonus item is "the company, as the lead unit or the main writer, participates in the formulation of self-discipline rules and norms for the construction of the association's industry culture." Nanjing Securities and Guoyuan Securities are in the The "Proposal for Cultural Construction of the Securities Industry" released on November 21, 2019 mainly undertakes two tasks: one is to lead the drafting of the first draft of the proposal; the other is to participate in the subsequent revision and improvement of the proposal as the main writer. The "Code of Professional Ethics for Securities Practitioners" released on August 6, 2020 was drafted by UBS Securities and Guoyuan Securities and served as the main writers. Nanjing Securities and Guoyuan Securities both obtained Class A in this cultural construction practice evaluation, which may have something to do with this bonus.

The points deducted mainly include the following 6 major aspects:

1. Failure to complete the self-assessment work of the cultural construction assessment on time and report the results of the self-assessment.

2. During the self-assessment process, the company did not provide relevant information and materials truthfully.

3. Failing to publicize the supporting system and improvement plan of cultural construction, the progress of implementation, and the annual report of cultural construction as required.

4. The professional ethics pacesetter of securities companies recommends and demonstrates poor work organization.

5. Those who refuse to participate in the special work of industrial culture construction without justifiable reasons.

6. The remuneration incentives are too aggressive, and the remuneration plan for senior executives is obviously unreasonable.

Only 12 securities firms were rated as Class A

Finally, after the company's self-assessment, self-assessment review, review results confirmation, and solicitation of opinions and suggestions from the regulatory authorities, the 2020 annual report was formed. Evaluation results of the cultural construction of securities companies. According to the merger caliber, a total of 102 securities companies participated in this assessment. Among them, there are 12 companies whose evaluation results are Class A, and 22 companies that are Class B.home, accounting for about 30%. Lists of A and B companies are communicated to the industry through the Association Membership Management System. Brokers with C and D rating results will be notified by the China Securities Regulatory Commission.

The securities companies rated as Class A are: Nanjing Securities, Orient Securities, Guotai Junan, Guoyuan Securities, CITIC Securities, Huatai Securities, GF Securities, Everbright Securities, Essence Securities, Industrial Securities, Zheshang Securities and Haitong Securities.

The B-class securities companies are: China Merchants Securities, Changjiang Securities, Great Wall Securities , Southwest Securities, Dongguan Securities, Dongxing Securities, Donghai Securities, CDB Securities, Guosen Securities, Guohai Securities, Zhongtai Securities, CITIC Construction Investment, CaiDa Securities, Caixin Securities, Caitong Securities, Shanxi Securities, Galaxy Securities, Huaxi Securities, Hualong Securities, Huaxin Securities, Huaan Securities and Huafu Securities .

The above-mentioned brokerage person told reporters: "This is the first time to do it. The time is tight, the task is heavy, and everyone has no experience. I stayed up all night for this before. But from the evaluation results, It is quite surprising that large securities firms such as CITIC Construction Investment and China Merchants Securities were not selected as Class A, while some small and medium-sized securities firms were rated as Class A.”

Various securities firms are "harmonious but different" in corporate culture construction.

According to the official statement of the Securities Industry Association, the cultural construction practice evaluation of securities companies is to comprehensively promote and improve the construction of industry culture. The comprehensive evaluation of the practice of cultural construction in the industry mainly reflects the core values ​​of "compliance, integrity, professionalism and stability" practiced by securities companies and the current situation of cultural construction practice.

But for the 180 million investors, corporate clients and potential clients that securities firms serve, just looking at this data seems too boring and too abstract. What are the characteristics of each brokerage? Which companies are more trustworthy in terms of corporate culture? These issues may be more worthy of attention.

After the cultural construction of the securities company industry kicked off, each securities company has compiled a supporting system and improvement plan for cultural construction, and announced it on the official website of the Securities Industry Association. After reviewing the various materials, the reporter found that each securities company has commonalities in cultural construction, but there are also differences.

Taking CITIC Securities as an example, CITIC Securities has the highest expenditure on cultural construction in 2020, and unexpectedly reached a Class A securities company.

CITIC Securities stated that the company has inherited the excellent cultural genes of CITIC Group, adhered to the CITIC core values ​​of "integrity, innovation, cohesion, integration, dedication, and excellence", and adhered to the principle of "abiding by laws and regulations, working with integrity, and seeking truth from facts. , pioneering and innovative, modest and prudent, solidarity and mutual assistance, diligence and diligence, and resolute action", and adhere to the CITIC development mission of "becoming stronger, better and bigger, implementing national strategies, and helping the nation's rejuvenation".

Based on the cultural genes of CITIC Group, the company takes "becoming the most trusted domestic and world-class Chinese investment bank for global customers" as its vision, and has formed a "seven persistence" in practice. The connotative company management principles and cultural concepts - adhere to the leadership of the party and provide a strong political guarantee for the company's development; adhere to the business purpose of practicing national strategies and serving the real economy; adhere to the customer-centric business policy of growing together with customers ; Adhere to the business philosophy of compliant operation and strict risk control; adhere to the enterprising spirit of innovation and entrepreneurship, never slack off; adhere to the people-oriented, market-oriented management strategy of strengthening the enterprise by talents.

The above language may seem a bit sloppy, but it implies the orientation and principles of many securities companies' operations.

Photo source: Photo Network

For example, "adhering to the business policy of "adhering to the customer-centric and growing together with customers" is a number of The essence of the wealth transformation of securities companies in recent years. In the past, under the high commission of 8/10,000 or even 3/1000, brokerages could live very well just by providing channel services. After the commission rate has dropped sharply, brokers can only stand out in the fierce competition by providing services around customer needs.

Another example is compliance and innovation, which sometimes conflictHowever, in the context of the deepening reform of the capital market and the advent of a comprehensive registration system, compliance and risk control are the foundation of every securities firm's survival. To develop, only through continuous innovation and absorbing and learning from overseas mature experience can one day truly compete with the big investment banks with a history of more than 100 years on the international stage.

In addition, some securities companies regard it as a part of the corporate brand value and attach great importance to it when carrying out cultural construction.

On January 28, Everbright Securities held a corporate cultural value system conference in Shanghai to convey the company's "four beams and eight pillars" corporate cultural value system to the society.

On July 8, 2020, Everbright Securities, as a pilot unit for corporate culture diagnosis of Everbright Group, launched the corporate culture diagnosis project. It is reported that this project lasted for 6 months. Through surveys, questionnaires, interviews, etc., to find problems and give suggestions, interviews with 14 company executives one by one, and 167 middle-level managers were evaluated for their leadership style, and 5,743 employees were fully dedicated to their work. conducted extensive research, carried out 22 interviews on "Cultural Talk", promoted the gradual rectification of 60 specific issues, carried out middle-level publicity and implementation meetings and 7 "Cultural Roundtable" activities, organized "Ten Musts and Tens Don'ts" to vote by all staff, and collected 5107 employee questionnaire.

Finally, the "Four Beams and Eight Pillars" corporate culture value system issued by Everbright Securities includes four parts. "Four Cultures" corporate culture theme: home culture, sunshine culture, business culture, responsibility culture; "eight have" core values: feelings, quality, characteristics, innovation, bottom line, reputation, vitality, Responsible; the basic principles of Guangzheng culture: Huaneng, Zhuhua, and truth.

Everbright Securities has experienced major risk events during its operation. In 2016, Everbright Capital, a subsidiary of Everbright Securities, intervened in the MPS project, which later exploded. Beginning in 2018, Everbright Securities has accrued huge amounts of estimated liabilities for three consecutive years: 1.4 billion yuan in 2018; 1.611 billion yuan in 2019 and 1.550 billion yuan in 2020, and finally basically the impairment of MPS The preparation has been fully accrued (calculated based on the initial investment of 4.7 billion yuan).

In the operation of securities companies, compliance and risk control are often regarded as the bottom line. And Everbright Securities' "Eight Have" core values ​​specifically mentioned "bottom line", which also implied the association's overall requirements for "compliance, integrity, professionalism and stability" for the construction of industry culture.

Reporter: Wang Yandan

Editor: He Jianling

Visual: Shuai Lingqian

Typesetting: He Jianling Ma Yuan

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