证券公司经纪业务客户关系管理研究
摘要
中国的证券业正在经历一场深刻的变革，证券公司的经纪业务也面临着巨大的挑战。要发展证券业经纪业务，提高证券公司的核心竞争力，本文认为要通过三重差别化，引入客户关系管理来解决。
本文首先研究了证券公司差别化服务质量、客户满意以及公司利润三者之间的关系。通过建立他们对应的模型，辅之以定量以及定性的分析，得出证券公司在推进网上交易，差别化服务以及建立客户互动中心后可以做到服务质量提高，客户满意度提升以及公司利润的增长三者兼得的情况。此可以作为学者Fornell 等人相关研究的补充。
接着本文详细研究了客户终生价值的确定。通过对于国内外相关研究的回顾，找出他们应用的症结；然后建立了基于人工神经网络的前向反传播算法，以客户资产市值、公司功能服务质量、公司技术服务质量、客户投资偏好以及股市行情因子为输入端对于客户终身价值进行了计算以及预测，得出客户服务质量提升与客户终身价值增加之间的关系。
最后本文在前两方面理论上的突破后，建立了证券公司经纪业务客户关系管理的流程，即是要依托客户互动中心分化其经纪业务，根据客户终生价值以及投资偏好分别差别化其管理和服务，用信息流改造其业务流程。
本文最后给出了证券公司实施客户关系管理要注意的问题，并给出了证券公司经纪业务单元对应的组织架构。
The stock trade is now experiencing a deeply reform and the stockjobber is also facing great challenges. To develop stockjobber brokage and enhance the stockjobber’s core competence, 3-layered of differentiation and customer relationship management are suggested by the thesis.
The thesis firstly focuses on the relationship among the customization quality of stockjobber’s, customer satisfaction and the profit of stockjobber. The conclusion that the stockjobber can get high customization quality, high customer satisfaction and rich profit by enforcing E-business and customization service and at the aid of customer interaction center(CIC), is drawn by building their corresponding model and using quantitative and qualitative method. The result what I got is a complementarity to the relative research of Fornell.
Secondly, the thesis focuses on the customer lifetime value(CLV) particularly. Through reviewing the literature of relative research, I found the sticking point of the method before. Then building the back-propagation algorithm based on artificial neural network together with the customer asset market value, the function quality and technique quality of the stockjobber, the customer investment preference and factor of stock being the import items, the custmer lifetime value is calculated and predicted. Using BP algorithm, I also found the relationship between the service quality of stockjobber and CLV.
Lastly, the CRM framework of stockjobber is given based on the results upwards. Which is differentiating its brokage supported by CIC , differentiating its mangement based on CLV and differentiating its service according to customers’ investment preference and rebuilding its brokage flow using information flow.
At the end of the thesis, the issue must be paid attention to when enforcing CRM strategy and the corresponding organization structure of the stockjobber’s brokage unit are put forward .
本文首先研究了证券公司差别化服务质量、客户满意以及公司利润三者之间的关系。通过建立他们对应的模型，辅之以定量以及定性的分析，得出证券公司在推进网上交易，差别化服务以及建立客户互动中心后可以做到服务质量提高，客户满意度提升以及公司利润的增长三者兼得的情况。此可以作为学者Fornell 等人相关研究的补充。
接着本文详细研究了客户终生价值的确定。通过对于国内外相关研究的回顾，找出他们应用的症结；然后建立了基于人工神经网络的前向反传播算法，以客户资产市值、公司功能服务质量、公司技术服务质量、客户投资偏好以及股市行情因子为输入端对于客户终身价值进行了计算以及预测，得出客户服务质量提升与客户终身价值增加之间的关系。
最后本文在前两方面理论上的突破后，建立了证券公司经纪业务客户关系管理的流程，即是要依托客户互动中心分化其经纪业务，根据客户终生价值以及投资偏好分别差别化其管理和服务，用信息流改造其业务流程。
本文最后给出了证券公司实施客户关系管理要注意的问题，并给出了证券公司经纪业务单元对应的组织架构。
The stock trade is now experiencing a deeply reform and the stockjobber is also facing great challenges. To develop stockjobber brokage and enhance the stockjobber’s core competence, 3-layered of differentiation and customer relationship management are suggested by the thesis.
The thesis firstly focuses on the relationship among the customization quality of stockjobber’s, customer satisfaction and the profit of stockjobber. The conclusion that the stockjobber can get high customization quality, high customer satisfaction and rich profit by enforcing E-business and customization service and at the aid of customer interaction center(CIC), is drawn by building their corresponding model and using quantitative and qualitative method. The result what I got is a complementarity to the relative research of Fornell.
Secondly, the thesis focuses on the customer lifetime value(CLV) particularly. Through reviewing the literature of relative research, I found the sticking point of the method before. Then building the back-propagation algorithm based on artificial neural network together with the customer asset market value, the function quality and technique quality of the stockjobber, the customer investment preference and factor of stock being the import items, the custmer lifetime value is calculated and predicted. Using BP algorithm, I also found the relationship between the service quality of stockjobber and CLV.
Lastly, the CRM framework of stockjobber is given based on the results upwards. Which is differentiating its brokage supported by CIC , differentiating its mangement based on CLV and differentiating its service according to customers’ investment preference and rebuilding its brokage flow using information flow.
At the end of the thesis, the issue must be paid attention to when enforcing CRM strategy and the corresponding organization structure of the stockjobber’s brokage unit are put forward .
引文
[1] 李宗怡，金融服务业中的客户关系管理战略，经济导刊，2000年第6期，34-39
[2] 范亦岷，证券经纪业务CRM应用规划方案，西南交通大学，2002年3月
[3] 王斌、谢太峰，证券公司业务运作与管理，中国经济出版社，2001
[4] 刘明晶、熊鹰，证券客户关系CRM管理，《现代图书情报技术》，2001年第2期，62-68
[5] Julie Abbott，Merlin Stone，Francis Buttle，Integrating customer data into customer relationship management strategy: an empirical study, Journal of database marketing, 2001,Vol.8,4 289-300
[6] Fornell,Claes,A National Cutomer Satisfaction Barometer:The Swedish experience,Journal of Marketing, January,1-21
[7] Aaker,David ,Rober Jacobson,The financial information content of perceived quality,Journal of marketing research,31 August,191-201
[8] Eugene W.Anderson,Claes Fornell,Roland T.Rust,Customer satisfaction,producti-vity, and profitability: diffence between goods and service,Marketing science ,vol 16,No 2,1997
[9] Jackson,,Achieving strategic competitive advantage through the application of the long term customer value concept,Journal of Database Marketing,vol.4,No2, 174-186
[10] Dwyer,Cusomer lifetime valuation to support marketing decision making,Journal of directmarketing,vol.9,No.1,79-84
[11] Berger,Nasr,Customer lifetime value: marketing models and applications,Journal of interactive marketing,vol.12,No1,17-30
[12] Blattberg ,Deighton,manage marketing by the customer equity test,Havard business Review, vol.74, No4, 136-144
[13] Blattberg,Getz,Thomas,customer equity: building and managing relationships as valuable assets, Harvard business school press, boston
[14] Pfeifer, caraway,modeling customer relationships as Markov chains, Journal of interactive marketing, vol.14,No.2,43-55
[15] 白长虹，廖伟，基于顾客感知价值的顾客满意研究，南开学报，2001年第6期，14-20
[16] 王永贵，服务质量、顾客满意与顾客价值的关系剖析，武汉理工大学学报，Vol.15, No.6, 579-587
[17] 王素芬，汤兵勇，客户终生价值模型的研究，黑龙江大学自然科学学报，vol.19,No.2，June,2002
[18] 陈静宇，客户价值与客户关系价值，中国流通经济，2002年第3期，37-39
[19] 宝利嘉，客户关系管理解决方案：CRM的理念，方法与软件资源，中国经济出版社，
2002年2月
[20] Paul R.Timm，留住你的客户，西南财经大学，2002年5月
[21] 于全辉，基于价值分析的客户评价及其管理，2002年4月
[22] Anderson Eugene W,Mary Sullian,The antecedents and consequences of customer satisfaction for firms,Market Science,12,2,125-143
[23] Anderson Eugene W,Bolton,Ruth N, James H.Drew,A multistage model of customers’ assessments of service quality and value,Journal of consumer research,17,March,375-384
[24] Jones, T.O.and Sasser,W.E, Why satisfied customers defect",Harvard Business Review, 1995, 73 (November-December)
[25] Reichheld Fredrick F,W.Earl Sasser,Zero defection:Quality comes to service,Harvard Business Review, 68, September-October, 105-111
[26] Jay Barney, gaining and sustaining competitive advantange, Addison-Wesley Publishing Company, 1997
[27] Eugene W.Anderson,Claes Fornell, Roland T.Rust,customer satisfaction, producti-vity and profitability: differences between goods and services,Marketying science, Vol.16, No.2, 1997
[28] 刘涛，CRM评价体系构建和实证研究，浙江大学硕士学位论文，2002年1月
[29] Chamberlin E.H,The theory of monopolistic competition,Cambridge,MA:Harvard University press, 1933
[30] Robinson,"What is perfect competition?" Quarterly Journal of Economics, 49,. 104-120
[31] 吴易风，刘凤良，吴汉洪，西方经济学，中国人民大学出版社，1999
[32] 姜旭平，电子商贸与网络营销，清华大学出版社，1998
[33] Woodruff R.B,customer value:the next source of competitive advantage,Journal of academy of marketing science,Vol.25,No.2,139-153
[34] Adrian Payne,Sue Holt,Diagnosing customer value:integrating the value process and relationship marketing,British journal of management,Vol.12, 159-182
[35] Indrajit Sinha,Wayne S.Desarbo,An integrated approach toward the spatial model-ling of peiceived customer value,Journal of marketing research,May 1998,236-249
[36] Hallberg,All consumers are not created equal,John Wiley&Sons,New York,1995
[37] 王凌.智能优化算法及其应用，清华大学出版社，2001，83~117
[38] Yang, Y, Zhang, Q. The Application of Neural Networks to Rock Engineering Systems (RES) ，International Journal of Rock Mechanics and Mining Sciences，1998，Vo35，No.6:727~745
[39] Srivastava, L et al .A hybrid neural network model for fast voltage contingency screening and ranking ，International Journal of Electrical Power and Energy Systems，2000，Vo22，No.1：
35~42
[40] Haque, Mohammed E., Sudhakar, K.V. .ANN back-propagation prediction model for fracture toughness in microalloy steel ，International Journal of Fatigue，2002，Vo24，No.9：1003~1010
[41] 中国证券业培训中心,证券经纪业务与投资分析,上海财经大学出版社，1999年
[42] Jamel C.Anderson,James A.Narus,business marketing:understand what customers value,Harvard business review,November-December 1998
[43] Meryl Davids,How to avoid the 10 biggest mistakes in crm,Journal of business strategy, November/December 1999,22-26
[44] 张力新，浅议电子商务中的客户关系管理，中国流通经济，2000年增刊，58-59
[45] Edna Johnson Ragins，Alan J.Grenco，Customer relationship management and E-business: more than a software solution, Review of business, winter 2003,25-30
[46] Lauren Keller Johnson，New views on digital CRM,MIT sloan management review,fall 2002,10
[47] 罗纳德·S·史威福特，《客户关系管理：加速利润和优势提升》，中国经济出版社，2001
[48] Carole Schweitzer,customize,don’t dehumanize,association management,may 2003,47-48
[49] Anton Hirschowitz,closing the CRM loop:The 21st century marketer’s challenge:transforming customer insight into customer value, Journal of targeting,measurement and analysis for marketing Vol.10,2, 168-178
[50] Randy Davis, The wizard of oz in crmland: crm’s need for business process management, Information systems management , fall 2002, 43-48
[2] 范亦岷，证券经纪业务CRM应用规划方案，西南交通大学，2002年3月
[3] 王斌、谢太峰，证券公司业务运作与管理，中国经济出版社，2001
[4] 刘明晶、熊鹰，证券客户关系CRM管理，《现代图书情报技术》，2001年第2期，62-68
[5] Julie Abbott，Merlin Stone，Francis Buttle，Integrating customer data into customer relationship management strategy: an empirical study, Journal of database marketing, 2001,Vol.8,4 289-300
[6] Fornell,Claes,A National Cutomer Satisfaction Barometer:The Swedish experience,Journal of Marketing, January,1-21
[7] Aaker,David ,Rober Jacobson,The financial information content of perceived quality,Journal of marketing research,31 August,191-201
[8] Eugene W.Anderson,Claes Fornell,Roland T.Rust,Customer satisfaction,producti-vity, and profitability: diffence between goods and service,Marketing science ,vol 16,No 2,1997
[9] Jackson,,Achieving strategic competitive advantage through the application of the long term customer value concept,Journal of Database Marketing,vol.4,No2, 174-186
[10] Dwyer,Cusomer lifetime valuation to support marketing decision making,Journal of directmarketing,vol.9,No.1,79-84
[11] Berger,Nasr,Customer lifetime value: marketing models and applications,Journal of interactive marketing,vol.12,No1,17-30
[12] Blattberg ,Deighton,manage marketing by the customer equity test,Havard business Review, vol.74, No4, 136-144
[13] Blattberg,Getz,Thomas,customer equity: building and managing relationships as valuable assets, Harvard business school press, boston
[14] Pfeifer, caraway,modeling customer relationships as Markov chains, Journal of interactive marketing, vol.14,No.2,43-55
[15] 白长虹，廖伟，基于顾客感知价值的顾客满意研究，南开学报，2001年第6期，14-20
[16] 王永贵，服务质量、顾客满意与顾客价值的关系剖析，武汉理工大学学报，Vol.15, No.6, 579-587
[17] 王素芬，汤兵勇，客户终生价值模型的研究，黑龙江大学自然科学学报，vol.19,No.2，June,2002
[18] 陈静宇，客户价值与客户关系价值，中国流通经济，2002年第3期，37-39
[19] 宝利嘉，客户关系管理解决方案：CRM的理念，方法与软件资源，中国经济出版社，
2002年2月
[20] Paul R.Timm，留住你的客户，西南财经大学，2002年5月
[21] 于全辉，基于价值分析的客户评价及其管理，2002年4月
[22] Anderson Eugene W,Mary Sullian,The antecedents and consequences of customer satisfaction for firms,Market Science,12,2,125-143
[23] Anderson Eugene W,Bolton,Ruth N, James H.Drew,A multistage model of customers’ assessments of service quality and value,Journal of consumer research,17,March,375-384
[24] Jones, T.O.and Sasser,W.E, Why satisfied customers defect",Harvard Business Review, 1995, 73 (November-December)
[25] Reichheld Fredrick F,W.Earl Sasser,Zero defection:Quality comes to service,Harvard Business Review, 68, September-October, 105-111
[26] Jay Barney, gaining and sustaining competitive advantange, Addison-Wesley Publishing Company, 1997
[27] Eugene W.Anderson,Claes Fornell, Roland T.Rust,customer satisfaction, producti-vity and profitability: differences between goods and services,Marketying science, Vol.16, No.2, 1997
[28] 刘涛，CRM评价体系构建和实证研究，浙江大学硕士学位论文，2002年1月
[29] Chamberlin E.H,The theory of monopolistic competition,Cambridge,MA:Harvard University press, 1933
[30] Robinson,"What is perfect competition?" Quarterly Journal of Economics, 49,. 104-120
[31] 吴易风，刘凤良，吴汉洪，西方经济学，中国人民大学出版社，1999
[32] 姜旭平，电子商贸与网络营销，清华大学出版社，1998
[33] Woodruff R.B,customer value:the next source of competitive advantage,Journal of academy of marketing science,Vol.25,No.2,139-153
[34] Adrian Payne,Sue Holt,Diagnosing customer value:integrating the value process and relationship marketing,British journal of management,Vol.12, 159-182
[35] Indrajit Sinha,Wayne S.Desarbo,An integrated approach toward the spatial model-ling of peiceived customer value,Journal of marketing research,May 1998,236-249
[36] Hallberg,All consumers are not created equal,John Wiley&Sons,New York,1995
[37] 王凌.智能优化算法及其应用，清华大学出版社，2001，83~117
[38] Yang, Y, Zhang, Q. The Application of Neural Networks to Rock Engineering Systems (RES) ，International Journal of Rock Mechanics and Mining Sciences，1998，Vo35，No.6:727~745
[39] Srivastava, L et al .A hybrid neural network model for fast voltage contingency screening and ranking ，International Journal of Electrical Power and Energy Systems，2000，Vo22，No.1：
35~42
[40] Haque, Mohammed E., Sudhakar, K.V. .ANN back-propagation prediction model for fracture toughness in microalloy steel ，International Journal of Fatigue，2002，Vo24，No.9：1003~1010
[41] 中国证券业培训中心,证券经纪业务与投资分析,上海财经大学出版社，1999年
[42] Jamel C.Anderson,James A.Narus,business marketing:understand what customers value,Harvard business review,November-December 1998
[43] Meryl Davids,How to avoid the 10 biggest mistakes in crm,Journal of business strategy, November/December 1999,22-26
[44] 张力新，浅议电子商务中的客户关系管理，中国流通经济，2000年增刊，58-59
[45] Edna Johnson Ragins，Alan J.Grenco，Customer relationship management and E-business: more than a software solution, Review of business, winter 2003,25-30
[46] Lauren Keller Johnson，New views on digital CRM,MIT sloan management review,fall 2002,10
[47] 罗纳德·S·史威福特，《客户关系管理：加速利润和优势提升》，中国经济出版社，2001
[48] Carole Schweitzer,customize,don’t dehumanize,association management,may 2003,47-48
[49] Anton Hirschowitz,closing the CRM loop:The 21st century marketer’s challenge:transforming customer insight into customer value, Journal of targeting,measurement and analysis for marketing Vol.10,2, 168-178
[50] Randy Davis, The wizard of oz in crmland: crm’s need for business process management, Information systems management , fall 2002, 43-48