中国证券业:发展与未来之路

经济理论与经济管理 ›› 2004, Vol. ›› Issue (1): 24-32.

中国证券业:发展与未来之路

吴晓求, 陈启清, 毛宏灵

中国人民大学金融与证券研究所北京 100872

收稿日期:2003-11-15 出版日期:2004-01-16 发布日期:2012-03-01
基金资助:
教育部人文社会科学规划项目(2002DXM790019)

CHINESE INDUSTRY OF SECURITIES: CURRENT STATES AND THE ROAD TO THE FUTURE

WU Xiao-qiu, CHEN Qi-qing, MAO Hong-ling

Institute of Finance and Securities, Renmin University of China, Beijing 100872, China

Received:2003-11-15 Online:2004-01-16 Published:2012-03-01

摘要/Abstract

摘要： 中国证券公司10多年的发展过程中,其盈利模式一直是一种“通道”盈利模式,即证券公司通过为客户提供各种通道来获取收入,实现利润。这种模式不仅造成证券公司的收入曲线与市场走势高度相关,具有高度不稳定性和周期性,同时还使得我国证券公司业务明显同质化,证券公司之间缺乏业务分工,证券公司之间恶性竞争严重。未来中国证券业必须创造新的盈利模式,要通过市场化基础上的重组、兼并、业务的重组和创新、法人治理结构的完善来创造一条新的发展之路。

关键词: 中国证券业, 盈利模式, 未来之路

Abstract: For the past decade, Chinese securities companies have been running by the "channels", that is, they get profits by supplying the channels for their clients. This pattern leads to not only the highly correlation of revenues to the market tends and highly instability and periodicity, hut also the homogenous business and ill competition. This paper then calls for the new patterns, based on the marketizing and reorganizing, merging, innovating, and improving the principal-agent governing structures.

Key words: Chinese industry of securities, run pattern, the road to the future

中图分类号:

F830.39

吴晓求, 陈启清, 毛宏灵. 中国证券业:发展与未来之路[J]. 经济理论与经济管理, 2004, (1): 24-32.

WU Xiao-qiu, CHEN Qi-qing, MAO Hong-ling. CHINESE INDUSTRY OF SECURITIES: CURRENT STATES AND THE ROAD TO THE FUTURE[J]. Economic Theory and Business Management, 2004, (1): 24-32.