券商盈利空间的实证分析和策略研究

An Empirical Study of the Profit Sources of Securities Firms and Suggestions for the Strategy

本文通过实证研究发现,在我国券商的三项主要业务中,自营及传统的委托理财业务,从中长期看是券商风险最大的业务;经纪业务是券商收入结构中的主要部分;投行业务虽然行业利润并不高,但却较为稳定,还有很大的拓展空间。目前我国券商的业务结构并不符合各项业务的上述特点,存在着风险与收益的不对称,因此券商需要重新调整业务结构、业务规模和赢利模式。业务调整的核心是:向以中介为特点的金融服务方向转型。政策上,应该创造有利于券商创新的公平合理的竞争环境。

This paper aims at deducting future profit sources of security companies, according to calculation of the separate revenue of the three kinds of main business of security companies in China. The result indicates that long term investment in Chinese secondary stock market faces more risks, so security company shall withdraw from it. Buying new stock, brokage and IPO undertaking(s) are continuous revenue sources, deserving more investment. The key pattern of pay off in the future is financial service. So, competition with reason and fairness is needed.