中美证券公司的资本配置效率比较及启示

Comparative Study of Capital Allocation Efficiency of Chinese and American Securities Companies

中美证券公司双方盈利能力的差距实质上来自于双方资本配置效率的差距。国内证券公司资本配置效率的提高需要重视以下几方面的工作:一是壮大资本实力;二是树立“资本配置依托于风险管理”的理念;三是完善评价资本配置效率的指标体系;四是加强风险管理意识并完善风险管理体系。此外,应加强对宏观经济政策和和证券行业政策的研究。

The gap of profit making ability between Chinese andAmerican securities companies lies in their disparity of capitalallocation efficiency. The following shall be taken notice of bythe Chinese securities companies in order to upgrade theirefficiency: capital strength enhancement; risk-managementbased capital allocation; improvement of index system of capitalallocation efficiency evaluation; placement of risk managementsystem and intensive study of macro and micro policies.