证券行业创新的政策研究

A Study on Guidelines and Policies of Security Industry Innovation

证券行业创新的客观规律和我国资本市场新兴+转轨的特性要求,以创新业务量的最大化作为创新的评判标准;以先有客户独立存管制度有效实施,确保中介服务的安全性后,才能考虑创新收益,作为持续健康发展的创新定位;以边际收入效应等于边际替代效应作为决定创新买方业务还是卖方业务的依据;以做中介作为券商创新路径;以市场为主导的品种创新机制作为创新监管的目标,以专利制度和从严审查作为创新监管的手段;以存款保险制度和证券投资者补偿基金作为社会补偿创新风险的机制。

The objective laws and the new and changing market characteristics of security industry innovation take the maximum volume of innovation business as its criterion for evaluating the innovation. After implementing the independent client trusteeship system and insuring the security of agent services, the innovation gain can be considered, and the successive development of innovation could be positioned. The fact that the margin income effect is equal to the margin substitute effect can be used to determine whether the innovation is to do buy business or to do sale business. Doing agency business could be an innovation approach. The market-oriented category innovation mechanism can be taken as the purpose of innovation supervision. The patent system and rigorous examination could be the measures for innovation supervision. The security investor compensation fund and deposit insurance system could be the innovation risk compensation mechanism.