证券行业的整合与中小券商的发展

Integration of Securities Industry and Survival of Small and Medium-Sized Brokerages

证券行业面临着整合,尤其是监管部门的扶优限劣的思路下,中小券商处境艰难。通过对行业整合的背景和行业初步整合的情况的分析,提出了中小券商发展的四种选择:被大券商并购,地方政府注资,大集团重组,专业化或差异化的独立发展。

During the integration of the securities industry, the small and medium- sized brokerages are put into a very difficult situation, especially under the governmental thought of supporting the best while limiting the inferior. By analyzing the background of the integration and its integration condition, four choices for the brokerages to survive are advanced as the follows： the brokerages are merged or acquired by the bigger ones, or they attract the investment from the govemment, or they are integrated by the large groups, or they seek an independent way to develop themselves.