国内券商权益类证券交易业务经营模式之探讨

Operation Model of the Equity Securities Transaction Business in Domestic Securities Companies

"经济资本配置理论"作为金融企业优化资源配置、提高风险调整收益的有效方法,在国内外银行领域已得到了广泛的应用,但目前尚未在国内证券行业内展开。文章基于该理论,通过对经济资本配置效率的核心因素——风险调整资本回报率(RAROC)的分析,可以看出国内券商的权益类证券交易业务RAROC偏低,严重拖累了资本配置效率,有必要进行改善的观点,并进一步探讨了其经营模式的未来可行途径。

The economic capital allocation theory which is used as an effective method to optimize the resource allocation and enhance the risk - adjusted return for financial enterprises has been widely applied in both domestic and overseas commercial banks, however, it has not been carried out in domestic securities industry yet. According to the analyses on the RAROC, which is the prime factor of the the efficiency of the economic capital allocation, this thesis points out that the operation model of equity securities transaction business which drags the efficiency of the economic capital allocation of domestic securities companies should be improved necessarily, and then has a discussion on its feasible way in the future.