从均衡发展视角看证券公司盈利模式转型

On Profit Structure of the Securities Firms in China from the Perspective of Balanced Development

针对当前国内证券公司经营情况,从均衡发展的角度探讨其盈利结构的发展。研究采用案例分析方法,以招商证券和美林证券为例,探讨处于不同发展阶段的证券公司在收入增长速度方面的差异和结构性特征。研究结果显示,招商证券仍处于行业发展的成长期,高成长性与高波动性共存。相对而言,美林证券的盈利结构更加均衡,其收入增长的主要因素从提供资源向提供信息转变,从出售"硬服务"向提供"软服务"转变。美林证券的均衡发展模式为国内证券公司未来盈利模式的转变与发展方向提供了一种可能性。

This study aims to explore the promising changes in profit structure of securities firms in China from a view of balance development. It illustrates the differences in revenue growth and structural characteristics for securities firms based on the case study of China Merchants Securities and Merrill Lynch. The results show that the CMS experiences the rapid growth and the high fluctuation which indicates its growth stage. Comparatively, ML shows a more balanced profit structure as its revenue growth depends more on supplying information than providing assets. The ML＇ s case provides a guide for China securities firms＇ development on profit structure.