国际金融危机下证券公司价值增值研究

Research on the Added Value of the Securities Companies under the International Financial Crisis

在国际金融危机下,生产过剩和金融过剩导致经济疲软,证券市场也表现为顺周期效应。中国大多数证券公司业务经营存在同质化倾向,中国证券市场的逐步开放并没有改变这种状况,而金融危机的冲击及伴随的金融监管强化使证券公司经营模式更加单一。因此,在公司内部,一方面应适当促进产业集中形成规模经济和范围经济,另一方面应培育证券公司的核心竞争力;在公司外部,应完善公司外部环境治理,构建证券公司增值及可持续发展的法律和税收体系。

Under the circumstance of the global financial crisis, since the overproduction and financial excess have led to a weak economy, the securities market also responds with a pro-cyclical effect. Because the business of most of the Chines-securities companies tends to be homogeneous, the gradual openness of the Chinese securities market has not yet changed the effect, while the shocks of the global financial crisis as well as the accompanied strengthening of the financial regulation have made the business of securities companies＇ lack of heterogeneity. Therefore, inside the company, on one hand, the economy of scale and scope formed with industrial concentration should be promoted; on the other hand, the core competence of the securities companies should be cultivated. Meanwhile, outside the company, the external governance environment should be improved, and the law and tax system that can add securities companies＇ value and sustainable development shouht be constructed.