券商研究的社会价值与转型管理

Securities Firm Research’s Social Value and Divert Management

从企业经营管理角度来看,券商研究的定位经历了成本中心、利润中心、利润和业务支持的"双中心"三个发展阶段。券商研究的价值,在于促进了信息价值作用的提升,主要包括两点:第一,区分信息类型,促进生产性信息投资,阻止再分配性信息投资;第二,促进信息和资源控制权的有效结合。对研究所的定位和商业模式探讨,是当前中国券商谋求创新和做强、做大的重要内容之一。对卖方研究投入—产出的经济分析表明,以下几个方面是转型机构可行的努力方向:第一,券商研究所买方定位容易导致投入不足,为使预期收益曲线上移,券商研究所应转向卖方,转向外部服务市场,力求实行差异化服务,以增强客户体验度;第二,不完全补偿的政策容易导致资源投入过度,应当采取固定的补偿政策;第三,不能实行单一净收入最大化的原则,而是应该既考核利润、又考核成本,采用"投入—产出"的双考核机制,以上三个方面对券商研究所向卖方转型成功起到非常重要的作用。

The orientation of securities firm research department includes cost center, profit center, and double-center. The social yalue of the research of securities firm research lies in raising information value. The research of securities firm distingui- shes information kind, increases invest in production information, prevents invest in distribution information, and promotes infor- mation combination with resource command. The research department of securities firm in buyer-orientation is likely to input in- sufficiently. During converting to seller-orientation, the research department of securities firm is likely to input excessive re- source, as incomplete compensating policy is used. Fixed compensation policy and profit-cost assessment count very much for converting successfully.