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国内券商研究发展困局与重构探索 被引量:4

Brokerage Research Development Dilemma and Business Reconstruction
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摘要 券商研究随着证券市场的诞生而起步,并在向卖方研究的转型中实现了成本中心向定价中心的转变,引发了研究行业的高速发展。但多年快速发展之后,券商研究开始遭遇发展的困局,供需关系失衡、分仓佣金率市场化、证券资产定价能力和影响力有限、独立性匮乏,以及人才高流动率等问题日益成为制约行业进一步发展的瓶颈。为突破当前发展困局,券商研究亟需结合行业转型大势,进行商业模式的重构与探索:一方面进行对外服务重构,多元化客户结构、进一步提升研究水平、特色化或者创新研究及服务模式;另一方面探索向证券公司本源业务回归,承担更多支持证券公司业务发展的证券定价、风险管理、产品开发、业务趋势、发展战略和社会影响力等方面的买方研究职能。 Brokerage research started with the birth of the securities market, and changed successfully from the cost center to the pricing center in the transition of seller side study, leading to the rapid development of the research industry. After years of rapid development, however, the brokerage research business began to face its development dilemma, including imbalance of supply and demand, limited influence in commission rate marketization and pricing ability, lack of independence, and high flow rate of personnel, are the bottlenecks of constraining further development of the brokerage research business. During the transform, reconstruction or exploration new business model is necessary for securities company to break its current dilemma, that is reconstruction the seller side research on one hand, including diversified customer structure, further enhanced research quality, and specialized or innovative research and service mode; and on the other hand is the regression to the original securities company business, bearing more functions to support buyer side research, such as securities pricing, risk management, product development, business trends, development strategy, and social influence etc.
出处 《证券市场导报》 CSSCI 北大核心 2013年第5期4-8,14,共6页 Securities Market Herald
关键词 券商研究 卖方研究 研究业务困局 业务重构 brokerage research, seller side research, research business dilemma, business reconstruction
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