中国证券商的业务竞争与创新发展势态

The Tendency of Business Competition and Innovation of Chinese Brokerage Firms

本文分析了开放条件下我国证券业经营竞争环境的变化 ,并从 6个方面分析了中国证券商业务创新的发展势态。 (1)证券业分类管理制度使证券商的经营规模发生变化 ;(2 )证券发行与承销方式的改革深化了证券业内的服务竞争 ;(3)证券网络化交易的快速发展完善了交易清算的服务管理模式 ;(4 )交易佣金制度的改革将使证券业的结构调整得到不断优化 ;(5 )投资基金业务与投资组合的多样化对基金经理行为的监管提出了新的要求 ;(6 )中国放宽市场准入条件的同时必须完善制度创新与管理创新。

This paper discusses the tendency of business competition and innovation of Chinese brokerage firms from 6 aspects: (1) The classified regimen of Chinese brokerage firms changes the competitive environment and the operative scales of the firms considerably;(2) the deepened reforms in the fields of IPO and underwriting improves the service competitions in the securities industry; (3) the developing on-line trading creates a new service model in the process of securities trading and settlement for the investors; (4) the proposed reform to change the fixed brokerage commissions rationalizes the structure of securities industry. (5) the supervisory required to the fund managers are strengthened as the business innovations in the fund industry and the portfolio diversification in the market,(6) Entering WTO and opening the markets to outside world introduces the competition from foreign securities firms and international financial services groups, therefore, to promote the institutional and technological innovations in Chinese brokerage firms will be very necessary.