证券公司从通道商向资本中介商的转型分析

Transition of Securities Companies From the Channel- provider to the Capital Intermediaries

我国券商长期以来利用制度红利和牌照赚取高额通道费,业务模式以通道业务为主。然而,股票发行注册制的推出,佣金费率的下降等行业趋势越发明显,证券公司必须推动代客理财业务,进入"管理费+业绩报酬"的新模式,将财富管理和资本中介作为转型方向。尤其是资本中介业务,不仅有融资融券、股票质押规模扩大推动了需求的快速增长,还有净资本约束放松、券商多渠道融资体系逐渐完成所带来的供给端扩张。

In the long time, the Chinese securities trader profited from the system bonus and the license . They have taken the channel business as their main resources of revenue . However, the introduction of the stock issue registration system and the de- cline in commission rates have been more obvious, securities companies should establish the management fee ＋ performance reward mode, taking wealth management and capital intermediary as a new resource of profits . The capital intermediary business, the se- curities margin trading, stock pledged to repurchase would be increased in China, and the supply would be expanded rapidly in Chi- na because of relaxing the capital constraints.