我国券商机构业务:现状、问题及发展趋势

Institutional Client Services: Development Status,Problems and Trends

近年来,我国券商的机构业务呈现为三大主要类型,并分别取得长足发展。券商对私募基金的经纪业务发展到主经纪商服务,对商业银行的资产管理也从通道类提升为委外投资类,为企业提供的固定收益类业务也更加全面和丰富。但现阶段券商机构业务还处在起步阶段,费率仍是资管业务的主要竞争手段;IT投入力度不足影响了主经纪商和固定收益业务的进一步发展,同时券商还在整个公司层面存在风险控制能力落后、部门协同较差等问题。展望机构业务发展趋势,本文认为,今后市值管理等新兴业务有可能成为券商利润增长点;同时券商通过优化组织架构、加大信息技术投入力度、主动增强风控能力等措施提高机构业务的综合服务能力。按照国际经验和监管要求,机构业务市场将会形成大型券商垄断竞争的格局。

In recent years,China's brokerages have developed three major types of institutional client services which have made great progress.Brokers on the private equity brokerage business have evolved into the main broker service,the commercial bank asset management have upgraded to outsourcing investment class from the channel class to enterprises and the fixed income business are more comprehensive and rich.But the current stage of institutional client services is still in its infancy,the rate is still the main means of competition in the business;IT investment is not enough to affect further development of the main broker and fixed income business;The brokerage companies have the low level of risk control,poor coordination of departments and other issues.Looking forward to the development trend of the institutional client services,this paper believes that the market value management and other emerging business may become a broker profit growth point;the comprehensive service capacity of the brokerages will be improved by optimizing the organizational structure,increasing investment in information technology and taking the initiative to enhance risk control capabilities.At the same time,in accordance with international experience and regulatory requirements,institutional business market will be large-scale brokerage monopoly competition pattern.