中国证券公司的集团化管控模式选择研究——以海通证券和广发证券为例

The Selection of Group Management Control Model of China Securities Company: A Case Study of Haitong Securities and Guangfa Securities

在监管政策引导和市场化推动的双重作用下,证券公司的子公司发展迅猛,无论是子公司数量还是业务规模都明显增长,既推动了证券公司集团化的步伐,也对证券公司的集团化管控提出了新的挑战。本文以海通证券和广发证券为例,探讨了两类不同初始来源子公司所适用的集团化管控模式,以及这两类管控模式在集团治理和风险管理两个方面所可能呈现出的差异,并以此展开对这两类集团管控模式的比较分析,为其他同类证券公司实施集团化管控提供启示和借鉴。

Under the dual effects of regulatory policy and marketization, the subsidiaries of security companies have developed rapidly, both in quantity and business scale, which not only promotes the centralization, but also poses new challenges to the management control of securities companies as a business group. Taking Haitong Securities and Guangfa Securities as examples, this paper explores the two types of group management control modes applicable to subsidiaries with different initial sources, and the possible differences between the two types of management control modes in the aspects of group governance and risk management. Based on this, the paper makes a comparative analysis of the two types of group management control mode, hopefully the study will provide enlightenment and reference for the implementation of group management control by similar securities companies.