万联证券经纪业务服务模式转型分析

发布时间：2018-01-21 04:08

本文关键词： 经纪业务服务模式转型投资顾问　出处：《西南财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：经纪业务向来是我国券商的重要收入来源,但从2008年开始,券商经纪业务出现了全行业的下滑,其原因主要在于券商向投资者提供的是同质化、通道式的服务。券商大都以提供交易通道,通过向客户收取佣金作为自己收入的主要来源,如此,券商的命运与市场的波动息息相关,形成了靠天吃饭的尴尬局面,在浮动佣金制的大背景下,这样的券商竞争必然转化为低水平的佣金打折竞争,结果通过价格竞争,券商以牺牲自己的利润来获得竞争优势。佣金水平和行情高度相关,利润下滑是这样低水平竞争的必然结果。近年来随着证券行业对外开放的速度加快,产品和服务的不断创新以及客户投资理念和交易行为的变化,大多数券商都已经意识到经纪业务需要转型的必要,已开始并正在做一些有益的探索,但是可以说目前尚没有哪家券商形成了类似美林、或者爱德华.琼斯那样在各种不同的经济环境之下,皆能够持续的盈利模式。本文试图通过比较研究的方法,结合目前国内券商经纪业务的现状,通过比较和研究成熟的北美证券业务的多年经验(特别是自由佣金后的经验)来探索我国券商可能的转型方式、方法。提出券商应走出对单一通道佣金收入的依赖,逐步将券商的经纪业务收入转向以顾问咨询服务、理财服务为主,并逐步的提高服务收费等非交易通道收入占营业收入中的比例。本文结合笔者现在所在的万联证券经纪业务的现状和存在的问题,并进行分析,重点探索了作为证券公司的经纪业务分支机构的证券营业部层面,以投资顾问服务提升券商经纪业务的水准,同时,将投资顾问服务和营销相结合,以证券营业部层面直接面对客户和了解客户为优势,真正以客户为中心而不再是以交易通道和没有针对性的低层次咨询的服务为重点。券商应该以“与客户共同成长”作为自己的长远目标和规划,避免饮鸠止渴,竭泽而渔的经营模式。同时,在证券创新步伐不断加快的今天,券商总公司层面应在做好自己业务模式和盈利模式的战略定位以适应新形势,要么将自身塑造成折扣型券商---以轻型营业部为主,要么以提供全面理财服务为主的综合型券商—提供增值型服务以中高端客户为主。只有做出特色,适应投资者需要的公司才有可能通过转型获得“新生”。
[Abstract]:Brokerage business has always been an important source of income for Chinese securities companies, but since 2008, brokerage business has declined in the whole industry, the main reason is that the securities companies provide investors with the same quality. Most securities companies provide trading channels through the collection of commissions as their main source of income, so the fate of securities companies and market fluctuations are closely linked. In the background of floating commission system, this kind of brokerage competition must be transformed into low level commission discount competition, and the result is price competition. Brokerage firms gain a competitive advantage at the expense of their profits. Commissions are highly correlated with the market, and falling profits are a corollary of such low levels of competition. In recent years, with the speed of the securities industry opening to the outside world, the continuous innovation of products and services, as well as the changes in customer investment concepts and trading behavior, most securities firms have realized the need for the transformation of brokerage business. Some useful exploration has begun and is under way, but it is fair to say that no brokerage has yet formed a Merrill Lynch, or Edward Jones, in a variety of different economic circumstances. This paper tries to combine the current situation of domestic securities brokerage business through the method of comparative study. Through the comparison and study of the mature North American securities business experience (especially after the experience of free commission) to explore the possible transformation of Chinese securities companies. Methods. It is suggested that securities firms should step out of the dependence on the commission income of a single channel and gradually turn their brokerage business income to advisory services and financial services. And gradually improve the service fees and other non-trading channel revenue in the proportion of operating income. This article combined with the author's current situation and existing problems of the securities brokerage business, and analysis. As the brokerage business branch of the securities companies, the securities business department level, investment advisory services to improve the level of brokerage business, at the same time, investment advisory services and marketing. To the securities sales department level directly facing customers and understanding customers for the advantage. The real customer-centered rather than trading channels and no targeted low-level advisory services as the focus. Brokers should take "grow with customers" as their long-term goal and plan to avoid drinking doves to quench thirst. At the same time, at the same time, in the securities innovation pace of accelerating today, the head office of securities companies should do their own business model and profit model strategic positioning in order to adapt to the new situation. Either to shape itself as a discount brokerage-to light business mainly, or to provide comprehensive financial services to provide value-added services to high-end customers. Only to make the characteristics. Companies that adapt to the needs of investors are likely to be "reborn" through transformation.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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