证券经纪业务客户适当性管理的实践与探索

发布时间：2018-05-26 17:53

本文选题：客户适当性管理 + 证券经纪业务　；参考：《西南财经大学》2012年硕士论文

【摘要】：随着中国证券市场的发展,金融产品日渐丰富,业务创新已成为行业的主旋律。创业板、股指期货、融资融券等新业务、新产品的推陈出新标志着中国证券市场迈向成熟,但相对于复杂的证券业务和金融产品而言,投资者的投资理财技能和经验明显不足,投资者风险偏好和投资行为出现错配,不仅放大了投资者自身的投资风险,也不利于证券市场的健康发展。证监会于2010年5月1日发布的《关于加强证券经纪业务管理的规定》中,明确提出了证券公司应“建立健全客户适当性管理制度,为客户提供适当的产品和服务”的要求,随后,证监会又相继制订并出台了《创业板市场投资者适当性管理暂行规定》和《关于建立股指期货投资者适当性管理的规定(试行)》。规定对适当性制度的主要内容、基本要求、责任落实和协调机制等方面进行了系统的安排。由于证券经纪业务客户众多,差异化大,因此客户适当性管理的重点和难点就落在经纪业务客户的适当性管理上。客户适当性管理作为近两年各券商刚刚启动一项重要工作,由于在国内尚缺乏系统性的成功案例和最佳实践的借鉴,国外的经验与国内市场的发展阶段有存在较大差异,因此在实施过程中还是遇到诸多难题,包括客户信息收集的有效性、客户分类模型的科学性、产品体系薄弱且适配性出差、投资者教育难以发挥作用等等,因此,目前的现状就是不少券商把这项工作搞成了只重形式,不重效果,应付任务和检查的“鸡肋”。然而,笔者的观点是：推动客户适当性管理,其实是证券行业一次难得的转型机会,真正建立以客户为导向服务模式,抓住金融服务业的本质,通过打造适合客户的差异化服务,逐步建立企业自身的核心竞争力。本论文研究的价值和初衷正在于启发大家的思考,如何真正使客户适当性管理落到实处,发挥作用。首先,论文通过对客户适当性管理相关理论的探究,以及国内外同行对于客户适当性管理的规定和要求的比较,一方面看到开展客户适当性管理的必然性和必要性,另一方面也看到与发达金融市场在这方面的差距；然后,通过对目前业内现状分析,希望在几项重点工作上形成共识：1、客户分类研究,建立客户识别系统；2、产品体系建设以及产品服务匹配策略的制定；3、IT平台建设,使适当性管理嵌入到各个业务环节和整个服务系统之中；再者,本文通过一个预先设计的“e点通”客户适当性服务管理系统,以案例分析的方式,从客户服务的全流程出发,将客户适当性管理的理念和要求与各个业务环节紧密结合起来,从而提供了一个在实际工作中可以借鉴的全面解决方案；最后,论文提出了在开展客户适当性管理的现实工作中存在的一些困惑和难题,有待大家共同实践和思考。
[Abstract]:With the development of China's securities market, financial products are increasingly rich, business innovation has become the main theme of the industry. The emergence of new businesses such as gem, stock index futures, margin and so on, and the emergence of new products mark the maturity of China's securities market, but compared with the complex securities business and financial products, investors' investment and financial management skills and experience are obviously inadequate. The mismatch between investor's risk preference and investment behavior not only magnifies the investor's own investment risk, but also is not conducive to the healthy development of the securities market. In the Regulation on strengthening the Management of Securities Brokerage, issued by the Securities Regulatory Commission on May 1, 2010, the Securities Regulatory Commission clearly stated that securities companies should "establish and improve customer suitability management system to provide appropriate products and services to customers". Subsequently, the CSRC has formulated and issued the interim regulations on the appropriateness of investors in the gem market and the regulations on the Establishment of appropriate Management for investors in Stock Index Futures Market. The main contents, basic requirements, responsibility implementation and coordination mechanism of the appropriateness system are systematically arranged. Because of the large number of clients in securities brokerage business, the focus and difficulty of customer suitability management lies in the appropriate management of brokerage business customers. Due to the lack of systematic successful cases and best practices in China, the experience of foreign countries is quite different from the stage of development of the domestic market because of the fact that the management of customer appropriateness has just started an important work in the past two years, because of the lack of systematic successful cases and best practices in the domestic market. Therefore, in the process of implementation, there are still many difficulties, including the validity of customer information collection, the scientific nature of customer classification model, the weak and adaptable travel of products, the difficulty of investor education, and so on. The current situation is that many securities companies to this work into only the form, not the effect, to cope with the task and inspection of "chicken rib." However, the author holds that promoting customer suitability management is actually a rare opportunity for the securities industry to make a transition, to truly establish a customer-oriented service model and to grasp the essence of the financial services industry. Through the creation of differentiated services suitable for customers, gradually establish the core competitiveness of the enterprise itself. The value and original intention of this paper is to enlighten people to think, how to make customer proper management come true and play a role. First of all, through the research on the theory of customer suitability management, and the comparison of domestic and foreign counterparts on customer suitability management, on the one hand, we can see the inevitability and necessity of customer appropriateness management. On the other hand, we also see the gap between the developed financial markets and the developed financial markets in this respect. Then, through an analysis of the current situation in the industry, we hope to form a consensus on several key tasks, that is, the study of customer classification. The establishment of customer identification system, the construction of product system and the formulation of product service matching strategy make the suitability management embedded in all business links and the whole service system. In this paper, through a pre-designed "e-point" customer suitability service management system, the concept and requirements of customer suitability management are closely combined with each business link in the way of case analysis, starting from the whole process of customer service. So it provides a comprehensive solution that can be used for reference in practical work. Finally, the paper puts forward some puzzles and difficulties in carrying out the practical work of customer suitability management, which need to be practiced and considered together.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.39

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