我国证券公司经纪业务盈利模式问题研究

发布时间：2018-05-06 22:09

本文选题：证券经纪业务 + 佣金　；参考：《河南大学》2012年硕士论文

【摘要】：众所周知，我国券商行业的绝大部分收入来源于经纪业务，而经纪业务收入的绝大部分又来源于“传统”经纪业务，即佣金业务。随着我国于2002年开始实行浮动佣金率制度，各大中小型证券公司争相降低佣金费率，以致“佣金战”愈演愈烈，并于2009和2010年达到最高峰。我国证券市场的这种“短板”现象，现在已经并且在不久的将来肯定还会大大限制我国证券整体业务的发展和创新。因此，在这样一种背景下，研究经纪业务盈利模式问题，从而提出一些新的盈利模式的对策，在证券公司自身的生存和发展需要这一方面以及在抵御国外投行业务的冲击，迎接金融全球化的竞争这一方面，就显得急迫而具有现实意义。本文理性地从“提出问题——分析问题——解决问题”这样的思路系统分析了我国证券经纪业务的盈利模式问题。首先是提出问题阶段，详细介绍了我国经纪业务的现状和存在的问题以及其历年经纪业务的收入情况、成本情况以及盈利情况，在做出这样的定量分析之后，我们大致上就会形成一个对经纪业务盈利模式的整体感性认识。接着是分析盈利模式问题阶段，包括经纪业务盈利模式问题成因分析（从收入和成本两方面入手）和经纪业务与市场集中度实证分析这两个子部分。我们知道，其实经纪业务总收入之所以还继续维持着相对高的水平，完全是由于交易量的作用，这种靠量取胜、低端粗放型的盈利模式急需改变。通过观察，我们发现现阶段我国经纪业务的竞争是处于初级的类似完全竞争的一种状态，其市场集中度相对于国外来说是非常小的，于是我们会很自然的想到，是不是增加市场集中度就可以相应增加经纪业务总收入情况呢，循着这样的思路，我们建立了一个实证分析模型，通过对经纪业务集中度和经纪业务价值量之间的EViews回归分析，我们得出肯定的结论。最后是解决盈利模式问题阶段，即找出避免一旦整个资本市场的交易萎缩，经纪业务的总收入水平必然会在交易量和佣金率的双重因素影响下加速下滑这一问题的解决方法和创新对策。针对上述的成因分析和实证分析，我们知道增加市场集中度对增加经纪业务总收入是有一定作用的，即确定了增加市场集中度是解决盈利模式问题的一个方法。同时我们借鉴了国外的经纪业务的创新道路，也可以得到其他一些解决途径和创新对策。
[Abstract]:As is well known , most of the income of brokerage business in our country comes from brokerage business , and the most part of brokerage income comes from " traditional " brokerage business , namely commission business . As our country begins to implement the floating commission rate system in 2002 , each big and medium - sized securities firm has to lower the commission rate , so that " commission war " has become more and more intense , and in the near future certainly will greatly limit the development and innovation of the whole business of our country .

This paper systematically analyzes the profit - and - profit model of our country ' s securities brokerage business from the viewpoint of " put forward the problem _ analysis problem _ problem solving " .

First of all , this paper presents the problem stage , introduces the present situation and existing problems of brokerage business in our country , and the income , cost and profitability of brokerage business in the past years . After such quantitative analysis is made , we generally form an overall perceptual knowledge of the profit pattern of brokerage business .

We know that the competition of brokerage business in our country continues to maintain a relatively high level . We know that the competition of brokerage business in our country is still in a state of full competition in the primary level , and the market concentration is very small relative to the foreign countries . By observing , we have set up an empirical analysis model , which is based on the analysis of the EViews regression between brokerage business concentration and brokerage business value .

Finally , to solve the problem of profit pattern , it is found out that to avoid the transaction shrinkage of the whole capital market , the total income level of brokerage business must accelerate the solution of this problem under the influence of the double factors of transaction volume and commission rate . In view of the above - mentioned reasons analysis and positive analysis , we know that increasing the concentration of market is a way to increase the total revenue of brokerage business .

【学位授予单位】：河南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

【参考文献】