我国证券市场引入投资顾问营销制度的研究

发布时间：2019-02-13 16:27

【摘要】：随着经济增长、人民可支配收入水平的提高，普通投资者通过投资有价证券获得资产性收入的需求与日剧增，对于得到专业、合理并且价格合适的投资咨询服务的愿望变得迫切。另一方面，作为直接服务投资者的证券公司，也由于个别历史原因始终没有形成满足广大投资者需求的证券投资顾问（咨询）服务体系，这种需求与供给长期配置不当的局面随着2008年市场行情的波动陷入了“佣金价格战”的恶性循环中。在这样的恶性循环中，投资者与券商都是输家，无论是行业监管层还是市场参与者，，对于建立证券投资顾问营销制度的呼声越来越高。2011年年初《证券投资顾问业务管理规定》的出台以及下半年《证券投资资金销售管理办法》中关于第三方基金销售机构的修订均表明了监管层对此的态度。本文从发展的角度审视证券投资顾问体系：首先从职责范围、薪酬体系、从业资格、风险控制等方面对“证券投资顾问”的定义进行分析，界定了与传统证券经纪行业的区别与联系，回答“证券投资顾问”的内涵与特性是什么。然后对境外成熟资本市场的投顾体系经营模式进行分析，归纳出有利于我国建立同类制度的合理经验，解答了“理想的证券投顾体系是什么”的问题。全文重点集中在“怎样建立证券投资顾问体系”的问题，作者分别从“全权委托理财”、“第三方基金销售渠道”以及“投资者教育”、“客户信息挖掘”等方面提出个人见解。采用实证分析的方法，检验了以“佣金率”为核心的信息模型，回答了“怎样的证券投顾体系是合理的”问题。
[Abstract]:As the economy grows and the level of people's disposable income increases, the demand of ordinary investors to obtain asset income through investment in marketable securities increases dramatically. The desire for reasonable and affordable investment advisory services becomes urgent. On the other hand, because of individual historical reasons, the securities companies, which serve investors directly, have never formed a securities investment advisory (consulting) service system that meets the needs of the vast number of investors. This long-term misallocation of demand and supply has been caught in a vicious circle of commission price wars as the market fluctuated in 2008. In this vicious circle, both investors and brokers are losers, whether they are industry regulators or market participants. The voice of establishing the marketing system of securities investment advisers is increasingly high. The introduction of the regulations on the Management of Securities Investment Advisers at the beginning of 2011 and the third Party funds in the second half of the year in the "measures for the Management of the sales of Securities Investment funds" Sales agency revisions have shown the regulatory level of this attitude. This paper examines the securities investment advisory system from the perspective of development: firstly, it analyzes the definition of "securities investment adviser" from the aspects of duty scope, salary system, employment qualification, risk control and so on. This paper defines the difference and relation with the traditional securities brokerage industry, and answers the connotation and characteristics of "securities investment adviser". Then, by analyzing the operating mode of overseas mature capital market, we conclude the reasonable experience of establishing the same kind of system in our country, and solve the question of "what is the ideal securities investment system". This paper focuses on the issues of "how to set up a securities investment advisory system". The author focuses on "discretionary financial management", "third-party fund sales channel" and "investor education", respectively, from the perspective of "discretionary financial management", "third-party fund sales channel" and "investor education". "customer information mining" and other aspects of personal opinion. Using the method of empirical analysis, the information model with "commission rate" as the core is tested, and the question "what kind of securities investment system is reasonable" is answered.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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