证券公司从通道商向资本中介商的转型分析
发布时间：2018-08-03 12:48
【摘要】：我国券商长期以来利用制度红利和牌照赚取高额通道费,业务模式以通道业务为主。然而,股票发行注册制的推出,佣金费率的下降等行业趋势越发明显,证券公司必须推动代客理财业务,进入"管理费+业绩报酬"的新模式,将财富管理和资本中介作为转型方向。尤其是资本中介业务,不仅有融资融券、股票质押规模扩大推动了需求的快速增长,还有净资本约束放松、券商多渠道融资体系逐渐完成所带来的供给端扩张。
[Abstract]:China's securities companies have long used institutional dividends and licences to earn high channel fees, and the business model is mainly channel business. However, with the introduction of the registration system and the decline of commission rates, the trend of securities companies has become more and more obvious. The securities companies must promote the business of managing money for clients and enter a new model of "management fee performance reward". Take wealth management and capital intermediary as the transformation direction. Especially the capital intermediary business, not only has the financing margin, the stock pledge scale expansion has promoted the fast growth of the demand, but also the net capital restriction relaxes, the securities company multi-channel financing system gradually completes the supply-side expansion which brings.
【作者单位】： 华夏银行博士后工作站;
【分类号】：F832.51
，
本文编号：2161795
[Abstract]:China's securities companies have long used institutional dividends and licences to earn high channel fees, and the business model is mainly channel business. However, with the introduction of the registration system and the decline of commission rates, the trend of securities companies has become more and more obvious. The securities companies must promote the business of managing money for clients and enter a new model of "management fee performance reward". Take wealth management and capital intermediary as the transformation direction. Especially the capital intermediary business, not only has the financing margin, the stock pledge scale expansion has promoted the fast growth of the demand, but also the net capital restriction relaxes, the securities company multi-channel financing system gradually completes the supply-side expansion which brings.
【作者单位】： 华夏银行博士后工作站;
【分类号】：F832.51
，
本文编号：2161795
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