摘要
近年来，虽然我国证券行业得到了快速发展，证券公司的实力也在不断增强，
但是我国证券公司仍面临者一些较为严峻的问题：业务结构过于单一，收入增长
缓慢等。尤其是业务发展中存在的局限性问题：我国证券公司经营业绩与我国二
级市场的走势高度相关，这种相关性使得我国证券公司受市场影响较大，具有高
度的不稳定性与周期性，存在较高的经营风险，难以化解。同时，由于我国证券
公司高度相似的业务结构以及类似的盈利模式，同质化竞争愈发激烈。所以，要
想持续健康发展，我国证券公司应当加速调整业务结构，加快业务创新。这也是
本文研究的主题，对我国证券公司业务创新进行分析研究
本文首先对我国证券市场的历史沿革、市场状况进行了简要介绍，总结了现
有业务中存在的问题；然后对我国证券公司开展业务创新的必要性与必然性进行
了分析，结合我国的实际情况，分析了我国证券公司业务创新的有利条件和不利
条件；再次，通过回顾国外证券公司发展历程和发展模式，总结出对我国证券公
司业务发展的启示，便于我国证券公司借鉴、利用；最后，本文在前面分析基础
上，结合我国证券公司的实践，详细阐述了对证券公司业务创新的思考：一是就
交易方式和手段提出创新性建议，包括加强银证合作，加快金融混业经营，实现
互联网跨境合作；二是场内业务方面建议，主要提出了经纪业务的创新，经纪业
务作为现阶段大部分国内证券公司的主要收入来源，虽然其业务占比随着证券公
司业务的发展而逐渐减少，但是其为证券公司培养稳定客户资源的关键所在，因
此，尽管有很多研究经纪公司经纪业务创新的文献，但本文仍对经纪业务的创新
进行了阐述，提出我国证券公司应当创新经纪业务的发展营销模式：细分客户群
提供个性化服务、多元化创新实现业务差异化，制定合理的佣金策略，细化营销
手段、诚信营销等；三是场外业务方面的创新，主要包括资产管理业务创新，深
化发展并购重组、资产证券化业务发展，积极开展新三板投资银行业务，探索差
异化、小型化的投资银行业务发展等。场外业务是场内业务的扩展和延伸，是我
国证券公司降低业务与市场高相关性，化解经营风险的理想途径
关键词：证券公司；投行业务；业务创新
II
Abstract
In recent years, despite the rapid development of the securities industry in China,
the strength of securities companies has also continued to increase. However, China's
securities companies still face some of the more serious problems: overly unified
business structure and slow revenue growth. In particular, there are limitations in the
development of the business: the performance of China's securities companies is highly
correlated with the trend of the secondary market in China. This correlation makes the
securities companies in China greatly affected by the market and has a high degree of
instability and periodicity. There are high business risks and it is difficult to resolve. At
the same time, due to the highly similar business structure of China's securities
companies and similar profit models, the homogenization competition has become
increasingly fierce. Therefore, if we want to continue healthy development, our
securities companies should speed up the adjustment of business structure and
accelerate business innovation. This is also the subject of this paper's research. It
analyzes and studies the business innovation of China's securities companies.
The paper first briefly introduces the historical evolution and market conditions of
China’s securities market, summarizes the existing problems in the existing business,
and then analyzes the necessity and inevitability of China’s securities companies to
carry out business innovation, and combines China’s actual conditions. Analyzes the
favorable conditions and disadvantageous conditions for the business innovation of
China's securities companies. Third, by reviewing the development history and
development model of foreign securities companies, it summarizes the enlightenment to
the development of China’s securities companies and facilitates the reference and
utilization of securities companies in China. Finally, the paper Based on the previous
analysis and in combination with the practice of China's securities companies, the paper
elaborates on the thinking of the securities company's business innovation: First, it
proposes innovative suggestions on trading methods and means, including strengthening
the cooperation between bank and securities, accelerating financial mixed operations,
and Cooperation in the field; secondly, on-floor business proposals, mainly bringing
forward the innovation of the brokerage business. The brokerage business is the major
source of income for most domestic securities companies at this stage, although the
proportion of their businesses gradually decreases with the development of the
securities company's business. But it is a securities company The key to maintaining
and stabilizing customer resources is that, although there are many literatures on the
brokerage business innovation of brokerage companies, The paper still elaborates on the
innovation of brokerage business and puts forward that China’s securities companies
should innovate the development marketing model of brokerage business: segment
customers Group to provide personalized services, diversification and innovation to
achieve business differentiation, formulate a reasonable commission strategy, refine
marketing methods, integrity marketing, etc.; Third, innovation in off-site business,
including asset management business innovation, deepen the development of mergers
and acquisitions, With the development of asset securitization business, the Bank
actively launched the new three-board investment banking business and explored the
development of differentiated and miniaturized investment banking services. Off-site
business is the expansion and extension of on-site business. It is an ideal way for
China's securities companies to reduce the high correlation between business and。