摘要

经纪业务是证券公司所有业务中最为重要的组成部分,对于证券公司的发

展有着无法替代的作用。当前佣金自由化、证券监管放松、新业务推隊出新,

对证券公司提出了新挑战,必然加剧证券行业的竞争。这种形势下,A证券公

司和其他公司都需要通过创新推动业务发展,加强自身核心竞争力。因此,研

究证券公司的经纪业务创新具有十分重要的意义。

本文试图以A证券公司经纪业务创新为研究对象,运用文献分析法、规范

性理论分析法、调查研究法、比较研究法等方法,在分析经纪业务构成及特点、

A公司面临的宏观环境、行业竞争的基础上,结合国内外证券市场经纪业务发

展启示,探寻A证券公司经纪业务创新的基本策略和具体措施。首先,本文阐

述和分析A证券公司面临的宏观环境、行业竞争及自身经纪业务发展现状,总

结美国、香港证券市场先进经验,在对经纪业务总体认识的基础上,为创新提

供背景和方向。紧接着,本文结合以上分析,系统论述进行经纪业务创新的四

大动因:证券公司自身的驱利动因、政府和监管层面推进、证券市场发展需要

及信息技术推动;并围绕着产品、技术、组织、管理四大方面的创新,有针对

性地提出经纪业务创新策略。其中金融产品创新是经纪业务创新的核心和基础,

技术创新是其他方面创新的物质基础,而公司内部同时又会涉及公司整体组织

结构的变革、管理模式的革新。A公司在进行经纪业务创新时,需要综合、灵

活运用以上四个方面的创新策略。最后,本文依据创新策略,对创新策略得以

有效实现的具体实际措施进行了详细论述,提出了客户细分、目标市场细分、

优化金融产品结构及定价方式、整合多元化渠道及建立集约型管理模式等具体

措施。同时,为了保障创新最终效果,在创新过程中应关注并合理处理创新的

差异性与统一性的关系、创新效率与风险管理的关系。

关键词:A证券公司经纪业务 创新

I

Abstract

Abstract

Securities brokerage business is all the most important part of the business in

every securities companies, and plays an irreplaceable role. For the development of

securities companies. With the liberalization of commission, securities deregulation,

new business innovation, securities companies must meet some new challenges, the

competition is bound to exacerbate in the securities industry. Under such

circumstances ’A securities company and other companies need to promote the

business development through the innovation,enhance their core competitiveness.

Therefore, it is very important that researching on securities brokerage business

innovation.

This paper is to study the object on brokerage business innovation of A

securities company, to use literature analysis, normative theory analysis, survey

research, comparative studies and other research methods. On the basis of analyzing

the composition and characteristics of brokerage business, A macro environment

the company facing, the competition in the industry, combined with the

development of domestic and foreign securities brokerage business inspiration, this

paper explores brokerage business innovation basic strategy and specific measures

of A securities company. First, the paper describes and analyzes macroeconomic

environment,industry competition and its own brokerage business development

status and summarizes the advanced experiences about the United States and Hong

Kong stock market,so that to provide the background for the innovative and the

creative direction . Then, the combination of the above analysis, this paper

systematically discusses the four Motivations about brokerage business innovation:

securities company's profit motive driven, the government and regulatory level to

promote, the development needs of securities market and information technology to

promote; and around the innovation on products, technology, organization, and

management, this paper presents innovative strategies brokerage business. The

financial products is the core and foundation of brokerage business innovation,the

technological innovation is the material basis for innovation, while the company

also will involve changes in the company's overall organizational structure and the