Views: 1451|Replies: 0

指教并点评,谢谢 [Copy link] 中文

Rank: 4

Post time 2006-9-21 10:40:25 |Display all floors
我国证券公司赢利模式研究
Research on the Profit-making Mode of Securities Companies in China
摘要
Abstract
本文试图从赢利模式入手,来分析我国证券公司作为一个金融中介机构何以在几年辉煌之后连续出现全行业亏损,来认识和探讨对我国证券公司有效而合适的赢利模式。
The current article proceeds from the profit-making mode to analyze the full-scale deficit situation faced by the securities companies as the financial intermediaries after they have experienced several years’ brilliant development and tries to discuss and explore for the feasible profit-making mode for the securities companies in China.
随着中国资本市场的日益繁荣,证券公司的地位也越来越重要。但我国证券公司单一的赢利业务,不健全的资本市场和混乱的内部管理使目前的赢利模式不适于证券公司的发展。许多证券公司在积极寻找自己新的赢利模式,更多的证券公司在赢利争夺中苦受煎熬,构建有效的赢利模式迫在眉睫。
With the ever-increasing prosperity of the capital market in China, securities companies gain stronger and stronger momentum in terms of their market position. However, many adverse factors impair the sustainable development of the securities companies, such as, the undiversified profit-making mode, the inadequate capital market and the rough-and-tumble internal management, all of which seem to be incompatible with the current profit-making mode of the securities companies in China. Consequently, many securities companies take the initiative to carve out their self-tailored profit-making mode whereas more other securities companies are still plunged into the abyss of despair due to the lack of the effective profit-making remedy, so the construction of the effective profit-making mode is an extremely urgent problem to be solved at present.
本文以理论分析和实证相结合,阐述了我国证券公司赢利模式弊端的原因在于证券公司的自身因素和市场环境因素。改变自己和改善市场环境是证券公司赢利模式有效的先决条件。美国等成熟市场经济国家证券公司的成长经历告诉我们,积极进取的创新精神是现代投资银行的灵魂,公司没有一层不变的赢利模式,环境在变,赢利模式也在变。我国证券公司必须根据自己客观情况和我国现阶段资本市场新兴加转轨的特点,因地制宜制定自己的有效赢利模式,要根据自己现在的情况和未来资本市场的发展趋势,制定公司近期赢利模式和远期赢利模式,赢利模式是企业的战略,企业发展战略先行,证券公司的赢利模式要有弹性。
This article combines the theoretical analysis and exemplary demonstration in a bid to elaborate on the reasons for the malpractices exercised by the securities companies in China, the self-contained factors and the market environment factors. It is a prerequisite for the securities companies to seek the profit-making mode by changing themselves and improving the market environment. The growth experience of the securities companies in the mature market economies like the U.S. and some other developed countries clearly demonstrates that the innovative spirit fueled by the pioneering and aggressiveness is the soul of the modern investment banks and any securities company can not only follow the stereotyped profit-making mode all the way through to the end because the market environment keeps changing from time to time, so the profit-making mode should follow the trend for a ready change as required. The Chinese securities companies must adopt flexible measures to change their respective effective profit-making mode in accordance with the objective situations and the fresh scenarios and the transformation of the capital market at the present period so as to formulate their own near-term and long-term profit-making mode in accordance with their own current situations and the development trend of the future capital market. In sum, the profit-making mode represents the corporate strategy and it should be given priority in terms of the corporate development strategy, so the profit-making mode for the securities companies should be flexible and adaptable.
通过对我国证券公司赢利模式的研究,笔者认为:赢利模式是我国证券公司发展壮大的锐利武器,只有建立起自己与众不同的有效的赢利模式才能保证证券公司在未来竞争中利润不受侵害。
Based on the study of the profit-making mode of the securities companies in China, the current author arrives at such as conclusion: the profit-making mode represents a sharp-edged weapon to blaze the path for the prosperous development of the securities companies in China, so only when the securities companies establish their own distinct and efficiency-aware profit-making mode can they sustain themselves free from the adverse impact of the future market competition in terms of profit-making.

[ Last edited by andrewyan at 2006-9-21 11:12 AM ]

Use magic tools Report

You can't reply post until you log in Log in | register

BACK TO THE TOP
Contact us:Tel: (86)010-84883548, Email: blog@chinadaily.com.cn
Blog announcement:| We reserve the right, and you authorize us, to use content, including words, photos and videos, which you provide to our blog
platform, for non-profit purposes on China Daily media, comprising newspaper, website, iPad and other social media accounts.