证券公司盈利模式研究

摘    要
长期以来，我国证券公司一直是在国家政策和行业垄断的多重保护下，获得稳定且高额的垄断利润。但是在近几年，我国证券公司赖以生存的制度环境和市场环境都发生了一系列变化，当前的盈利模式越来越不适应证券公司生存和发展的需要，要求变革的呼声也越来越高。当前我国证券公司盈利模式的特点突出表现为：证券公司的规模偏小、证券市场的业务集中度较低、证券公司的盈利结构集中于三大传统业务，且高度依赖于经纪业务、各个证券公司的盈利模式趋同，且业务创新能力较弱，总的来说，我国证券公司之间的竞争尚处于低水平的同质竞争阶段。对我国证券公司盈利模式的构建，应该着力于在调整三大传统业务的同时，积极开展多化经营，并重视培养自己的核心业务，这是我国证券公司盈利模式改革的方向。

关键词：证券公司；盈利模式；构建
 

 
Abstract
A long time, China's securities companies has been a national policy and multi-industry monopoly under the protection of access to stable and high level of monopoly profits. However, in recent years, China's securities companies which the survival of the institutional environment and market environment have taken place in a series of changes in the profitability of the current model of securities companies become increasingly unsuited to the needs of survival and development, calls for change are increasingly high. China's securities companies profit model for the outstanding performance characteristics: small size of securities companies, securities markets, a lower concentration of business, the profitability of the structure of securities companies to focus on the three major traditional business, and highly dependent on the brokerage business, all securities companies the profit model of convergence, and weak business innovation, on the whole, China's securities companies is still in the competition between the homogeneous low-level stage of the competition. China's securities companies to the reconstruction of profit model, we should focus on the adjustment of the three major traditional business, and more active management, and attention to develop their own core business, which is China's securities companies profit model the direction of reform.

Keywords： securities companies；profit model；structure

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