国内券商研究发展困局与重构探索方案.PDFVIP

国内券商研究发展困局与重构探索 1 2 龚映清 陶鹂春 1.国信证券博士后工作站，广东 深圳 528001；2. 国信证券发展研究部, 广东 深圳 518001） 摘要：券商研究随着证券市场的诞生而起步，并在向卖方研究的转型中实现了成本中心向定 价中心的转变，引发了研究行业的高速发展。但多年快速发展之后，券商研究开始遭遇发展 的困局，供需关系失衡、分仓佣金率市场化、证券资产定价能力和影响力有限、独立性匮乏， 以 人才高流动率等问题日益成为制约行业进一步发展的瓶颈。为突破当前发展困局，券商 研究亟需结合行业转型大势，进行商业模式的重构与探索：一方面进行对外服务重构，多元 化客户结构、进一步提升研究水平、特色化或者创新研究 服务模式；另一方面探索向证券 公司本源业务回归，承担更多支持证券公司业务发展的证券定价、风险管理、产品开发、业 务趋势、发展战略和社会影响力等方面的买方研究职能。 关键词：券商研究；卖方研究；研究业务困局；业务重构 Abstract: Securities company s research business was born with the birth of the capital market, and changed successfully fr om the cost center to the pricing center in the transition of buyer side study, which as a result emerged a time of high-speed development of its research business. After years of rapid development, however, the securities company s research business began to face its development dilemma, imbalance of supply and demand, decline in revenue, weaken of asset pricing ability and social influence, lack of research independence, and high turnover of human resources for example, are become the bottleneck of restricting further development of the securities company s research business. On the background transformation, reconstruction or exploration new business model is necessary for securities company to break its current dilemma, that is reconstruction the seller side research on the one hand, including diversified its customers, further enhance the level of research, and specialize or innovate research and service mode, and exploration the regression to the origin of its securities companies business, bearing more functions of supporting buyer side research, such as securities pricing, risk management, product development, business trends, development strategy, and social influence etc. Key Words: 作者简介：龚映清，女，经济学博士，国信证券博士后，研究方向：资本市场、产业与投资。 陶骊春，女，任职于国信证券发展研究部。 中图分类号：F830.91