ZH证券公司ZY营业部收入结构问题研究

发布时间：2018-05-12 21:05

本文选题：收入结构 + 经纪业务　；参考：《郑州大学》2016年硕士论文

【摘要】：随着全球金融创新的不断深化,证券市场业务范围的不断扩大,互联网金融的迅速发展和监管市场准入门槛的放开,“零佣金”时代已悄然来临,各券商营业部为了能保证自己的一席之地,佣金已进入白热化阶段。我国证券公司有其独特的发展历程,长期以来,由于政策约束、业务规定以及资本市场长期遗留的股权分置问题,使得大部分证券营业部只能从事服务层次、利润率较低的传统经纪业务,主要集中在以代理买卖证券业务为主的通道业务上,并形成了不同于国外券商的收人结构。但随着客户佣金的讨价还价能力逐渐增强,导致行业间佣金战白热化,部分券商和营业部运用低佣金等手段招揽客户,加上各证券营业部的盈利模式与二级市场息息相关,主要靠二级市场的上涨而获利,市场波动较大,这些因素对营业部的持续性发展造成了极为巨大的负面影响。由于上述的市场背景和发展趋势,本文以ZH营业部为例,对其业务开展情况和收入来源做了详细介绍。随着一人多户的开放,股指期货、期权、融资融券、转融通、融资租赁、ABS等新业务的推出,ZY营业部的收入结构也随之发生改变。文章对ZY营业部形成这样的收入结构进行原因分析,并引入其他知名券商营业部的收入结构和盈利模式,从而得出启示——依赖单一的佣金收入作为营业部主要收入来源是不可取的,围绕经纪业务开展其他创新业务才能使收入来源更加多元化,利润相对稳定。因此,如何发挥自身优势,改善原有的传统收入结构,需要ZY营业部不断地调整经营思路,合理配置公司资源,运用公司平台,建立符合自己的经营方针。针对ZY营业部收入结构形成的内外部原因,本文认为ZH营业部要优化收入结构,结合自身的业务发展情况和营业部历史,要围绕以下五点突破:一、了解最新监管政策,获取更多的业务权限;二、重新定位营业部功能,做好差异化发展;三、加强协同效应,推动各项业务发展;四、全面推行网点的市场化设立和管理;五、积极探索业务创新,实现多元化发展。
[Abstract]:With the continuous deepening of global financial innovation, the continuous expansion of securities market business scope, the rapid development of Internet finance and the liberalization of the threshold of regulatory market access, the era of "zero commission" has come quietly. In order to ensure their own business department, commission has entered the white-hot stage. China's securities companies have a unique history of development. For a long time, due to policy constraints, business regulations and the problem of equity separation left over from the capital market for a long time, most securities business departments can only engage in service levels. The traditional brokerage business with lower profit margin mainly focuses on the channel business which is mainly the agent trading securities business and forms a different structure of income from foreign securities firms. However, as the bargaining power of customers' commission increases gradually, leading to a fierce inter-industry commission war, some securities firms and business departments use low commission and other means to attract customers. Moreover, the profit model of the securities business departments is closely related to the secondary market. The profit mainly depends on the rise of the secondary market, and the market fluctuates greatly. These factors have a great negative impact on the sustainable development of the business department. As a result of the above market background and development trend, this article takes the ZH business department as an example, makes the detailed introduction to its business development and the income source. With the opening of one person and more households, the income structure of the new business such as stock index futures, options, margin and margin financing, financing leasing ABS and so on has also changed. This paper analyzes the reason why ZY business department forms such income structure, and introduces the income structure and profit model of other well-known securities companies. Therefore, it is not advisable to rely on a single commission income as the main revenue source of the business department. Only by carrying out other innovative business around the brokerage business can the revenue source be more diversified and the profit be relatively stable. Therefore, how to give full play to its own advantages and improve the original traditional income structure requires ZY business department to constantly adjust its management ideas, reasonably allocate company resources, use the company platform, and establish a management policy in line with its own policy. In view of the internal and external reasons for the formation of ZY business revenue structure, this paper believes that ZH business department should optimize its income structure, combine its own business development situation and business department history, and focus on the following five breakthroughs: first, to understand the latest regulatory policies, To obtain more business authority; second, to reposition the functions of the business department and do a good job of differentiation development; third, to strengthen the synergy effect and promote the development of various businesses; fourth, to comprehensively implement the market-oriented establishment and management of the network; fifthly, to actively explore business innovation, To achieve diversified development.
【学位授予单位】：郑州大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F832.39

【相似文献】