本文選題：收入結(jié)構(gòu) + 經(jīng)紀業(yè)務　； 參考：《鄭州大學》2016年碩士論文

【摘要】：隨著全球金融創(chuàng)新的不斷深化,證券市場業(yè)務范圍的不斷擴大,互聯(lián)網(wǎng)金融的迅速發(fā)展和監(jiān)管市場準入門檻的放開,“零傭金”時代已悄然來臨,各券商營業(yè)部為了能保證自己的一席之地,傭金已進入白熱化階段。我國證券公司有其獨特的發(fā)展歷程,長期以來,由于政策約束、業(yè)務規(guī)定以及資本市場長期遺留的股權(quán)分置問題,使得大部分證券營業(yè)部只能從事服務層次、利潤率較低的傳統(tǒng)經(jīng)紀業(yè)務,主要集中在以代理買賣證券業(yè)務為主的通道業(yè)務上,并形成了不同于國外券商的收人結(jié)構(gòu)。但隨著客戶傭金的討價還價能力逐漸增強,導致行業(yè)間傭金戰(zhàn)白熱化,部分券商和營業(yè)部運用低傭金等手段招攬客戶,加上各證券營業(yè)部的盈利模式與二級市場息息相關,主要靠二級市場的上漲而獲利,市場波動較大,這些因素對營業(yè)部的持續(xù)性發(fā)展造成了極為巨大的負面影響。由于上述的市場背景和發(fā)展趨勢,本文以ZH營業(yè)部為例,對其業(yè)務開展情況和收入來源做了詳細介紹。隨著一人多戶的開放,股指期貨、期權(quán)、融資融券、轉(zhuǎn)融通、融資租賃、ABS等新業(yè)務的推出,ZY營業(yè)部的收入結(jié)構(gòu)也隨之發(fā)生改變。文章對ZY營業(yè)部形成這樣的收入結(jié)構(gòu)進行原因分析,并引入其他知名券商營業(yè)部的收入結(jié)構(gòu)和盈利模式,從而得出啟示——依賴單一的傭金收入作為營業(yè)部主要收入來源是不可取的,圍繞經(jīng)紀業(yè)務開展其他創(chuàng)新業(yè)務才能使收入來源更加多元化,利潤相對穩(wěn)定。因此,如何發(fā)揮自身優(yōu)勢,改善原有的傳統(tǒng)收入結(jié)構(gòu),需要ZY營業(yè)部不斷地調(diào)整經(jīng)營思路,合理配置公司資源,運用公司平臺,建立符合自己的經(jīng)營方針。針對ZY營業(yè)部收入結(jié)構(gòu)形成的內(nèi)外部原因,本文認為ZH營業(yè)部要優(yōu)化收入結(jié)構(gòu),結(jié)合自身的業(yè)務發(fā)展情況和營業(yè)部歷史,要圍繞以下五點突破:一、了解最新監(jiān)管政策,獲取更多的業(yè)務權(quán)限;二、重新定位營業(yè)部功能,做好差異化發(fā)展;三、加強協(xié)同效應,推動各項業(yè)務發(fā)展;四、全面推行網(wǎng)點的市場化設立和管理;五、積極探索業(yè)務創(chuàng)新,實現(xiàn)多元化發(fā)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.
【學位授予單位】：鄭州大學
【學位級別】：碩士
【學位授予年份】：2016
【分類號】：F832.39

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