【作者】 赵琰；

【导师】 瞿宝忠；

【作者基本信息】 东华大学 ， 企业管理， 2004， 硕士

【摘要】 2002年4月4日，中国证监会、国家计委和国家税务总局联合发布了《关于调整证券交易佣金收取标准的通知》，对国内证券交易实行最高上限向下浮动佣金制度。证券经纪业的游戏规则因此发生了实质性改变，券商的经纪业务竞争进入了一个新的历史性阶段。 本文从理论和实证两方面研究了浮动佣金制实施后对证券经纪业经营环境、竞争策略以及盈利能力的影响，并且对证券经纪业今后的竞争策略进行了探讨。本文共分为国内发展现状、国外经验启示、理论研究、实证分析、策略建议五大部分。 第一章探讨了浮动佣金制度的实施对我国证券经纪业的影响。证券交易佣金作为证券市场制度中交易费用最直接的体现，其变动必然带来证券市场的微观变化。在固定佣金制度下我国证券经纪业的发展表现出以下特点：市场集中度低，业务差别化程度低、较高的市场进入退出壁垒、市场份额呈集中化趋势、多种经营模式并存。浮动佣金制度的实施带来证券业业态的显著改变：行业利润降低了，行业出现了分化重组，网上交易的迅速发展。 第二章介绍了海外证券经纪业的发展以及对我国的启示。全球佣金制度的发展呈现出佣金自由化趋势、差别化趋势、下降化趋势。由此带来了佣金收入下降，市场活跃，推动证券业兼并重组和券商业务创新、增强证券市场国际竞争力。鉴于我国金融体系的市场化进程、券商业务结构和抗风险能力等佣金变革环境有别于海外，因此海外证券经纪业的发展历程和发展趋势对我国启示主要体现在：业务模式创新、变革行业组织结构、定价模式灵活多样、购并实现扩张几个方面。 第三章为理论研究部分。以经纪业竞争的最小单位——营业部为考察对象。采用产业经济学中竞争策略模型和博弈理论，建立竞争策略模型，并针对证券投资者的具体行为特征，对模型进行了修正。得出以下结论：(1)在固定佣金制下，投资者主要考虑距离的远近和交易的方便程度，券商提升经纪业务盈利的手段主要是增加营业部数量。(2)在浮动佣金制下，营业部竞争均衡价格等于营业部成本加上投资者运输成本减去投资者偏好。在营业部较少地区，佣金基本接近垄断价格。而发达地区由于营业部众多，佣金水平较低。(3)投资者偏好进一步加剧佣金价格战。(4)规模大的营业部会呈现成交量集中趋势，且投资者偏好程度越高，集中趋势越明显。(5)网上交易对营业部客户的冲击主要集中在非现场客户方面，随着网上交易的发展，营业部中传统现场客户也将受到冲击。 第四章为实证研究部分。数据来源于中国证监会、上海证券交易所和深圳证券交易所网站。统计方法包括相关分析、回归分析、单因子独立样本变异数分析。竞争状态研究发现:(1)浮动佣金制下经纪业务集中度稳步增加。(2)证券公司营业部规模效应明显。(3)综合类证券公司并未充分利用浮动佣金制度获得显著优势，还需在资源整合、业务优势互补等方面加大力度。盈亏平衡分析结果表明:调整营业部盈亏的最有效的方法为减少全国营业部数量，其次为营业部投入成本的削减，尤其是固定成本，包括营业场所租金和固定资产折旧，佣金价格的增加或成交量的增加对营业部盈亏的影响能力位居第三。 第五章建议部分提出了如何适应变化的经营环境。多层次的市场细分，形成比较竞争优势;培育业务创新机制，提高服务差异化程度;同时加快管理模式创新力度，整合资源优势;推进营业部分级管理，压缩成本，轻资产运营;大力开展非现场交易，以低成本拓展市场份额。从而全面提升整体竞争实力，赢得持久的竞争优势。此外，针对不同类型的证券经纪商在资本实力、经营规模、业务品种上的差异，综合类券商应定位为“综合金融服务提供商”，通过业务流程再造、品牌营销策略、并购行业内优质企业等手段，整合资源，将品牌优势和综合能力转化为竞争优势;中小经纪类券商应当定位为“通道服务提供商”，重组业务流程，降低成本，收缩竞争范围，寻找突破口，在局部实现优势地位。更多还原

【Abstract】 China Securities Regulatory Commission, associating with State Administration of Taxtion, and National Development and Reform Commission, issued the Notice of Regulating Securities Trading Commission in April 4, 2002, which regulated the upper limit of trading commission. The rules of competition have changed drastically, security brokerage’ competition has come into a new era.This paper makes a study of management environment, competitive strategies, profitability of security brokerage theoretically and empirically, and discusses the competitive strategies after the notice brought into effect. It includes the five parts: domestic circumstance, abroad experiences, theoretical research, empirical study, and strategy suggestions.Firstly, it discusses that the implement of the Notice has an effect on domestic security brokerage. As the primary cost of security transaction, the floatation of trading commission would change the microstructure of security market. When the trading commission was fixed, security market has the following distinctive features: market concentration, less service differentiation, high entry and exit barriers, concentration of market share, coexistence of different management models. Security market has reformed: the decreasing profit, differentiation and reconstruction, explosive growth of online trading.Secondly, the development of security brokerage abroad is introduced. Global security commission system takes on the tendency of liberalization, differentiation, and descension. Subsequently, income decreased, market is activated, M&A boosted, and innovation motivated. Whereas the domestic environment is totally different from foreign market, not only market principle but also the transaction structure, the useful experiences of foreign market include: business model innovation, the reformation of organization structure, flexible pattern of price making, expansion by M&A etc.The third chapter focuses on theoretical research. The object is a security department: the minimal unit of security brokerage. Matrix of competitive strategy in industrial economics and Game Theory are applied, the model of competitive strategy is set up, and modified according to the behavior characteristics of security investors. It draws the following conclusions: (a) when the commission is fixed, security investors take consideration of the distance and convenience of transaction. The primary means of improving profit is the increase in department numbers, (b) when the commission floats, the equilibrium price amount to the department cost plus the transportation cost of investors subtract investor preference. Less departments, closer the commission to monopoly price. More departments in developed regions, lower commission, (c) Investor preference intensifies the competition of commission, (d) The turnover of large department is excessive, and enhances by the investor preference, (e) Online trading attains the small share of market, which will increase in long term.The forth chapter focuses on empirical research. The datum come from website. The statistical methods include correlation analysis, regression analysis, etc. it draws the following conclusions: (a) the concentration of security brokerage is increased steadily if the trading commission floats, (b) the scale effect of security departments is obvious, (c) synthetic security companies did not gain the competitive advantage. They should integrate the resource of what they have, supplement their advantage. The break even research indicates that the most effective method is to reduce the number of departments, the cutdown of fixed costs in the next place, then the accession of security turnover.The last but not the least, it is suggested that adapt the management environment. Multi-level market subdivision will establish competitive advantage. The cultivation of business innovation mechanism will improve the service differentiation. Strength of innovation will be boosted up. Hierarchical direct with light assets will reduce cost. Consequentl更多还原