【摘要】 中国证券公司10多年的发展过程中,其盈利模式一直是一种“通道”盈利模式,即证券公司通过为客户提供各种通道来获取收入,实现利润。这种模式不仅造成证券公司的收入曲线与市场走势高度相关,具有高度不稳定性和周期性,同时还使得我国证券公司业务明显同质化,证券公司之间缺乏业务分工,证券公司之间恶性竞争严重。未来中国证券业必须创造新的盈利模式,要通过市场化基础上的重组、兼并、业务的重组和创新、法人治理结构的完善来创造一条新的发展之路。更多还原

【Abstract】 For the past decade, Chinese securities companies have been running by the "channels", that is, they get profits by supplying the channels for their clients. This pattern leads to not only the highly correlation of revenues to the market tends and highly instability and periodicity, hut also the homogenous business and ill competition. This paper then calls for the new patterns, based on the marketizing and reorganizing, merging, innovating, and improving the principal-agent governing structures.更多还原