【作者】 张媛；

【导师】 陈守东；

【作者基本信息】 吉林大学 ， 工商管理， 2004， 硕士

【摘要】 证券市场是社会主义市场经济体系极为重要的组成部分，甚至是现代市场经济发达程度的重要标志，而中介机构又是任何成熟的证券市场都不可或缺的组成部分。我国要培育成熟的资本市场就必须大力发展自己的现代证券经营机构，之所以要这样做，不仅是因为发达国家莫不如此，更重要的是在深化我国经济改革特别是国有企业改革的进程中，必须加快发展直接融资。目前，我国的国有企业改革已进入攻坚阶段，大规模、跨地区、跨行业甚至国际化的资金流动和资产重组或资源的重新调整配置是企业制度改革的关键步骤，将决定改革的成败。而市场化的企业改革，从企业的股份制改造、合并、收购乃至集团化发展都有赖于证券市场从多方位给予企业以资本支持和服务，因为券商的投资银行业务涉及证券的发行，为企业的兼并、收购提供策划、财务咨询和融资服务，关系到企业发展和市场建设的方方面面。在我国证券市场的中介机构中具有重要地位的券商的发展却并不令人满意，运行还很不规范。我国的证券市场尚处在起步阶段，证券监管体制走向市场化需要有一个过程，券商的运行机制正处于转型期，但是强化与简单复制旧有的运行模式是没有任何前途的。随着市场竞争的加剧，在日趋规范的行业竞争格局下，利用非市场竞争手段获利的空间将会日渐缩小。券商的经纪业务由于成本的刚性和佣金市场化已经无利可图；自营业务受市场制约和券商投资能力影响很大，收入缺乏稳定性；保证金利差收入随着保证金管理制度的变革，其管理与收益将还原给银行，这块收入券商是无法长久指望的。针对这一现实，券商必须通过业务创新来实现盈利模式的有效切换。投资银行业务有着巨大的发展与创新空间，这是券商的发展<WP=69>方向。业务创新是投资银行业务的生命线，券商在抓好投资银行基础业务的同时也必须走出目前单一的承销业务，向多元化方向发展。但是券商必须引起重视的是：投资银行业务几乎涵盖了所有资本市场业务，鉴于我国券商的现状，要在很短的时间内实现所有业务的全面创新和发展是不现实的，必须根据我国证券市场发展的进程在不同时期有重点地开展投资银行业务。业务创新固然重要，但有目的、定位清楚、符合实际的投资银行业务创新才是最重要的。结合实际，笔者认为我国券商的投资银行业务应该在支持企业改造的并购产品、项目融资、资产证券化上积极创新，实现业务功能的多样化。通过中信证券这一案例的分析，笔者又将创新的投资银行业务总体规划为四个发展阶段，重点开拓企业并购业务，积极准备、尝试项目融资和资产证券化业务，进一步加强了业务创新操作的可行性。更多还原

【Abstract】 The securities market is an extremely important part of socialist market economic system, and even it is the important sign of developed degree of modern market economy, while the intermediary is an indispensable component of any ripe securities market. It is necessary to develop our own modern securities management organization if our country wants to cultivate ripe capital market. Why? It is not merely because developed countries all did like this, the more important thing is we must accelerate the development of direct financing in the course of deepening economy reform especially SOE reform. At present, the SOE reform of our country has already entered key stage. The extensive, trans-regional, inter-trade even internationalized fund flow and assets rearrangement or resources readjustment and disposition are critical steps of enterprise’s system reform, and they will determine the success or failure of the reform. The market-based enterprises reform, such as corporate restructure, merge and acquisitive and grouping, depends on security market offering support and service to enterprises in multi-aspect. The business of investment bank of securities trader involves the issue of the securities, offering service of planning, financial consulting and financing for enterprises’ annexation and purchase, and it concerns every aspect of enterprises development and market construction.The development of some securities firms who have important <WP=71>status in the securities market intermediary of our country is unsatisfactory, and the running isn’t standard, too. The securities market of our country is still in the elementary stage, and the marketing of securities regulatory system needs some time, and the securities firm’s operating mechanism is in transformation period, but it is no use to strengthen and simply duplicate some old operating models. With the aggravation of the market competition, under the getting normalized trade competition pattern, the lucrative space will shrink day by day if utilizing non-marketing competitive method. Because of the rigidity of the cost and the marketing of the salary, the securities firm’s brokerage can’t gain any profit. The self-operation business is limited by market and influenced by securities firm’s investment ability, so its income lacks the stability. With reform of management system, bail income from interest difference will return to the bank, and the securities firms are unable to count on the income for a long time. To this reality, the securities firms must effectively switch the mode of gaining profit through business innovation. The business of investment bank has enormous developing and innovating space, and it is the developing direction of securities firms.Business innovation is a lifeline of the business of investment bank, the securities firms must go out the mode of single underwriting business while doing a good job in basic business of investment bank, developing in the pluralistic direction. But the securities firms must pay attention to: The business of investment bank nearly contains all business of capital market. In view of the current situation of securities firms of our country, it <WP=72>is unrealistic to realize the innovation and development of all business in a short period of time. We must carry out the business of investment bank with particular emphasis in different periods according to the process of development of securities market of our country. Business innovation is no doubt important, but the business innovation of investment bank with purpose, clear location and corresponding to reality of is the most important.Combining to reality, I think that the business of investment bank of the securities firms of our country should innovate actively on merger products which will support enterprises to transform, project financing, assets securitization, to realize the diversification of the business function. Through the analysis of this case of CITIC Securities, I demarcate the innovative business of investment bank into four develop更多还原