【摘要】 证券投资咨询业务的价值在于通过证券分析师优于一般投资者的信息收集途径和专业分析能力,通过公开其分析报告向参与者提供现有证券定价与内在价值存在偏离的信息,从而大大降低了潜在套利者的信息搜寻与分析成本,使市场定价在套利竞争的作用下促进市场有效性。在这一过程中,证券投资分析及其成果的转化是证券投资咨询创造价值的关键环节。境外券商从事证券投资咨询业务取得成功的关键因素在于适宜的组织架构设计、定位清晰和富有特色的研究、畅通的研究成果转化机制、研究部门的内部合规管理等方面。更多还原

【Abstract】 Based on security analyst’s superior information gathering channel and professional analysis skills to general investors, the value of security investment consultancy service is to significantly lower the arbitrage cost on information gathering and analyzing, and to improve the market efficiency in market pricing through arbitrage, by publishing its research result providing the investors with the information reflecting the deviation between the security price and its intrinsic value. Security analysis and its transformation are the crucial parts in this value creation process. The keys to foreign security companies’ success in security investment consultancy include appropriate design of organizational structure, explicit market positioning and distinct characteristics of research, efficient transforming mechanism of research products, and internal compliance management of research department.更多还原