我国证券市场发展初期,受行政地域划分和条块分割的影响,出现了众多中小券商分散经营的格局。随着市场化越来越深入,监管和规范更加严格,中小券商的生存变得日益困难。当前证券业的利润趋于平均化,佣金实行浮动制,外资券商正在进入中国市场,而中小券商业务单一,资金实力小,营业部少,在与少数大型综合类券商竞争并不丰厚的券业利润中几乎不占任何优势,中小券商作为证券业的弱势群体的生存问题值得重视。从国外经验来看,中小券商是证券业市场结构中必不可少的一极,与大型、超大型券商共同完成证券市场的独特功能,起着后者所无法取代的作用。因此,探讨我国中小券商当前的困境和未来发展方向,关系着中小券商的生存,也关系着我国证券市场的 In the initial stage of the development of China’s securities market, influenced by the division of administrative regions and the fragmentation of the securities market, there emerged a pattern of decentralized operation of many small and medium-sized securities firms. As the market becomes more and more in-depth, the supervision and regulation are stricter, and the survival of small and medium-sized securities companies becomes more and more difficult. The profits of the current securities industry tend to average, the commission floating system, foreign brokerages are entering the Chinese market, and small and medium-sized brokerage business, financial strength is small, less sales, with a small number of large integrated brokerage competition is not rich in the securities industry Almost no profit in any advantage, small and medium-sized brokerage as a vulnerable group of the securities industry’s survival issues deserve attention. Judging from foreign experience, small and medium-sized securities companies are an indispensable pole in the securities market structure. Together with large-scale and large-scale securities companies, they can fulfill the unique functions of the securities market and play an irreplaceable role as the latter. Therefore, to explore the current predicament of small and medium-sized securities companies in our country and their future development are related to the survival of small and medium-sized securities firms and the