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中国券商的生成、规范与发展是与中国经济渐进式的改革与开放紧密相联的。一是在80年代末,随着经济体制改革的逐步加深,在国有企业股份制改造和投、融资体制改革的基础上,中国券商得以生成和发展;二是在中国股市从深圳、上海两地的试点向全国化、规范化方向迈进的过程中,中国券商得以进一步发展,且在发展中不断规范。迄今为止,中国已有专营证券业务的机构96家,共拥有营业网点2600多家,总资产达1600亿元人民币。基本上形成了以全国性大券商为龙头,以省级及专营性券商为支柱,以多数兼营商和市级券商为基础的券商结构。然而,在中国渐进式改革与开放过程中生成和发展起来的券商队伍,亦势必随着中国改革的深化与开放的扩大而逐渐分化与壮大。因此,我们有必要审时度势,深刻认识中国券商的现存问题,为未来的发展提供前瞻性意见。
The formation, standardization and development of Chinese securities firms are closely linked with the gradual reform and opening up of China’s economy. First, in the late 1980s, with the gradual deepening of the reform of the economic system, Chinese brokerages were generated and developed on the basis of the reform of the shareholding system of state-owned enterprises and the reform of the investment and financing systems. The other was that in the stock market of China from Shenzhen and Shanghai Pilot to the nationalization and standardization of the process of progress, the Chinese broker to further development, and continue to regulate the development. To date, China has 96 franchised securities companies with more than 2,600 outlets and total assets of 160 billion yuan. Basically formed a large nationwide brokerage as a leader to the provincial and franchise brokers as the backbone to the majority of 兼营 and municipal brokerage-based broker structure. However, the brokerages and brokerages that have been formed and developed during the gradual reform and opening up in China are bound to gradually diverge and grow as China’s reform deepens and its liberalization expands. Therefore, it is necessary for us to review the current situation, understand the existing problems of Chinese brokers and provide forward-looking opinions for the future development.