对我国券商摆脱窘境的再思考

我国券商所遭遇的窘境是券商角色严重错位所致，过度膨胀的自营业务和理财业务导致券商资金“饥渴”。要摆脱所遭遇的窘境，应恢复券商从事产品创造和产品销售的本来面目，弱化资金博弈模型的买方业务，从资本和风险的角度综合安排融资结构和数量。正确处理做大与做强的关系，证券业的兼并重组如果不能体现优势互补、取长补短，并进行有效的资源整合和团队文化的融合，形成1＋1〉2的效应，将难以达到预期效果。所以，不但要关注数量和规模指标，更要关注质量和效率指标；不仅要注重短期的盈利能力，更要注重风险防范和风险控制能力。制定符合企业自身资源优势的个性化竞争战略规划，通过业务创新改善盈利模式并构筑其核心竞争力，这才是券商摆脱目前困境的关键所在。

Rethink over Predicament -escaping of Chinese Security Companies

The predicament which Chinese security companies suffer was conduced by the badly disorder of the role of broker.Overexpansion of self-operated business and assets management business induce the fund-thirsty of Chinese security companies.If they get back the original features of product creation and sale,weaken the purchaser business of fund-gambling,and justified arrange financing structure and scalar from capital and venture,the Chinese security companies must get out of plight.Furthermore,Chinese security companies should dealt correctly with relation to be big or to be strong.If the M&A of security industry cannot be mutually beneficial and effectively integrate resource and corporate culture.So we not only pay attention to number and scalar target,but also quality and efficiency target,and we not only pay attention to short term capacity to earn profits,but also capacity to keep away and control risk.The key factors for Chinese security companies to get out of plight are to make individually strategic planning accord with the,ir resources superiority and to build their core competency through business innovation.