国泰君安证券吉林分公司作为国泰君安证券在吉林省的分支机构，在资源
整合及成立的三年时间里，依托公司的品牌优势和全体员工的共同努力，在分
公司领导班子的带领下，克服困难，积极开拓，努力进取，在吉林省这个经济
欠发达的省份，取得了令公司瞩目的成绩，同时在省内证券经营机构当中，各
项经营指标和业务排名均名列前茅，收入水平和市场占有率均保持持续向上的
发展趋势，作为大型证券公司在偏远省份的分支机构，作为在省内排名较好的
证券经营机构，国泰君安吉林分公司取得了一定的成绩，但是尚未摆脱以经纪
业务为主，以广大散户为主要客户群体，单纯依靠经纪业务收入的发展局面，“靠
天吃饭”的收入特征十分明显，收入波动性较大，根据客户数据的分析和实际
调查研究，吉林分公司主要面临的问题是以散户为主的投资者结构中，客户配
置较大部分的股票类风险资产，在市场持续低迷的时期，客户出现较大规模的
亏损，无法实际了解客户的真正需求，缺乏有效的服务手段和流程使客户能够
真正感知到公司的服务，客户的服务感知度较差，对公司缺少服务粘性，客户
无法获得资产配置和资产增值的有效服务。

根据吉林分公司所面临的问题，作者对问题的成因，产生的影响和改进的
必要性进行了细致的分析，吉林分公司所面临的问题也是大多数证券公司和分
支机构所面临的典型问题，就是投资者适当性管理没有真正的贯彻执行，没有
嵌入到整个服务流程的当中，导致整个服务的设计初始，就失去投资者风险承
受能力和投资需求这一立足的根本，盲目猜测客户需求，无法为客户提供有价
值的服务。

通过以投资者适当性管理的基本要求为原则，作者提出了针对吉林分公司
投资者适当性管理的改进方案，通过了解客户，了解产品，客户需求与产品的
匹配，动态管理与服务等改进措施的设计，彻底改变投资者适当性管理缺位的
问题，并以此为基础，改变传统证券经营机构的业务发展模式，实现收入的持
续增长，希望能够通过吉林分公司的典型案例，为全行业的投资者适当性管理
改进提供建议和参考。

III
关键词：
投资者；适当性管理；证券市场
I
摘 要
国泰君安吉林分公司投资者适当性管理研究
近年来，证券经纪业务市场竞争越来越激烈，证券公司单纯依靠降低佣金
作为竞争手段的发展模式已经难以为继，佣金收入不断下滑，市场长期低迷，
收入难以维系，多家证券公司陷入亏损，转型已成为必然，证券公司正在为寻
找一条能够不再靠天吃饭的发展道路而苦苦求索。为客户提供真正的服务，为
客户进行资产配置，实现客户的财富管理和资产保值增值，真正维护投资者的
权益，是证券公司的未来的发展方向。投资者适当性管理，在投资者感知方面
亦可以成为投资者适当性服务，是证券公司所有服务的起点，即将合适的产品，
在合适的时间，以合适的方式，提供给合适的投资者。投资者适当性管理要求
证券公司根据客户的财务状况、投资知识、投资经验以及风险偏好等情况向客
户提供适当的服务，对其进行适当性服务。真正实现投资者适当性管理，才能
够真正发现投资者的需求，减少客户不愿承担的风险，发现适合投资者的产品
和服务，才能够进行合理的资产配置和服务匹配，才能够减少证券市场波动对
于客户资产增长的影响，才能够在日常交易过程中动态的调整客户的投资组合，
实现客户资产的保值增值，证券公司才能够实现从佣金收费向资产规模管理收
费的收入模式转变，从而弥补佣金下滑对收入的影响。

目前，国内证券公司的投资者适当性管理尚处于较为初级的阶段，依托监
管部门的各项法规和自律规则的投资者适当性管理体系尚处探索阶段，从创业
板的推出之后对于客户交易时间的限制到融资融券业务对于客户交易经验，资
产规模，开户时间，专业知识等的要求再到股指期货，国债期货等金融期货对
于投资者的专业要求，我国的投资者适当性管理正在证券监督管理部门的努力
下，逐步发展进步，证券公司作为投资者适当性管理最主要的执行机构，应该
将适当性管理作为各项服务的基础，尤其针对经纪业务零售客户，更应该在适
当性管理的前提下，满足客户的财富管理需求，证券公司只有通过不断提高适
当性管理水平，才能够不断提高服务能力，为客户提供真正有价值服务，才能
V
course of trading by dynamically adjusting the client's portfolio, we can achieve
customer value of the assets, thereby expanding the customer's asset size. Only in this
way can the securities companies get more asset management fees, offsetting the
negative impact of the decline in commission income.
At present, the Investors' appropriate management of the domestic securities
companies is still in its infancy. What's more, the appropriate management system for
investors which relying on the various regulatory of authorities and self-regulatory
rules is still in the exploratory stage. After the launch of the GEM, from the limits of
customer transactions time to the requirements of margin trading business to trading
experience for the customer, asset size, opening time, expertise, and further to the
requirement of stock index futures, bond futures and other financial instruments for
investors expertise , our Investors in the appropriate management system is gradually
developing. The securities company that was regarded as the main implementing
agency by investors’ appropriate management should take appropriate management as
the basis for various services, especially for the retail customers of brokerage
business, but it should at the appropriate management of the premise, meeting clients'
wealth management needs. Securities companies only through continuous
improvement in the appropriate management level can be continuously improve
service capabilities, providing customers with truly valuable service and can be
continuously improve customer satisfaction and customer loyalty, therefore achieving
the real transformation in the securities brokerage business
Guotai Junan Securities Jilin branch is a branch of Guotai Junan Securities in
Jilin Province, during the establishment of the three year period, relying on the
company's brand and the joint efforts of all employees and in the branch under the
leadership of leaders, through continuous efforts, in an economically underdeveloped
provinces, it achieved remarkable results. Meanwhile among the securities
institutions in the province, their various business metrics and business were ranked
IV
Abstract
Research on the appropriate management of investors of Guotai
Junan Securities Jilin branch
In recent years, the market competition of the securities brokerage business
becomes increasingly fierce, and the development model of securities companies
which rely solely on reducing commission as a competitive tool has been difficult to
sustain. With the decline of commission income and the long-term downturn of
market, the securities company's revenue is difficult to grow, and many securities
firms fell into losses, so restructuring has become a necessity. Securities Companies
are difficultly searching a development road that no longer “depending on heaven for
food”. Providing customers with real service and supplying clients with effective
asset allocation and wealth management are to increase the value of client assets and
safeguard the interests of investors, which are feasible development direction of
securities companies in the future. From an investor's perspective, the appropriate
management of investors is also appropriate services to investors, which are the
starting point of all services of Securities Company. We define the appropriate
management of investors as providing the appropriate investors with right products at
the right time with an appropriate way. Moreover, the appropriate management of
investors required Securities Company to provide appropriate services in the light of
the client's financial situation, investment knowledge, investment experience and risk
appetite etc. Only truly realize appropriate management for investors can we truly
find the needs of investors and reduce the risk of customers, finding suitable products
and services of investors, can we carry out a reasonable asset allocation and service
matching, reducing the impact of market volatility to clients assets. In the ordinary
VII
through Jilin Branch of case, for the whole industry Investors in management
improvement providing advice and reference.
Key words:
investor ; suita