目前，国内券商处在经济稳中放缓的大环境中。在这种环境下，中小券商的
经纪业务已经不足以支撑其继续发展，面临着被大型券商兼并的命运，因此，急
需对中小券商的经营活动进行模式上的改变。在现实中，其所面临的两个问题是
基础较差和部分券商地域性过强，而其优势则是灵活性强、转型较快。在业务层
次上，中小券商的经营模式改革一方面需要扩大业务范围，如增加 IB 业务、直
投、新三板等项目，另一方面需要以客户为导向，将各项主要业务综合统筹，实
现资源共享。另外，人才的储备与培养也是券商成功发展的一项重要条件。而进
行经营模式改革的基础是做好公司内部的风险管理与控制，第一是要做好企业内
部的合规管理，增强员工的法律法规意识与自律性；第二是控制好公司的大宗交
易与自营业务的风险。
论文以上市公司东北证券为例，全面剖析了目前在中小券商之间普遍存在的
一些具体问题，如固守原有模式、不求创新与发展；开源节流效果差；客户群体
较小、基础薄弱；人才流失过快等等。同时，作者也针对上述问题提出了一些相
应的解决方法。
关键词：中小券商；经营模式；改革
ABSTRACT
This is the middle stage of the central government to implement the Twelfth
Five-Year plan”, China's financial market, especially the stock market, has changed a
lot in the past few years. Financial regulators introduced a number of policies to
support the securities trader. During this critical period, the small and medium-sized
brokerages need to change their own business model.
At present, the brokers are in stable environments. In this environment, small and
medium-sized firms cannot continue to develop through their own brokerage business,
they will be merged by larger firms. Therefore, the small and medium-sized
brokerages are an urgent need to change their business model. In reality, they will face
two problems, including poor basis and some firms have a region of very strong. And
the advantages are flexibility and rapid transformation. In the business field, the
brokers need to change their management mode, one needs to expand the scope of
business, such as increasing the IB service, the straight investment business and the
new third board market, on the other hand, they need to be customer oriented,
integrated to the main business, realize the sharing of resources. On the other hand,
they need to be customer oriented, and integration of the main business, so as to
realize the sharing of resources. In addition, an important condition is to personnel
training and reserve for the successful development of brokers. The basis for reform is
to manage and control risks within the company, the first is to do a good job in the
compliance management of enterprises, enhance legal consciousness and
self-discipline of employees; second is the risk control block trading and proprietary
business of the company.
In this paper, the listed company Northeast Securities is an example, in order to
analyze some specific problems in small and medium firms at present. Such as the
stick to the original mode, the poor saving and the weak groups of customers, not to
seek innovation and development, excessive brain drain and so on. At the same
time,the author has put forward some corresponding solutions for these problems.
Keyword：Small and medium-sized brokerages；Management model；Reformation
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