I 中文摘要 证券经纪业务在中国证券近30年的发展中一直占据证券市场、证券公司的主 导地位，经纪业务收入占证券公司总收入比重依然很大。但随着国内证券市场的 开放程度逐步加大，境外机构参股证券公司逐步增多，以及浮动佣金制度的实施， 证券公司同质化竞争加剧。在这样的形势背景下，国内各证券公司一直谋求适合 自身的发展策略，Z证券公司也寄希望于通过结合信息技术，调整自身经纪业务发 展策略，提高行业地位和品牌知名度。 本文基于证券经纪业务的相关理论，分析了Z证券公司经纪业务整体现状, 包 括传统通道业务、经纪业务宝业务、代销金融产品业务、期货中间业务等，针对Z 证券公司经纪业务发展中存在的问题完成SWOT分析，借鉴美国经验启示就Z证 券公司如何提高经纪业务水平提出四个发展策略及相关的保障措施。 关键词：证券公司；经纪人；经纪业务 黑龙江大学硕士学位论文 II Abstract In nearly 30-year development of Chinese securities, the brokerage business has been the major focus of securities companies in the securities market. Brokerage revenue has always been the largest proportion in terms of a firm's total revenue. However, with the gradual openness in China's domestic securities market; the increase of foreign institutions participation; and the implementation of the floating commission system, the homogenization competition of securities companies is intensifying. Under these conditions, the domestic securities companies have been seeking for a sustainable and desirable business development strategy. Z Securities Company also hopes to increase its status in the industry and improve its brand awareness by modifying the business development strategy and the application of information technology. This analysis, based on relevant theories of securities brokerage business, will talk about the current overall status of brokerage business from Z Securities Company including The Traditional Brokerage, Brokerage APP, Financial Products Agency business, Introducing Broker (IB)etc. In addition, SWOT analysis was done through the current Business Development problems of Z Securities Company. By studying the reference from the American market, four business development strategies and business security measurements were proposed for Z Securities Company to improve its brokerage business. Key words: Securities companies; Brokers; Brokerage. 目录 III 目录 中文摘要...........................................................................................................................I Abstract.............................................................................................................................II 绪论..................................................................................................................................1 一、研究的背景......................................................................................................1 二、研究的目的和意义..........................................................................................4 （一）研究目的..............................................................................................4 （二）研究意义..............................................................................................4 三、国内外研究现状..............................................................................................5 （一）国外研究现状......................................................................................5 （二）国内研究现状......................................................................................6 （三）研究评述..............................................................................................7 四、主要内容和研究方法......................................................................................8 （一）研究内容..............................................................................................8 （二）研究方法..............................................................................................8 第一章 理论基础..........................................................................................................10 第一节 证券经纪业务相关概念界定..................................................................10 一、经纪业务概念........................................................................................10 二、经纪业务的特征....................................................................................10 三、经纪业务创新发展内容........................................................................12 第二节 相关理论..................................................................................................13 一、金融创新理论........................................................................................13 二、互联网金融理论....................................................................................14 三、市场营销理论........................................................................................15 四、服务运营管理理论................................................................................17 本章小结................................................................................................................17 黑龙江大学硕士学位论文 IV 第二章 Z证券公司经纪业务现状及存在的问题.......................................................19 第一节 Z证券公司概况.......................................................................................19 一、经纪业务规模........................................................................................20 二、内部控制合规管理................................................................................20 三、人员薪酬待遇........................................................................................21 第二节 Z证券公司经纪业务发展的历程...........................................................21 一、起步阶段（2002-2006）.......................................................................21 二、发展阶段（2007-2015）.......................................................................22 三、瓶颈阶段（2016-2018）.......................................................................22 四、发展探索阶段（2019年至今）...........................................................23 第三节 Z证券公司经纪业务现状.......................................................................24 一、传统通道业务........................................................................................24 二、经纪业务宝业务....................................................................................24 三、代销金融产品业务................................................................................25 四、其他业务................................................................................................26 第四节 Z证券公司经纪业务发展中存在的问题分析.......................................29 一、经纪业务宝平台上经纪人资源整体水平不高....................................29 二、经纪人展业过程中对风险控制较为困难............................................30 三、信息技术投入不足，费用较高............................................................32 四、激励机制不完善....................................................................................32 本章小结................................................................................................................33 第三章 Z证券公司经纪业务发展的SWOT分析.........................................................35 第一节 Z证券公司经纪业务自身优势分析(S)..................................................35 一、公司运营成本降低化............................................................................35 二、为客户提供服务实现定制化................................................................35 三、代销金融产品能做到专业化及全流程化............................................36 四、公司团队成员精英化............................................................................36 目录 V 五、互联网证券发展有序化........................................................................36 第二节 Z证券公司经纪业务自身劣势分析(W)................................................36 一、公司的规模偏小和资产结构较差...