【摘要】：隨著經(jīng)濟(jì)增長、人民可支配收入水平的提高，普通投資者通過投資有價(jià)證券獲得資產(chǎn)性收入的需求與日劇增，對于得到專業(yè)、合理并且價(jià)格合適的投資咨詢服務(wù)的愿望變得迫切。另一方面，作為直接服務(wù)投資者的證券公司，也由于個(gè)別歷史原因始終沒有形成滿足廣大投資者需求的證券投資顧問（咨詢）服務(wù)體系，這種需求與供給長期配置不當(dāng)?shù)木置骐S著2008年市場行情的波動(dòng)陷入了“傭金價(jià)格戰(zhàn)”的惡性循環(huán)中。在這樣的惡性循環(huán)中，投資者與券商都是輸家，無論是行業(yè)監(jiān)管層還是市場參與者，，對于建立證券投資顧問營銷制度的呼聲越來越高。2011年年初《證券投資顧問業(yè)務(wù)管理規(guī)定》的出臺(tái)以及下半年《證券投資資金銷售管理辦法》中關(guān)于第三方基金銷售機(jī)構(gòu)的修訂均表明了監(jiān)管層對此的態(tài)度。 本文從發(fā)展的角度審視證券投資顧問體系：首先從職責(zé)范圍、薪酬體系、從業(yè)資格、風(fēng)險(xiǎn)控制等方面對“證券投資顧問”的定義進(jìn)行分析，界定了與傳統(tǒng)證券經(jīng)紀(jì)行業(yè)的區(qū)別與聯(lián)系，回答“證券投資顧問”的內(nèi)涵與特性是什么。然后對境外成熟資本市場的投顧體系經(jīng)營模式進(jìn)行分析，歸納出有利于我國建立同類制度的合理經(jīng)驗(yàn)，解答了“理想的證券投顧體系是什么”的問題。全文重點(diǎn)集中在“怎樣建立證券投資顧問體系”的問題，作者分別從“全權(quán)委托理財(cái)”、“第三方基金銷售渠道”以及“投資者教育”、“客戶信息挖掘”等方面提出個(gè)人見解。采用實(shí)證分析的方法，檢驗(yàn)了以“傭金率”為核心的信息模型，回答了“怎樣的證券投顧體系是合理的”問題。
[Abstract]:As the economy grows and the level of people's disposable income increases, the demand of ordinary investors to obtain asset income through investment in marketable securities increases dramatically. The desire for reasonable and affordable investment advisory services becomes urgent. On the other hand, because of individual historical reasons, the securities companies, which serve investors directly, have never formed a securities investment advisory (consulting) service system that meets the needs of the vast number of investors. This long-term misallocation of demand and supply has been caught in a vicious circle of commission price wars as the market fluctuated in 2008. In this vicious circle, both investors and brokers are losers, whether they are industry regulators or market participants. The voice of establishing the marketing system of securities investment advisers is increasingly high. The introduction of the regulations on the Management of Securities Investment Advisers at the beginning of 2011 and the third Party funds in the second half of the year in the "measures for the Management of the sales of Securities Investment funds" Sales agency revisions have shown the regulatory level of this attitude. This paper examines the securities investment advisory system from the perspective of development: firstly, it analyzes the definition of "securities investment adviser" from the aspects of duty scope, salary system, employment qualification, risk control and so on. This paper defines the difference and relation with the traditional securities brokerage industry, and answers the connotation and characteristics of "securities investment adviser". Then, by analyzing the operating mode of overseas mature capital market, we conclude the reasonable experience of establishing the same kind of system in our country, and solve the question of "what is the ideal securities investment system". This paper focuses on the issues of "how to set up a securities investment advisory system". The author focuses on "discretionary financial management", "third-party fund sales channel" and "investor education", respectively, from the perspective of "discretionary financial management", "third-party fund sales channel" and "investor education". "customer information mining" and other aspects of personal opinion. Using the method of empirical analysis, the information model with "commission rate" as the core is tested, and the question "what kind of securities investment system is reasonable" is answered.
【學(xué)位授予單位】：首都經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51

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