证券市场导报
證券市場導報
증권시장도보
Securities Market Herald
2010年
7期
11~15
,共null页
证券投资咨询 境外券商 经纪业务 业务模式
證券投資咨詢 境外券商 經紀業務 業務模式
증권투자자순 경외권상 경기업무 업무모식
security investment consultancy service; value creation; foreign securities company; business model
证券投资咨询业务的价值在于通过证券分析师优于一般投资者的信息收集途径和专业分析能力,通过公开其分析报告向参与者提供现有证券定价与内在价值存在偏离的信息,从而大大降低了潜在套利者的信息搜寻与分析成本,使市场定价在套利竞争的作用下促进市场有效性。在这一过程中,证券投资分析及其成果的转化是证券投资咨询创造价值的关键环节。境外券商从事证券投资咨询业务取得成功的关键因素在于适宜的组织架构设计、定位清晰和富有特色的研究、畅通的研究成果转化机制、研究部门的内部合规管理等方面。
證券投資咨詢業務的價值在于通過證券分析師優于一般投資者的信息收集途徑和專業分析能力,通過公開其分析報告嚮參與者提供現有證券定價與內在價值存在偏離的信息,從而大大降低瞭潛在套利者的信息搜尋與分析成本,使市場定價在套利競爭的作用下促進市場有效性。在這一過程中,證券投資分析及其成果的轉化是證券投資咨詢創造價值的關鍵環節。境外券商從事證券投資咨詢業務取得成功的關鍵因素在于適宜的組織架構設計、定位清晰和富有特色的研究、暢通的研究成果轉化機製、研究部門的內部閤規管理等方麵。
증권투자자순업무적개치재우통과증권분석사우우일반투자자적신식수집도경화전업분석능력,통과공개기분석보고향삼여자제공현유증권정개여내재개치존재편리적신식,종이대대강저료잠재투리자적신식수심여분석성본,사시장정개재투리경쟁적작용하촉진시장유효성。재저일과정중,증권투자분석급기성과적전화시증권투자자순창조개치적관건배절。경외권상종사증권투자자순업무취득성공적관건인소재우괄의적조직가구설계、정위청석화부유특색적연구、창통적연구성과전화궤제、연구부문적내부합규관리등방면。
Based on security analyst’s superior information gathering channel and professional analysis skills to general investors, the value of security investment consultancy service is to significantly lower the arbitrage cost on information gathering and analyzing, and to improve the market efficiency in market pricing through arbitrage, by publishing its research result providing the investors with the information reflecting the deviation between the security price and its intrinsic value. Security analysis and its transformation are the crucial parts in this value creation process. The keys to foreign security companies’ success in security investment consultancy include appropriate design of organizational structure, explicit market positioning and distinct characteristics of research, efficient transforming mechanism of research products, and internal compliance management of research department.
