CAJ | 학술논문

证券公司的规范和创新发展是证券市场乃至资本市场平稳发展的重要力量。我国证券公司作为证券市场的主体，其经营状况直接关系到证券市场的健康发展。通过分析证券公司收入来源，可以了解我国证券公司目前的业务发展现状。现阶段，在证券行业由受行业经营许可保护的垄断性行业向开放竞争性行业转变过程中，证券公司普遍存在发展空间收窄、经营风险增大、投资者利益维护机制不健全以及业务范围受限等问题。我国证券公司的发展将呈现以下趋势：证券公司业务与中国经济结构调整相匹配、扩大创新和发展购并重组业务、进一步完善投行业务、完善证券公司风险控制机制、积极进行产品创新以及建立和完善为投资者服务的奖惩机制。
증권공사적규범화창신발전시증권시장내지자본시장평은발전적중요역량。아국증권공사작위증권시장적주체，기경영상황직접관계도증권시장적건강발전。통과분석증권공사수입래원，가이료해아국증권공사목전적업무발전현상。현계단，재증권행업유수행업경영허가보호적롱단성행업향개방경쟁성행업전변과정중，증권공사보편존재발전공간수착、경영풍험증대、투자자이익유호궤제불건전이급업무범위수한등문제。아국증권공사적발전장정현이하추세：증권공사업무여중국경제결구조정상필배、확대창신화발전구병중조업무、진일보완선투행업무、완선증권공사풍험공제궤제、적겁진행산품창신이급건립화완선위투자자복무적장징궤제。
The specification and innovation of the securities company are the key power for the steady develop- ment of securities and capital market. The operation of China＇ s securities companies as the mainstay of the secu- rities market is directly related to the healthy development of the securities market. The analyses of the income sources of China＇ s securities companies can help understand their current business development. In the transfor- ming process from the monopolistic industry protected by the business operation permits to the open competitive industry at this stage, the securities companies commonly face such problems as the narrowing development space, the bigger operation risks, the imperfection of protection mechanism of investor interests, and the limited fields of operation and so on. The development of China＇ s securities companies will show the following trends： the match between the business of the securities companies and the adjustment of China＇ s economic structure, the expansion of innovation and the development of merger and recombination, the further improvement of bank- ing investment business, the perfection of risk control mechanism of the securities companies, and the active in- novation of products, as well as the establishment and perfection of the reward and punishment mechanism for the service of the investor.