| The Chinese Securities Market is a new-born market appeared in 1990.The securities environment in China has been changed after joining WTO. So it is a challenge for the development of Chinese securities industry. Securities Firms, as the primary element in securities market, have played an important role. In order to adapt to the new securities environment, Chinese Securities Firms should made innovation.Chapter I: prefer, explain what cause me to write the paper, the articles review and the ways of this paper.Chapter II: Discuss the definition of the Securities Firms separately base on laws of Chinese and economics theory. And the definition of Securities Firms on this paper is also base on laws of Chinese. Moreover I also discussing the relationship between the Securities Firms and Investment banking and Commercial Bank. Discuss the development history of Chinese Securities Firms, we can find the Direct Finance is more and more important in Chinese Finance System, especially the Chinese Securities Firms as the medium institutes play the key role of which no one can take the place in the Chinese Finance Svstem.Chapter HI : Analysis in the change of securities environment after joining WTO. In the short-run, there are many chances for the securities firms. Firstly, China joined WTO as a developing country, this means that China can be accorded the most-favored-nation treatment by the developed nations and the "buffer period" before it opens the market wholly. So the field and ways for foreign investment bank' entry are so limited. Beside, Chinese government will give them some privileges. Secondly, the competition among securities firms are more and more intensified in china, and it will actuate these securities to reform, such as improve the quality of management and administration, employ high-tech talents, cooperate with foreign investment bank, enhance the management in risk-control and so on. Or they would be eliminated through selection or competition. That is to say if these securities firms can make good use of the "buffer period", they will not defaulted by the foreign investment bank even win in the competition. In the long-run, China open its securities market without any limit, foreign investment bank will enter Chinese securities market. Compare to them, Chinese securities firms have no superiority, so intense competition is unavoidable.Chapter IV: Major problems in Chinese securities firms1. The Chinese securities firm's scale is too small.2. Finance products are not abundant; business services are identical Chapter V: Structure innovation-Finance Holding Company.In order to adapt to the new environment after joined WTO, Chinese securities firms should enlarge their business scale firstly. I can say that is Structure Innovation. The Finance Company is a proper structure for some big securities firms now in China. One example is the Merrill Lynch, a finance parent company and several subsidiaries, the parent company is the major shareholder and the subsidiaries are operating on some professional finance business separately, such as asset management > investment banking.This model is based on the theory of Market Segment and the professional social division of labor, it will help the companies enhance their core competition ability and prevent the operation risk. The other example is the Everbright Group, bank, futures company, securities firm, trust, insurance company are all belong to the group, the business range of the group is relatively wider.Chapter VI: Business innovations-promote diversified business operation.It is obvious that business varieties operated by our securities firms are limited in comparison of foreign firms. In view of such differences, it is urgently demanded to carry out business innovations in our securities firms. Such innovations are certainly benefit to break the development bottleneck caused by depending excessively on limited income recourses.1. Business Innovation of Circulate Funds. Chinese Securities Firms are made of the multipl...
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