Our Brokerage Financing Problems Discussed

As the most a chief and the most important financial institution in the stock market ,the stock exchange firms play a very important part . The full play of the functions of the stock exchange firms requires a stable,effective and sufficient source capital . With the publication of The Securities Law in 1999,the stock exchange firms'financing problems have once been the focus to the circle of securities paying attention ,but it has always been deficient in the financing channels for the stock exchange firms ,which seriously restrains the healthily development of the stock exchange firms and the stock market in our country . On the November 11, 2001,China has joined the WTO successfully ,in order to challenge with the foreign investment banks ,the stock exchange firms'financing problems must be solved properly as soon as possible which not only concers about the stock exchange firms'existing and development but also has important actual significance .The stock exchange firms' source capital includes capital and funds obtaining from financing channels . But its capital is a little ,especially comparing with the well-known investment banks in the world , so they can only obtain sufficient funds by expanding legal financing channels . With the publication of The Securities Law ,a series of good policies about expanding the financing channels of the stock exchange firms have already been carried out which has achieved some certain results ,but there are still some problems in the course of operating,the author puts forward some advices to them . In the aspect of expanding some new financing channels ,by drawing lessons from abroad ,the author emphasizes the standpoint that the stock exchange firms should obtain finances by listing at present . Moreover ,the author makes decisions that the appearance of the financing problems not only needs the expansion of the formerly financing channels ,but also concerns about innovating the services . You can find the key point of solving the financing problems by synthetically analyzing the two factors. There are total four parts in the thesis.In the first part ,understand the stock exchange firms'financing problems again which includes the meaning of the stock exchange firms'financing ,the contradiction of demand exceeding supply and the actual significance of solving the problem as soon as possible.In the second part ,analyze the present situation about expanding the financing channels which includes entering the market of bank's call loan and the national debt repurchase market , applying for the mortgaged loans to the commercial banks with their securities they are dealing as the security,increasing capital and extending shares ,restructuring and acquisition of the stock exchange firms .The author analyzes the present situation,the advantages,the faults and the thinking for solving respectively and detailedly .In the third part ,probe into the selections about the debt and share channels .firstly ,elaborate the probability and necessity of the debt financing channels by comparing with America and China . secondly ,put forward the standpoint that the stock exchange firms should obtain finances by listing at present .In the last part ,discuss the inevitable relationship between the financing and the services innovation ,namely solving the financing problems needs services innovation .the author elaborates the development trend by comparing with the services of America and China . The stock exchange firms can strengthen its financing power by obtaining much profit which through services innovation .