Research On The Concentration Of Securities Investment Consulting Business In China

With the development of securities market,the customers' investment philosophy is more and more mature,so single brokerage services can hardly meet customers' demands.Therefore,value of the securities investment consultation is gradually appearing.Therefor,it becomes vital to study current situation of this consultation services and guide it to develop reasonably and healthy.Besides,according to the traditional theory of industrial organization,the market structure decides the behavior of enterprises,and the behavior of enterprises determines the performance of market operation.The primary factors which decide the market structure mainly are the degree of market concentration,the degree of product differentiation and the level of entry barriers,so the study of market concentration is the basis of researching market behavior,market performance,as well as relevant industrial organization policies.This paper is intended to survey and analyze concentration degree of securities investment consultation in our country.Besides,taking the availability of data into account,this paper takes securities company that provide securities investment consultation services as example to measure concentration ratios of securities investment consultation and its impact factors.First,this paper reviews the development process of China's securities market,and analyses the value of investment consultationto the development of the securities industry,and reviews the current research situations of securities market structure and the investment consultation for follow-up analysis of China's securities investment consultation concentration.Then this paper introduces the securities investment consultation completely,and selects the investment consultation concentration measurement indicators and criteria.Then,according to income data of investment consultation of securities companies in our country,this paper calculates the value of1 CR,5CR,10 CR and HHI of securities investment consultation and get the conclusion : the concentration degree of investment consultation of securities companies in our country is very low,but it's gradualy increasing.Then,through establishing a linear regression model,this paper analyzes and get a conclusion : the relationship between the concentration of securities investment consultation and income is negative.After that,this paper analyze the factors that affect the concentration degree of securities investment consultation with the theory aspect and model aspect,and reach a conclusion that four variables of the proportion of releasing depth research reports,the proportion of the first ten net capital of securities companies which carry out investment consultation service,the number of securities companies and the relevant business policy significantly affect the degree of China's securities investment consultation concentration.Among all four variables,the number of securities companies affect the securities investment consultation concentration degree most,followed by proportion of depth research reports and the proportion of the first ten net capital of securities companies which carry out investment consultation service,the business policy of securities investment consultation influence the least.Finally,combined with the experience of carrying out investment consultation services in the overseas developed securities market and the present situation and the influencing factors of the securities investment consultation in C hina,this paper puts forward these suggestion for promoting the development of China's securities companies investment consultation from five aspects: first,we need to accurate position of investment advisers and to accelerate talents squad construction of investment advisers.Second,we need to improve the research reports' qualities,and to promote the transformation of research results.Third,we need to provide more support to independent investment advisory firms and encourage business innovation.Fourth,we need to coordinate the cooperation from multiple regulatory authorities,and to enhance the objectivity of securities analysis.Fifth,we need to strengthen the protection of property rights of research results,and to combat illegal investment advisory activities.