Research On Wealth Management Model In The Transition Period Of Securities Brokerage Business In China

With the deepening of capital market development,the connotation and extension of the securities brokerage business has been constantly added with new meanings.The domestic securities dealers have been trying to innovate and transform the brokerage business with the following aims:to adapt to the changes of brokerage business and the external environment;to provide investors with diverse and personalized services;to keep and improve the market share and profitability of brokerage business.Notably after the stock market crash in 2015,the pressure of economic downward and changes in external environment result in failure in secondary market and fierce competition of the market.The branching number of securities dealers increases abruptly,and the commission war has approached the baseline of cost.The state supervision agencies make new supervision idea and trends.All these bring two problems for the securities dealers,how to develop and realize breakthrough in innovation and creation.The paper mainly adopts the method of combining the theory and practise with the research of literature at home and abroad as the theoretical basis,so as to prove the urgency and necessity of Chinese brokerage business transformation currently.Accordingly,the author raises that the mode of wealth management will be the key for brokerage business transformation and shows the successful case of wealth management transformation at abroad via the methods of empirical analysis and analogy,which is the income structure changes of competitive Morgan Stanley and Goldman Sachs.Finally,this paper studies the paths and problems in transformation of China's securities companies brokerage business to wealth management with the CITIC Securities Co.as subject and based on Chinese situation.The author concludes the directions of transformation in securities brokerage business which suit China's market.This paper divides the research of wealth management mode under the condition of China's securities brokerage business transformation into six chapters.The first part is introduction,including structure,research method and content of this paper.The second part describes the history and transformation background of China's securities brokerage business.In this part,the author discusses the status quo and dilemmas of China's securities brokerage business,explains the impact of market structure changes and new supervision trends on the domestic securities company under the context of liberalized commission,internet shock and trading downturn,and gives the significance of the research in this paper.The third is the review of literature at home and abroad.This part mainly analyzes and cites the brokerage business innovation implemented by the domestic leading securities dealers and the experiences from foreign developed markets,thus laying theoretical foundations for the analysis on wealth management transformation with Citic Securities Co.as an example.The fourth part is the analysis on the transformation of profiting mode of the international excellent securities dealers.This part discusses wealth management as a typical representation of brokerage business transformations via empirical analysis.The fifth part through empirical comparison and regression discontinuity analysis,this paper explores the advantages of securities firms in developing wealth management business and the current situation of domestic securities firms in transforming their wealth management business.The sixth part is about conclusion and prospect.The author concludes the whole paper and puts forward the problems and outlook in transformation.