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    中国金融运行及证券行业发展报告

    摘要

    2018年,我国上市公司营业收入占GDP的比重和证券化率均超过50%,资本市场对国民经济的支撑作用日益显现。资本市场呈现出新气象:市场运行日趋规范,制度建设更加完善,设立科创板试点注册制推动资本市场制度创新,系统性风险得到防控,开放力度进一步加大。证券行业从严监管成为新常态,推动了证券公司合规经营。为了提高上市公司质量,IPO审核从严,全年首发数量和融资规模下降。受景气度影响,股票市场成交规模创2015年来新低,上市公司退市数量增加,新三板挂牌公司数量出现负增长。2018年证券公司数量为131家,与2017年持平,整体资产规模增长放缓。虽然整个行业利润出现较大幅度下降,但部分券商正在谋求转型实现差异化发展,头部券商盈利能力显著提升。证券行业外延扩张性价比凸显,兼并收购成为证券公司提升市场竞争力的重要途径。此外,年内首家外资控股券商成立,未来证券行业竞争将更加激烈。从维护国家金融安全角度来看,通过市场化手段做大做强本土券商迫在眉睫。

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    Abstract

    In 2018,the operating income of China’s listed companies accounted for more than 50% of GDP and securitization rate. The support role of the capital market for the national economy is increasingly apparent. The capital market presents a new atmosphere:the market is increasingly standardized,and the system construction is more perfect. The establishment of the science and technology board pilot registration system promotes the innovation of the capital market system,the systemic risks are prevented and controlled,and the opening up is further increased. The strict supervision of the securities industry has become the new normal,which has promoted the compliance management of securities companies. In order to improve the quality of listed companies,the IPO review is strict,and the number of initial starts and the scale of financing have declined. Affected by the prosperity of the stock market,the transaction volume of the stock market hit a new low in 2015. The number of delisting of listed companies increased,and the number of listed companies in NEEQ experienced a negative growth. In 2018,the number of securities companies was 131,which was the same as that in 2017. The overall asset size growth slowed down. Although the profits of the whole industry showed a significant decline,some brokerages were seeking transformation to achieve differentiated development,and the profitability of head brokers was significantly improved. The expansion of the securities industry’s price/performance ratio is prominent,and mergers and acquisitions have become an important way for securities companies to enhance their market competitiveness. In addition,the first foreign-controlled brokerage firm was established during the year,and the competition in the securities industry will become more intense in the future. From the perspective of safeguarding national financial security,it is extremely urgent to make local securities companies bigger and stronger through market-based means.

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    作者简介
    孙国茂:孙国茂:青岛大学经济学院特聘教授,博士生导师;研究领域:公司金融、资本市场、制度经济学。
    李宗超:李宗超:齐鲁财富网研究中心高级研究员;研究领域:证券投资、商业银行。
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