“统一的资本市场”战略背景下券商业高质量整合路径——国际经验与中国实践｜资本市场

Core Viewpoint - The article analyzes the internal logic of the integration of the securities industry under the strategy of a "unified capital market," drawing on international experiences and China's practices, and proposes suggestions for promoting high-quality integration from both regulatory and financial institution perspectives [1]. Group 1: Internal Logic of Securities Industry Integration - The "unified capital market" strategy aims to accelerate the development of a unified capital market in China, similar to the experiences of developed markets like the US and Europe, which have implemented measures such as nurturing leading institutions and integrating trading platforms [3]. - Securities firms play a crucial role in facilitating the cross-regional flow of capital, breaking information asymmetry, and enhancing market risk identification and mitigation [3]. - The integration of the securities industry is essential for the evolution of the financial industry structure, leading to efficiency, concentration, and internationalization [3][4]. Group 2: International Experience in Securities Industry Integration - The integration of the securities industry in developed markets has primarily occurred through mergers and acquisitions, which have helped create leading investment banks and asset management institutions [7]. - Diversified mergers can quickly fill business gaps and enhance overall strength, as demonstrated by Morgan Stanley's various acquisitions to strengthen its business segments [8]. - External mergers can achieve economies of scale and expand business scope, exemplified by Charles Schwab's expansion into asset management through strategic acquisitions [9]. - Consolidation within niche markets can enhance specialization, as seen with Evercore's strategic acquisitions in the advisory sector [10]. - Overseas mergers and acquisitions serve as a high-level strategy for enhancing international influence, illustrated by UBS's global expansion efforts [11]. Group 3: Role of Commercial Banks in Securities Industry Integration - In contrast to China, developed markets often adopt a mixed operation model where commercial banks actively participate in securities mergers, leading to the formation of large integrated financial groups [12]. - Historical experiences show that large banking groups possess significant capital strength and extensive client bases, which can facilitate the growth of investment banking and asset management businesses [13]. Group 4: Current Practices of Securities Industry Integration in China - China's securities industry is entering a new wave of integration, characterized by four main models, including strategic integration among leading securities firms and regional integration led by local state-owned enterprises [14]. - The merger of major firms like Guotai Junan and Haitong Securities signifies a shift towards large-scale, intensive development in the industry, enhancing capital strength and service capabilities [14].