훐맺횤좯튵킭믡뿆퇐뿎쳢퇐뺿놨룦 Abstract 햪 튪 From year 2001, Chinese domestic stock market entered into adjust phase, also for the floating commission system been carried out in 2002, the exterior environment of Chinese investment bank are essential changed. The survive conditions which the traditional broker business rely on are not exist, and this business have to find a new way to survive, develop and thrive under the new environment. In the past two years, 132 investment bank carried out plenty effort for the implement of the business reform, and they have collected much experience both for succeed and failing, whereas the new models are stepwise grown up under these explosions. 2001쓪맺쓚막욱쫐뎡뷸죫뗷헻웚2002쓪뢡뚯펶뷰훆뾪쪼쪵탐훐맺횤좯뺭볍튵컱뗄췢늿뮷뺳랢짺쇋룹놾탔뇤뮯뒫춳횤좯뺭볍튵컱삵틔짺듦뗄쳵볾틑뺭늻뢴듦퓚뺭볍튵컱뇘탫첽쯷튻쳵퓚탂뗄뮷뺳쿂짺듦랢햹랱죙뗄뗀슷2쓪뛠살좫맺132볒횤좯릫쮾뚼퓚뺭볍튵컱탍뗄뗀슷짏얬솦잰탐폐돉릦뗄뺭퇩튲폐쪧냜뗄뷌통탂뗄쒣쪽헽쫇퓚헢늻뛏첽쯷뗄맽돌훐훰늽돉쫬 This text reviews the development steps of Chinese broker business, in depth analysis the historical reason of the traditional business model formulation applied by the basic business unit, business department. Strict entrance barrier, fixed commission rate and monopolies business channel are the institutional base of traditional business model. The super-normal increasing business demand and laggard channel technology are the extitor environment which ensure the traditional business model to survival and develop. Up to now, the development of Chinese broker business can be divided for three stages: from 1990 to 1996, budding stage; from 1996 to 2001, developing stage; from 2001 to now, adjust stage. 놾컄믘맋쇋훐맺횤좯뺭볍튵컱랢햹뗄샺돌뛔컒맺틔펪튵늿캪믹놾튵컱떥캻뗄뒫춳뺭볍튵컱쒣쪽탎돉뗄샺쪷풭틲뷸탐쇋짮죫뗄럖컶퇏룱뗄ힼ죫쿞훆만뚨뗄펶뷰쮮욽슢뛏뗄붻틗춨뗀쫇탎돉뒫춳뺭볍튵컱쒣쪽뗄훆뛈믹뒡뎬뎣퓶뎤뗄붻틗탨쟳뫍실뫳뗄춨뗀벼쫵쫇놣횤뒫춳횤좯뺭볍튵컱쒣쪽쓜릻짺듦랢햹뗄췢늿뮷뺳떽쒿잰캪횹훐맺횤좯뺭볍튵컱랢햹샺돌뿉틔뮮럖캪죽룶듳뗄쪱웚1990-1996쓪뗄쏈톿웚1996-2001쓪뗄랢햹웚뫍2001쓪틔살뗄탍웚2001쓪틔살횤좯뺭볍튵컱탍뗄췢늿뚯솦뫍쓚늿뚯솦 From 1970s, America stock market, on behalf of Hesperian stock market, started the reform of commission system and the business of their investment bank was 1
훐맺횤좯튵킭믡뿆퇐뿎쳢퇐뺿놨룦 impacted by the mass decreasing of commission rate, in result their business succeed adjusted. The America investment bank are the most succeed for this adjustment, whereas Merrill Lynch and Charles Schwab are the most typical in these. The in depth analysis of the succeed case will be heuristic helpful for domestic investment bank. The business model of Merrill Lynch, which focuses on the research and marketing, will mainly fulfill the customer demand in management and value added of asset. The study for the Merrill Lynch case incarnates the usage of high quality products in the competition of investment bank; the business model of Charles Schwab, which focuses on the technoly and cost, will mainly fulfill the customer demand for business. The study for Charles Schwab case incarnates the cost to be the pivotal usage in the competition of investment bank. 20쫀볍70쓪듺틔살틔쏀맺캪듺뇭뗄컷랽횤좯쫐뎡쿈뫳뷸탐쇋펶뷰훆뛈룄룯맺췢좯짌뗄뺭볍튵컱뺭쫜쇋펶뷰쮮욽듳럹쿂붵뗄돥믷췪돉쇋뺭볍튵컱뗄돉릦탍쏀맺좯짌뗄탍ퟮ캪돉릦웤훐쏀쇖횤좯(Merrill Lynch)뫍볎탅횤좯Charles Schwab쫇웤훐ퟮ뗤탍뗄듺뇭짮죫웊컶돉릦룶낸뛔폚맺쓚좯짌뗄탍뻟폐튻뚨뗄웴랢틢틥틔퇐뺿뫍펪쿺캪믹뒡뗄쏀쇖뺭볍튵컱쒣쪽훷튪싺ퟣ뿍뮧닺맜샭뫍퓶횵헢튻ퟮ훕탨쟳쳥쿖쇋룟훊솿뗄닺욷퓚좯짌뺺헹훐뗄ퟷ폃틔벼쫵뫍돉놾캪믹뒡뗄볎탅쒣쪽훷튪싺ퟣ뿍뮧뗄붻틗탨쟳쳥쿖쇋돉놾퓚좯짌뺺헹훐뗄맘볼탔ퟷ폃 The huge change of exterior environment force Chinese investment bank to thorough reform for their existing business model. The compete ability will improved from improve service quality and reduce cost, for example, enlarge income source, enhance research level, innovate service products, reform sales net and reduce channel cost, etc. Only the new business model which can meet the demand of customer been established, the investment bank can be survival and developed in the future extremely competition environment of capital market globalize. 췢늿뮷뺳뗄뻞뇤웈쪹컒맺좯짌뇘탫뛔쿖듦뗄뺭볍튵컱뺭펪쒣쪽뷸탐뎹뗗뗄뇤룯췘뿭쫕죫살풴쳡룟퇐뺿쮮욽뒴탂럾컱닺욷훘ퟩ펪쿺췸싧붵뗍춨뗀돉놾듓쳡룟럾컱훊솿뫍붵뗍컞킧돉놾솽룶랽쏦쳡짽뺭볍튵컱뺺헹솦탎돉쫊펦뿍뮧탨튪뗄탂탍뺭볍튵컱쳥쾵닅쓜퓚캴살놾쫐뎡좫쟲뮯뗄벤쇒뺺헹뮷뺳훐돉뎤ힳ듳 2
