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By Wang Yang, Research Institute of Finance, DRC

Research Report No.89, 2016 (Total 4972) 2016-7-8

Abstract: Since 2013, with structural transformation of finance, market reform and business innovation, the security companies’ business has witnessed a swift development including expanded scales of assets, increased competition and accelerated transformation. Meanwhile, some new problems have emerged: the transformation of security companies toward capital-based intermediary agencies and their enhanced business interlinkage have strengthened the periodical characteristics of security companies, leading to sharp fluctuations in the market. In face of the accelerated business innovation and the excessive growth of asset scales and capital-based intermediary business, it has revealed that the risk control and regulation by security companies are inadequate; the rapid expansion of capital-based intermediary business is not sustainable. Relevant policy options for better development and transformation of security companies are as follows: security regulation should be compatible with the market-oriented reforms and financial innovation; the innovation and development of security companies should focus on service for the real economy, and capital-based intermediary business should be developed with more prudence; the system and rules of the capital market should be improved and perfected; administrative protections and market access restrictions should be reduced to enhance competition in the security market.

Key words: regulation, security companies, transformation