互联网金融背景下券商经纪业务佣金“价格战”的法律规制  

Legal Regulation of the "Price War" of the Securities Company's Brokerage Business Under the Background of Internet Finance

作　　者：肖函[1] 

机构地区：[1]武汉大学法学院,湖北武汉430074

出　　处：《证券市场导报》2019年第3期71-78,共8页Securities Market Herald

摘　　要：证券公司之间经纪业务佣金价格的竞争是证券市场上常见的竞争现象,佣金"价格战"有其兴起的经济与制度根源。但随着证券行业竞争格局的不断变化,日趋激烈的"价格战"影响着证券行业的健康有序发展。传统规制路径是通过行业自律公约来约束证券公司之间的价格竞争行为,但行业自律公约的正当性和有效性存疑,与经纪业务的内在扩张性严重冲突。随着互联网金融的发展和金融科技的加速应用,经纪业务佣金的个体成本与平均行业成本偏差增加,经纪业务佣金内涵更加复杂,经纪业务类型也日趋多元,使得佣金"价格战"的有效规制更为不易。为此,监管机构应当在遵循经纪业务自主发展的监管理念下,实现精准监管与分类监管,提高执法的科学性与有效性,实现尊重证券公司自主经营,充分保护投资者,并维护证券行业健康有序发展的平衡。The price competition of commission charge among securities companies is a common phenomenon in the securities market. The "price war" of commission charge has its economic and institutional roots. As the market landscape evolves, the prosperity of the securities industry may be compromised due to the increasingly fierce “price war”. Traditionally, selfdiscipline has been relied on to regulate price competition. However, the legitimacy and validity of self-discipline are in doubt, as self-discipline inherently clashes with the incentive of commercial expansion. As internet finance prospers and fintech becomes widely used, individual company’s cost will deviate more from the average industry cost of providing brokerage services. Combined with the increasing sophistication and variety of brokerage services available in the market, it creates barriers to effective regulation of the “price war”. Therefore, while encouraging self-organization and self-management within securities companies, regulators should consider dividing the industry into smaller categories and tailor specific rules to different categories. This will hopefully enhance the effectiveness of regulations, while achieving the balance among selfmanagement of securities companies, investor protection and sustainable industry development.

关 键 词：经纪业务 佣金 价格战 证券监管 竞争执法 

分 类 号：DF438.7[政治法律—经济法学]