卖方分析师佣金解绑改革与中国实践--基于MiFIDⅡ的思考  

The Sell-Side Analysts’ Commission Unbundling Reform and its Practice in China: a Perspective Based on MiFID Ⅱ

作　　者：薛菲 许少山 钟凯 Xue Fei;Xu Shaoshan;Zhong Kai

机构地区：[1]中国人民大学商学院,北京100872 [2]对外经济贸易大学国际商学院,北京100029

出　　处：《证券市场导报》2022年第1期21-30,共10页Securities Market Herald

基　　金：中国人民大学科学研究基金(中央高校基本科研业务费专项资金资助)项目“字里行间有玄机:管理层回应策略的信息含量研究——来自上市公司业绩说明会的证据”(项目批准号:21XNH137)。

摘　　要：卖方分析师利益冲突问题损害了投资者利益以及市场稳定性。为提高分析师独立性,欧洲2018年出台的《欧盟金融工具市场指令Ⅱ》首次拆分了分析师的分仓佣金与研究费用。研究发现,该举措实施后,伴随着卖方研究质量提升、低质量分析师退出市场,分析师利益冲突问题得到缓解,促进了卖方服务内部化转型、买方研究加速形成以及投资者交易透明度的提升,但同时也带来了研报价格恶性竞争、市场信息环境受损、人才非优流动等负面影响。我国分析师佣金制度存在披露透明度不足、研究服务界定不明、佣金分配缺乏有效监管等问题,现阶段完全解绑佣金可能引发潜在风险,应采取相对柔性的改革思路。监管机构宜推动改革基金管理费用,塑造市场激励机制;券商应提升综合研究能力,推进业务模式转型,探索差异化发展之路。The conflicts of interest in sell-side research damages the benefits of investors and threatens the stability of the capital market.To improve analyst’s independence,the Markets in Financial Instruments DirectiveⅡinstituted by the European Union(EU)in 2018 requires the separation of the analysts’research fee from their commission.Research shows that after implementing MiFIDⅡ,analysts’interest conflict is effectively alleviated,combined with improved quality of analyst research reports and the exit of low-quality analysts.Meanwhile,the new rule can also help accelerate the internalization of sell-side service and the formation of buy-side investment firms’in-house research,and improve investors’information environment.However,at the same time,the implementation of MiFIDⅡalso brings about some problems,such as a vicious price war in research reports,damage to listed firms’information environment,and non-optimal talent flow in research institutions.China’s analyst commission system has problems such as insufficient disclosure transparency,unclear definition of research services,and less effective supervision of commission distribution.The complete unbinding of commissions at this stage may lead to potential risks so that relatively flexible reform ideas should be adopted.For regulators,they need to promote the reform of fund management fees and shape the market incentive mechanism,while securities companies should should enhance their comprehensive research capabilities,promote the transformation of business models,and explore differentiated development paths.

关 键 词：卖方分析师 利益冲突 佣金解绑 MiFIDⅡ 佣金制度改革 

分 类 号：F832.51[经济管理—金融学]