野村:内银获发券商牌照将加剧竞争 大型券商影响微
野村发表研究报告指,内地传媒报道,商业银行有望获发券商牌照,并至少有两间大型银行可纳入试行计划。如果报道属实,该行认为监管机构可能是期望在中国金融业开放的情况下,进一步促进旗舰经纪的出现,并鼓励直接融资的发展。
野村表示,若允许银行持有券商牌照,将会加剧业界竞争,并会损害券商的盈利能力,但由于机构强大的服务能力,相信大型券商受的影响将较小。在客户基础、负债成本及资产规模方面,该行认为,银行具有优势,或能有效地抢佔传统券商业务的市占率,但银行或需要时间去建立服务能力等。因此野村认为,即使银行在短期内获发券商牌照,大型券商在新股承销上仍能得以保持。
该行指,银行可以逐渐在证券业界中取得市佔率,但步伐不会很快。根据银行在人寿保险行业的经验,银行可能仍需要一定时间,在能在证券业务中立足。
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