贵州财经大学学报

贵州财经大学学报 ›› 2026 ›› Issue (01): 77-88.

• 金融经济 • 上一篇    

国际化经营、数智化转型与券商理财服务高质量发展——基于金融高水平开放视角

李礼1, 严文健1, 王鹏程2   

  1. 1. 广东省社会科学院 财政金融研究所, 广东 广州 510635;
    2. 华东理工大学 商学院, 上海 200237
  • 收稿日期:2025-03-31 发布日期:2026-01-22
  • 作者简介:李礼(1980—),男,湖南长沙人,广东省社会科学院财政金融研究所研究员,博士,研究方向为资本市场、数字金融以及地方财政;严文健(1998—),男,广东佛山人,广东省社会科学院财政金融研究所硕士研究生,研究方向为数字金融;王鹏程(1993—)男,河南漯河人,华东理工大学商学院博士研究生,研究方向为资本市场和数字金融。
  • 基金资助:
    广东省哲学社会科学规划2024年度一般项目“数字技术驱动大湾区民生金融发展的内在逻辑及优化路径”(编号:GD24CYJ19);2023年度海南省委省政府重大研究专项课题“琼粤相向发展金融开放联动策略研究”(编号:HNSK(ZDZX)23-32)。

International Operations, Digital Transformation and High-quality Development of Securities Brokerage Wealth Management Services-From the Perspective of High-level Financial Openness

LI Li1, YAN Wenjian1, WANG Pengcheng2   

  1. 1. Institute of Finance, Guangdong Academy of Social Sciences, Guangzhou, Guangdong 510635, China;
    2. School of Business, East China University of Science and Technology, Shanghai 200237, China
  • Received:2025-03-31 Published:2026-01-22

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摘要： 推动券商理财服务高质量发展,既是优化资本市场服务功能的关键抓手,也是加快金融强国建设的战略举措。文章突破现有文献仅聚焦于数智化转型或国际化经营的单维影响局限,基于2017—2021年证券行业全样本数据,运用双向固定效应面板回归模型,系统考察数智化转型叠加国际化经营对券商理财服务高质量发展的作用机理以及影响效应。结果发现:数智化转型与国际化经营协同发展有助于推动券商财富管理业务规模扩张以及结构优化,从而实现服务能级跃迁。渠道检验发现,两大因素的叠加效应有助于活跃客户证券交易行为以及提高理财产品销售率,但是对投资咨询服务的影响相对有限。研究结论可为中资金融机构深入把握跨境财富管理市场的运行规律提供重要理论支撑,同时为其突破海外市场发展瓶颈、实现全球化战略布局提供实证依据和决策支持。

关键词: 国际化经营, 数智化转型, 财富管理, 高水平开放, 高质量发展

Abstract: Promoting the high-quality development of securities firms’ wealth management services is not only a key lever for optimizing the service functions of the capital market, but also a strategic measure to accelerate the construction of a strong financial country. Breaking through the limitations of existing literature that only focuses on the one-dimensional impact of digital transformation or international operations, this article uses a two-way fixed effects panel regression model based on the full sample data of the securities industry from 2017 to 2021 to systematically examine the mechanism and impact of digital transformation combined with international operations on the high-quality development of securities firms' wealth management services. The results show that the coordinated development of digital transformation and international operations helps to promote the expansion and structural optimization of securities firms’ wealth management business, thereby achieving a leap in service level. Channel testing found that the combined effect of the two factors helps to activate customer securities trading behavior and increase the sales rate of wealth management products, but the impact on investment consulting services is relatively limited. The conclusion of this study provides important theoretical support for Chinese financial institutions to deeply grasp the operating rules of the cross-border wealth management market, and at the same time provides empirical evidence and decision support for them to break through the bottleneck of overseas market development and achieve global strategic layout.

Key words: international operation, digital transformation, wealth management, high level opening-up to the outside world, high-quality development

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