近年来国际证券业购并风起云涌 ,主要原因在于政策管制的放松、信息技术的推动、宽松的融资环境以及客户需求的多元化。购并不仅对证券业的组织结构和券商的成长路径产生巨大影响 ,而且对提升资本市场的效率发挥了积极作用。这对中国证券业的发展具有很大的启示意义 ,应当通过多方面的努力 ,使券商之间形成市场化的购并机制。 In recent years, the surge in international securities purchase has been mainly due to the relaxation of policy control, the promotion of information technology, the relaxed financing environment and the diversification of customer needs. Mergers and acquisitions not only have a huge impact on the organizational structure of the securities industry and the growth path of securities firms, but also play an active role in boosting the efficiency of capital markets. This is of great enlightenment for the development of China’s securities industry. Various efforts should be made to form a market-based mechanism for mergers and acquisition among brokers.