近兩年，伴隨券(quan)(quan)商(shang)融(rong)資(zi)(zi)融(rong)券(quan)(quan)、股權質押式回購(gou)等資(zi)(zi)本(ben)中介業務(wu)的(de)飛躍發展(zhan)，券(quan)(quan)商(shang)債務(wu)融(rong)資(zi)(zi)也愈演愈烈，越(yue)來越(yue)多(duo)的(de)券(quan)(quan)商(shang)加入融(rong)資(zi)(zi)大軍(jun)，債務(wu)融(rong)資(zi)(zi)類(lei)型也逐漸多(duo)樣化。 

數(shu)據顯示，2013年和2014年，券(quan)(quan)(quan)(quan)(quan)商(shang)債務融(rong)(rong)資(zi)(zi)總額分別達(da)到(dao)4080.5億元和6327.75億元，分別同比暴增714.47%和55.07%。2012年券(quan)(quan)(quan)(quan)(quan)商(shang)債務融(rong)(rong)資(zi)(zi)總額僅(jin)為501億元，僅(jin)廣發(fa)證券(quan)(quan)(quan)(quan)(quan)、國(guo)泰君(jun)安證券(quan)(quan)(quan)(quan)(quan)、招商(shang)證券(quan)(quan)(quan)(quan)(quan)和中信(xin)證券(quan)(quan)(quan)(quan)(quan)4家(jia)券(quan)(quan)(quan)(quan)(quan)商(shang)進行了債務融(rong)(rong)資(zi)(zi)，且融(rong)(rong)資(zi)(zi)類型(xing)也較為單一，全部(bu)為短期融(rong)(rong)資(zi)(zi)券(quan)(quan)(quan)(quan)(quan)。 

2013年，海通(tong)證(zheng)(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)、國(guo)信證(zheng)(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)、申萬宏源證(zheng)(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)、華泰證(zheng)(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)、中(zhong)金公(gong)司、銀河證(zheng)(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)等(deng)其他大型券(quan)(quan)(quan)(quan)商(shang)也開始啟動(dong)債(zhai)(zhai)務融(rong)資(zi)，信達證(zheng)(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)、長城證(zheng)(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)、東興(xing)證(zheng)(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)、方(fang)正證(zheng)(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)、渤海證(zheng)(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)和財通(tong)證(zheng)(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)等(deng)一批(pi)小(xiao)券(quan)(quan)(quan)(quan)商(shang)火速(su)跟進，進行債(zhai)(zhai)務融(rong)資(zi)的券(quan)(quan)(quan)(quan)商(shang)一下(xia)子擴(kuo)大至36家。債(zhai)(zhai)務融(rong)資(zi)類型增加了公(gong)司債(zhai)(zhai)、非(fei)銀金融(rong)債(zhai)(zhai)、次級債(zhai)(zhai)。不(bu)過，彼時(shi)融(rong)資(zi)金額居前(qian)的仍是中(zhong)信證(zheng)(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)、廣發證(zheng)(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)、國(guo)泰君安證(zheng)(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)等(deng)先行一步(bu)的券(quan)(quan)(quan)(quan)商(shang)。 

2014年開始，德邦證券(quan)(quan)(quan)(quan)、國聯證券(quan)(quan)(quan)(quan)、恒泰(tai)證券(quan)(quan)(quan)(quan)等(deng)更多(duo)中小券(quan)(quan)(quan)(quan)商加入(ru)債(zhai)務(wu)(wu)融(rong)資(zi)隊伍中來，啟動債(zhai)務(wu)(wu)融(rong)資(zi)的券(quan)(quan)(quan)(quan)商進一步擴大至52家，各家券(quan)(quan)(quan)(quan)商的融(rong)資(zi)金額也迅速膨脹(zhang)。廣(guang)發、中信、國泰(tai)君安等(deng)券(quan)(quan)(quan)(quan)商當(dang)年的債(zhai)務(wu)(wu)融(rong)資(zi)金額分別達到了731億元、670億元和483.4億元，海通證券(quan)(quan)(quan)(quan)也飆到了293億元。2015年開年至今(jin)，近(jin)(jin)一個(ge)月的時間(jian)里券(quan)(quan)(quan)(quan)商又進行債(zhai)務(wu)(wu)融(rong)資(zi)近(jin)(jin)300億元，并且這一數據還在不斷增長。 

大部(bu)分券商表示，募(mu)集資(zi)(zi)金(jin)將(jiang)用于補充公司流動(dong)性資(zi)(zi)金(jin)。市(shi)場普遍認為，主要(yao)是(shi)融(rong)資(zi)(zi)融(rong)券業(ye)務(wu)(wu)(wu)、股票約(yue)定購回業(ye)務(wu)(wu)(wu)、質押融(rong)資(zi)(zi)等資(zi)(zi)本中介業(ye)務(wu)(wu)(wu)近兩年爆發式發展，使得(de)券商對資(zi)(zi)金(jin)的渴求不(bu)(bu)斷升級。另外各類創新業(ye)務(wu)(wu)(wu)也促使券商不(bu)(bu)得(de)不(bu)(bu)加快融(rong)資(zi)(zi)步伐，比如主動(dong)和被動(dong)股票期現套利等非趨勢(shi)性投(tou)(tou)資(zi)(zi)、量化交易(yi)、并購、直投(tou)(tou)等業(ye)務(wu)(wu)(wu)。 

這(zhe)一點(dian)從(cong)融(rong)資(zi)(zi)融(rong)券近兩年的增長情況也可(ke)得(de)到佐證。同(tong)(tong)花順數據顯示，早在2012年券商(shang)融(rong)資(zi)(zi)余額(e)還僅為856.94億元(yuan)，2013年年末(mo)攀升到3434.7億元(yuan)，同(tong)(tong)比翻(fan)了(le)三倍；2014年年末(mo)又繼續(xu)飆升至(zhi)10173.73億元(yuan)，突(tu)破萬億，同(tong)(tong)比增196.2%。可(ke)以看出，券商(shang)債務融(rong)資(zi)(zi)的擴張與融(rong)資(zi)(zi)金額(e)的增長幾乎同(tong)(tong)步，而融(rong)資(zi)(zi)融(rong)券資(zi)(zi)金又是2014年下半年股(gu)市狂奔的重要(yao)推手之一。 

事實上，除了債(zhai)務融(rong)資(zi)，不(bu)少大型券商(shang)(shang)還積極尋找(zhao)其他途(tu)徑進一步融(rong)資(zi)以滿足對(dui)資(zi)金的渴求，比如配股(gu)(gu)(gu)。相(xiang)比債(zhai)務融(rong)資(zi)來說，券商(shang)(shang)通過配股(gu)(gu)(gu)的方式融(rong)資(zi)成本(ben)相(xiang)對(dui)更低，2014年下半(ban)年以來股(gu)(gu)(gu)市火爆也(ye)為券商(shang)(shang)進行配股(gu)(gu)(gu)融(rong)資(zi)提供(gong)了有利環境。 

最近(jin)宣布(bu)配(pei)股(gu)融(rong)資的(de)券(quan)(quan)商包(bao)括海(hai)通(tong)證(zheng)(zheng)券(quan)(quan)、銀河證(zheng)(zheng)券(quan)(quan)、興業證(zheng)(zheng)券(quan)(quan)和(he)太平(ping)(ping)洋(yang)證(zheng)(zheng)券(quan)(quan)等。公開信(xin)息披露，興業證(zheng)(zheng)券(quan)(quan)和(he)太平(ping)(ping)洋(yang)證(zheng)(zheng)券(quan)(quan)配(pei)股(gu)主要針對A股(gu)投資者(zhe)，募資分別不超過150億元(yuan)(yuan)和(he)120億元(yuan)(yuan)。海(hai)通(tong)證(zheng)(zheng)券(quan)(quan)和(he)銀河證(zheng)(zheng)券(quan)(quan)則是(shi)H股(gu)配(pei)股(gu)融(rong)資，據測算，募資金(jin)額分別約為177億港元(yuan)(yuan)和(he)299.43億港元(yuan)(yuan)。 

據(ju)了解，上述券商配股融資金額也(ye)均用于進(jin)一(yi)步擴大(da)信(xin)用交(jiao)易業務(wu)規模，并加(jia)大(da)OTC柜臺交(jiao)易、資產證券化、另類投資、境(jing)外金融等(deng)創新業務(wu)的投入。