我国银证合作模式对证券公司经营绩效影响的比较分析

发布时间：2018-06-26 08:55

本文选题：银证合作 + 金融控股公司　；参考：《中南大学》2013年硕士论文

【摘要】：摘要：随着我国金融改革的不断深化和金融业的逐步开放,为了谋求更好的生存与发展空间,近年来国内一些商业银行和证券公司开始突破分业经营的界限,通过契约合作、金融控股公司等模式开展综合化经营的探索与实践。从国内实践看,在分业监管体制下,综合化经营的方式有以下几种：一是浅层次的业务合作,如商业银行与证券、基金、保险、信托共同开发综合性产品并代理销售；二是大型企业集团组建控股公司,集团本身不经营金融业务,而由其控股的银行、信托、证券、保险多个金融子公司分别经营多种金融业务,如中信集团、光大集团、中银国际、平安保险集团模式。很多学者讨论了金融控股公司模式有利于我国金融机构的发展,因为它具有范围经济、规模经济和协同效应等一系列的经济效益,能够促进金融机构的有效运作、提高经营效率。但现有文献定性的讨论较多,实证研究较少,经营模式与机构绩效之间的关系并不清晰。本文采用杜邦分析体系和DEA数据包络分析法对我国不同银证合作模式下证券公司的经营绩效的差异性进行比较性的实证分析,旨在探讨银证合作模式对证券公司经营绩效的影响。本文选取了2009年—2012年我国46家证券公司,将46家证券公司分为3组进行讨论,分别为：纯粹型金融控股公司模式下的证券公司、混合型金融控股公司模式下的证券公司以及独立经营的证券公司,前两组属于基于股权关系的银证混业经营,以金融控股公司为代表,包括中信证券、光大证券、中银国际证券以及平安证券,第三组则选取了其余我国规范类和创新类的42家独立经营的证券公司。实证结果表明：混合型金融控股公司模式下的证券公司的经营绩效最高,纯粹型金融控股公司模式下的证券公司居于其次,而独立经营的证券公司经营绩效偏低,说明金融控股公司模式有利于我国证券公司的发展。
[Abstract]:Absrtact: with the deepening of financial reform and the gradual opening of financial industry in China, in order to seek better living and development space, some domestic commercial banks and securities companies have begun to break through the boundary of separate operation in recent years and cooperate by contract. Financial holding companies and other modes of comprehensive management exploration and practice. From the domestic practice, under the separate supervision system, there are the following ways of comprehensive management: first, shallow business cooperation, such as commercial banks and securities, funds, insurance, trust to jointly develop comprehensive products and agent sales; Second, large enterprise groups set up holding companies. The group itself does not engage in financial business, but the banks, trusts, securities, and insurance companies controlled by it operate a variety of financial businesses separately, such as CITIC Group and Everbright Group. Bank of China International, Ping an Insurance Group model. Many scholars have discussed that the model of financial holding company is beneficial to the development of financial institutions in China, because it has a series of economic benefits, such as scope economy, scale economy and synergistic effect, which can promote the effective operation of financial institutions. Improve operational efficiency. However, there are more qualitative discussions, less empirical studies, and the relationship between business model and institutional performance is not clear. This paper uses DuPont Analysis system and DEA data Envelopment Analysis method to compare the difference of operating performance of securities companies under different cooperation modes of banking and securities in China. The purpose of this paper is to discuss the influence of the cooperation mode of bank and securities on the performance of securities companies. This paper selects 46 securities companies from 2009 to 2012 and divides them into three groups, which are: pure financial holding companies. The first two groups of securities companies under the mixed financial holding company model and independently operated securities companies, represented by financial holding companies, include CITIC Securities, Everbright Securities, Bank of China International Securities and Ping an Securities, the third group selected the rest of the regulatory and innovative categories of 42 independent securities companies. The empirical results show that the performance of the securities companies under the mixed financial holding company model is the highest, that of the pure financial holding company model is the second, while that of the independent management securities company is low. It shows that the financial holding company model is conducive to the development of securities companies in China.
【学位授予单位】：中南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.39

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