中国证券公司全要素生产率研究——基于MML生产率指数的实证分析

发布时间：2018-12-14 05:23

【摘要】：运用Metafrontier-Mamlqusit-Luenberger生产率指数(MML指数)测度了2006～2010年中国88家证券公司的全要素生产率及其分解成分,并对影响全要素生产率的环境因素进行了实证分析。结果表明,在技术落差比率方面,创新类证券公司走势较为平稳,规范类证券公司呈上升的趋势,其它类证券公司则呈现倒"V"型;总体上,中国证券公司的全要素生产率是下降的,只有规范类证券公司MML指数大于1,技术退步是导致中国证券公司全要素生产率下降的主要因素,而纯技术追赶则有拉高中国证券公司全要素生产率的态势;规范类和其他类证券公司的纯技术追赶值明显大于1;股价指数和资产结构对证券公司全要素生产率的提高有促进作用,国际金融危机则对证券公司的全要素生产率有显著的负作用,其他因素对全要素生产率的影响则不显著。
[Abstract]:The total factor productivity (TFP) and its decomposition components of 88 securities companies in China from 2006 to 2010 were measured by using Metafrontier-Mamlqusit-Luenberger productivity index (MML index), and the environmental factors affecting TFP were analyzed empirically. The results show that, in terms of the technical drop ratio, the trend of innovation securities companies is relatively stable, that of normative securities companies is on the rise, and that of other types of securities companies is inverted "V" type. In general, the total factor productivity of Chinese securities companies is declining, only the MML index of normative securities companies is greater than 1, and the technological retrogression is the main factor leading to the decline of total factor productivity of Chinese securities companies. But pure technology catch-up has the tendency of driving up the total factor productivity of Chinese securities companies; The pure technical catch-up value of normative and other securities companies is obviously greater than 1; The stock price index and asset structure can promote the increase of total factor productivity of securities companies, the international financial crisis has a significant negative effect on the total factor productivity of securities companies, and other factors have no significant effect on total factor productivity.
【作者单位】：暨南大学经济学院;
【基金】：教育部人文社科项目(08JC790047) 国家社会科学基金重大项目(09&ZD021) 国家自然科学基金项目(70873051) 广东省自然科学基金(10451063201005492)
【分类号】：F224;F832.51

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