券商竞争的政治经济学分析

发布时间：2018-05-22 13:07

本文选题：政治关联 + 投资银行　；参考：《山东大学》2017年硕士论文

【摘要】：证券市场有国民经济"晴雨表"之称,中国证券市场经过近三十年的改革与发展,目前已经初具规模,自1990年、1991年,上交所、深交所成立至2016年11月13日,我国沪深两市上市公司总家数已达到2967家,总市值569,408.03亿元,流通市值398,759.17亿元。而投资银行担任着公司实现与资本市场对接的重要桥梁。2015年券商投行业务收入多为10亿元以下,行业的极差为44.77亿元,说明券商业务规模差距明显,部分券商在投行业务方面具有明显优势。2015年我国证券公司投行业务收入前十名的的公司中第一大股东背景为国企的证券公司占90%,第一大股东具有央企背景的证券公司占40%。那么,我国证券公司投行业务收入差别是由于不同证券公司经营管理还是由于公司的政治关联带来的社会资源,这是本文主要的研究的方向。首先,本文选取了具有承销与保荐资格的证券公司2002年—2015年财务数据,利用固定效应OLS模型进行分析,实证结果显示:具有央企背景券商经营绩效更高,较高的经营绩效主要来源于公司较大的业务规模而不是较高的收费水平,并且在考虑了公司高管任职经历后,结果表明尽管高管教育经历会显著增加投行业务收入规模,但央企背景这一变量的估计系数只是略有降低,这表明央企背景所代表的社会资源和社会网络是券商在投行业务方面具有优势的一个重要因素。本文利用2002年—2015年上市公司IPO及增发数据,利用固定效应OLS模型进行实证分析,结果同样表明央企背景券商经营绩效较高主要是由于其业务规模较大,通过构造"是否本省券商"测度本省社会资源的指标,检验出券商主要依靠社会资源来拓展业务,并且证明了投行业务市场确实存在"央企背景效应"及"本省效应"。本文还利用2014年、2015年证券公司新三板业务数据做安慰剂检验(plecebo test),利用固定效应泊松回归模型分析央企背景对证券公司新三板挂牌业务承做数量的影响,实证结果表明:具有央企背景的券商在新三板挂牌业务市场上并没有突出的表现,这从反面证明了"央企背景效应"发挥作用主要是由于其政治关联所带来的社会资源。相比之前的已有文献,本文特色在于使用了所有具有承销保荐业务资格的券商2002年—2015年面板数据,通过上市公司层面数据验证了 "央企背景效应"、"本省效应",并且利用新三板挂牌业务数据进行安慰剂检验,使得研究结论更具有说服力。
[Abstract]:The securities market is known as the "barometer" of the national economy. After nearly three decades of reform and development, China's securities market has begun to take shape. Since 1990, 1991, the Shanghai Stock Exchange and Shenzhen Stock Exchange have been established until November 13, 2016. The total number of listed companies in Shanghai and Shenzhen has reached 2967, the total market value is 56.940803 trillion yuan, the circulating market value is 39.875917 trillion yuan. Investment banks act as an important bridge between the company and the capital market. In 2015, most of the investment banking income of securities firms was less than 1 billion yuan, and the industry was extremely different from 4.477 billion yuan, indicating that the gap in the scale of securities firms' business is obvious. Some securities firms have obvious advantages in investment banking business. In 2015, 90 securities companies with the largest shareholder background in state-owned enterprises and 40 securities companies with state-owned enterprise background accounted for the top 10 companies with investment banking business income in China's securities companies. So, the difference of investment banking income between securities companies in China is due to the management of different securities companies or the social resources brought by the political connections of the companies, which is the main research direction of this paper. First of all, this paper selects the financial data of securities companies with underwriting and sponsorship qualifications from 2002 to 2015, and analyzes them by using fixed effect OLS model. The empirical results show that securities companies with background of central enterprises have higher operating performance. The higher operating performance comes mainly from the larger business scale rather than the higher fee level, and after considering the company's executive experience, the results show that although the executive education experience can significantly increase the investment banking revenue scale, However, the estimated coefficient of the background of the central enterprises is only slightly lower, which indicates that the social resources and social networks represented by the background of the central enterprises are an important factor for the securities firms to have an advantage in the investment banking business. This paper uses IPO and additional issuance data of listed companies from 2002 to 2015, and uses fixed effect OLS model to carry out empirical analysis. The results also show that the higher operating performance of background securities firms in central enterprises is mainly due to their large scale of business. By constructing the index to measure the social resources of this province, the author tests that the securities firms mainly rely on social resources to expand their business, and proves that there are "background effects" and "provincial effects" in the investment banking business market. This paper also uses the 2014 and 2015 new third board business data as a placebo test, and uses the fixed effect Poisson regression model to analyze the influence of the background of the central enterprises on the number of new third board listed business of securities companies. The empirical results show that the securities companies with the background of central enterprises have no outstanding performance in the new third board listing business market, which proves that the "background effect of central enterprises" plays a role mainly because of the social resources brought by their political connections. Compared with previous literature, this paper features the use of panel data from 2002 to 2015 for all securities firms with underwriting and sponsorship qualifications. Through the listed company level data to verify the "central enterprise background effect", "the local province effect", and uses the new three boards listed business data to carry on the placebo test, makes the research conclusion more persuasive.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.39;F830.42

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