我国证券业市场结构与效率对绩效的影响研究

发布时间：2018-01-15 23:07

本文关键词：我国证券业市场结构与效率对绩效的影响研究　出处：《中国海洋大学》2012年硕士论文　论文类型：学位论文

【摘要】：刚刚过去的2011年对我国证券业来说是最艰难的一年。截止到2012年1月20日，公布了2011年财务报表的36家非上市券商中，万联证券公司的营业收入下降幅度高达71.12%，中金公司也出现了逾四成的下降，即使降幅最小的海通证券也达4.81%，净利润超过亿元的非上市券商仅有19家。结合对其他券商的业绩预测，2011年我国证券业营业收入同比下滑将达0.6%，盈利状况处于不稳定状态。证券公司是我国金融市场的重要参与者，其获利能力的高低，直接影响我国证券公司参与资本市场的积极性，进而影响我国整个金融系统的活力以及国家经济发展的速度及质量。伴随着我国股权分置改革的逐步完成和全球经济危机影响的逐渐淡化，我国资本市场上的证券公司的自身实力和风险抵抗力都有所加强，但是和发达国家相比还存在很大差距。如何提高证券公司的获利能力，，保证证券公司的持续健康发展，已经成为我国证券业面临的共同话题。产业组织理论在研究绩效的来源时，形成了两大派别。哈佛学派认为市场结构是影响绩效的最重要因素。而芝加哥学派对哈佛学派的观点提出质疑，他们认为绩效不是由市场结构决定的而是由效率决定的，产业政策的根本目标并不在于调整市场结构而在于提高效率。哈佛学派的观点被称为市场力量假说，而芝加哥学派的观点被称为效率结构假说。本文就是在产业组织理论的基础上，借鉴市场力量假说和效率结构假说的分析框架，研究我国证券业市场结构与效率对绩效的影响，确定我国证券业绩效的来源，为我国证券公司加强对自身的认识，寻找提高绩效的可行办法，以及我国政府制定恰当的产业政策提供依据，同时为推动和完善产业组织理论在我国证券业中的应用做出一定努力。本文拟分为五部分，第一部分在产业组织理论基础上细致地梳理国内外对企业市场结构、效率和绩效的关系的研究，介绍了市场力量假说和效率结构假说，为后面的研究提供理论基础；第二部分分别从市场集中度、企业规模、产品差异度和市场进出壁垒四个方面分析我国证券业市场结构，使读者对我国证券业市场结构有个整体的认识；第三部分运用数据包络方法，测度我国证券业的效率，对我国证券业的效率水平进行分析；第四部分建立联立方程模型，从直接和间接的角度研究我国证券业市场结构的调整和效率的提高对绩效的影响，确定我国证券业的绩效来源。第五部分根据实证分析结果为我国证券业提高绩效水平建言献策。本文的创新点有两个，一是将市场力量假说和效率结构假说的分析框架引入到对证券业绩效的研究中，从产业组织理论的角度探究我国证券业绩效的来源；二是运用联立方程模型，构建起一个经济系统，在这个经济系统内研究我国证券业市场结构与效率对绩效的影响，既考虑了市场结构和效率对绩效的直接影响，也考虑到间接影响，与一般回归方程相比，取得的结果更准确、更客观。
[Abstract]:In 2011 , China ' s securities industry was the most difficult year for China ' s securities industry . As of January 20 , 2012 , China ' s securities firm ' s operating income fell by as much as 71.12 % in the 36 non - listed securities firms that published its 2011 financial statements , with only 19 non - listed securities firms with a net profit of 4.81 % and a net profit of over 100 billion yuan . In 2011 , China ' s securities industry ' s operating income fell by 0.6 % year - on - year , and its profitability was in an unstable state in 2011 . Securities companies are the important players in the financial market of our country . The profitability of the securities companies is directly affected by the enthusiasm of our securities companies in the capital market , thus affecting the vitality of the whole financial system and the speed and quality of the country ' s economic development . The view of the Harvard School is called the market force hypothesis , and the Chicago School ' s point of view is called the efficiency structure hypothesis . Based on the theory of industry organization , this paper studies the influence of market structure and efficiency on the performance of China ' s securities industry , determines the source of the performance of China ' s securities industry , and provides the basis for our government to develop appropriate industrial policies . At the same time , it will make some efforts to promote and improve the application of industrial organization theory in China ' s securities industry . This paper is divided into five parts , the first part analyzes the relationship between the market structure , efficiency and performance of the enterprise in detail based on the theory of industrial organization , introduces the market structure of China ' s securities industry in four aspects : market concentration , enterprise scale , product differentiation degree and market entry and exit barrier . There are two innovation points in this paper . One is to introduce the analysis framework of market power hypothesis and efficiency structure hypothesis into the research on the performance of the securities industry , and to explore the source of the performance of China ' s securities industry from the angle of industrial organization theory .

【学位授予单位】：中国海洋大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F224;F832.51

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