中国证券公司主营业务效率评价及其影响因素分析

发布时间：2018-07-10 05:16

本文选题：证券公司 + 技术效率　；参考：《哈尔滨工业大学》2013年硕士论文

【摘要】：受惠于过去十年的大规模重组和市场复苏，中国证券业的各项数据又得以好转。尽管经历了2009、2010和2011连续三年的市场不景气，中国证券业营业收入仍然从2005年的130亿元人民币攀升到2011年的1630亿元人民币；从6年前60亿元人民币的行业亏损，一举实现460亿元人民币的盈利。然而，这些耀眼的数据也容易令人误以为零售主导、关注现货市场、同质化和低技术含量也能造就中国证券业的成功。而在我们看来，这些并非可持续性的业务模式。大多数中国的证券公司提供没有差别的服务，至少从表面看来都很相似。比如，各家公司都征收股票交易的佣金，收费的水平也几乎相同。再如，它们的命运皆取决于市场的波动和中国未来经济增长的不确定因素。因此，随着我国证券业的迅速发展与证券行业内部竞争的加剧，对证券公司效率的问题进行研究就显得比较重要了。本文选取的总样本是我国109家证券公司，运用随机前沿分析（SFA）对这些样本公司的经纪业务、投资银行业务、资产管理业务以及自营业务2009-2011年的相关数据进行实证分析，分别就所得结果对样本证券公司四大业务技术效率情况和影响技术效率的因素进行分析。实证结果表明：效率值方面，我国证券公司四大业务技术效率均比较低，，尤其是自营业务技术效率极其低，两极分化严重；效率趋势方面，除了经纪业务和资产管理技术效率呈现出下降趋势，其他两大业务的技术效率均呈现出上升趋势；效率影响因素方面，股权集中度对经纪业务和投资银行业务技术效率存在显著的负向影响，员工受教育程度和内部激励机制均对证券公司四大业务技术效率存在正向影响，投资顾问能力对经纪业务技术效率存在正向影响，保荐能力对投资业务技术效率存在正向影响，研究实力对资产管理业务和自营业务技术效率存在正向影响，资产负债率对自营业务技术效率存在负向影响。最后，根据本文的研究结论对我国证券公司主营业务技术效率提出几点可行建议。
[Abstract]:Thanks to the massive restructuring and market recovery of the past decade, China's securities data have improved. Despite three consecutive years of market depression in 2009 / 2010 and 2011, China's securities industry's revenue rose from 13 billion yuan in 2005 to 163 billion yuan in 2011 and a loss of 6 billion yuan six years ago. To achieve a profit of RMB 46 billion at a stroke. However, these glaring numbers are also prone to mislead the perception that retail dominance, focusing on the spot market, homogeneity and low technology content can also contribute to the success of China's securities industry. In our view, these are not sustainable business models. Most Chinese securities firms offer undifferentiated services, at least on the surface. Companies, for example, charge commissions for share trading at almost the same level. Their fate, for example, depends on market volatility and uncertainty about China's future economic growth. Therefore, with the rapid development of China's securities industry and the intensification of internal competition in the securities industry, it is more important to study the efficiency of securities companies. The total sample selected in this paper is 109 securities companies in China. By using stochastic frontier analysis (SFA), the data of brokerage, investment banking, asset management and proprietary business from 2009 to 2011 are analyzed empirically. The paper analyzes the technical efficiency of the four major businesses of the sample securities companies and the factors influencing the technical efficiency. The empirical results show that: efficiency value, the four major business efficiency of securities companies in China are relatively low, especially the technical efficiency of proprietary business is extremely low, polarization is serious; efficiency trend, In addition to the downward trend in the technical efficiency of brokerage business and asset management, the technical efficiency of the other two major businesses has shown an upward trend. The degree of ownership concentration has a significant negative effect on the technical efficiency of brokerage and investment banking, and the level of employee education and the internal incentive mechanism have positive effects on the technical efficiency of the four major businesses of securities companies. Investment advisory ability has positive influence on technical efficiency of brokerage business, recommendation ability has positive influence on technical efficiency of investment business, and research strength has positive influence on technical efficiency of asset management and proprietary business. The ratio of assets and liabilities has a negative effect on the technical efficiency of proprietary business. Finally, according to the conclusion of this paper, some feasible suggestions are put forward for the technical efficiency of the main business of Chinese securities companies.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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