中国证券公司规模与效益关系的实证研究

发布时间：2019-06-15 16:38

【摘要】：随着全球经济一体化、网络化的加速，金融服务业得到了飞速发展，证券业作为金融行业的三大支柱之一，，在优化资源配置、使经济实现规模化和集约化发展、促进金融市场平稳运行、调整经济结构等方面发挥着越来越重要的作用。金融全球化作为经济全球化的风向标，使我国证券市场由封闭走向开放，行业竞争由国内局部市场走向全球市场，尽管我国大多数证券公司在国内证券市场不断繁荣壮大的背景下，取得了令人瞩目的成绩，很多证券公司规模得到了大幅扩张、管理水平得到了较大提升、业务范围由单一的经纪业务向综合性业务扩展、创新能力也有了一定提高，但证券市场的日益开放使国内证券公司面临一系列新的压力和挑战，资本资源的全球化配置要求国内证券公司在外部竞争压力和内部治理结构优化方面取得协调发展，抗风险能力进一步加强，业务手段更为先进，盈利模式更为可靠，而这一切都有赖于证券公司建立在一定的规模基础之上，缺少资本投入规模的支持，证券公司将难以与国际大型投资银行抗衡。国外证券市场经历了大约二百多年的发展，证券公司的基本业务形态也在不断变迁，市场的起落推动了行业资本的集中，超大型证券公司在一些发达国家相继诞生。而我国证券公司才经历短短二十多年的发展，制度尚不完善，市场尚不成熟，存在的问题较多，既有内部治理机制问题，又有外部环境问题，然而，国内证券公司不能在规模经济指引下进行有效率的规模重构或重组是制约其发展的又一重要因素。国内外在规模与效益关系的理论研究方面，有多种观点体系和理论流派，但具体针对我国证券公司规模与效益关系的研究很少，也未形成主流观点。本文试图在对国内外传统的规模经济相关理论进行总结分析的基础上，根据我国证券公司发展基本历程，从行业集中度的角度对我国证券公司发展现状进行特点总结，按经营业务范围与大小，资本资产的投入等对证券公司规模进行评价，运用主成分分析选择综合性业绩指标，对我国106家证券公司的规模效益进行实证分析，发现我国证券行业存在着较为显著的规模经济效应。尽管本文实证对我国证券行业的规模经济得到了初步验证，但证券公司的存在问题远不只是规模问题，业务结构、风险管理、内部治理等问题也困扰着证券公司，并制约证券公司规模经济的形成。本文结合影响业绩的因素和环境，对如何有效实现我国证券公司规模经济提出了相关建议。
[Abstract]:With the rapid development of the global economic integration and the network, the financial service industry has developed rapidly, and the securities industry is one of the three pillars of the financial industry. In the optimization of the resource allocation, the economy can realize the scale and the intensive development, and promote the smooth operation of the financial market. The adjustment of economic structure plays a more and more important role. As the wind-orientation of the economic globalization, the financial globalization makes the security market of our country open and open, and the competition of the industry is from the domestic local market to the global market, while most securities companies in our country have made remarkable achievements in the background of the growing prosperity of the domestic securities market, The scale of many securities companies has been greatly expanded, the management level is greatly improved, the business scope is expanded from a single brokerage business to the comprehensive business, and the innovation ability is also improved. But the opening of the securities market makes the domestic securities company face a series of new pressure and challenge, the globalization of the capital resources requires the domestic securities company to achieve the coordinated development in the external competition pressure and the internal governance structure optimization, and the anti-risk ability is further strengthened, The business means is more advanced and the profit model is more reliable, which depends on the establishment of the securities company on a certain scale, the lack of the support of the capital investment scale, and the securities company will not be able to compete with the international large investment bank. The foreign security market has gone through the development of about two hundred years, and the basic business form of the securities company is changing constantly, and the rise and fall of the market push the concentration of the industry capital. The Chinese securities company has only experienced the development of more than 20 years, the system is not perfect, the market is not mature, there are more problems, both the internal governance mechanism and the external environment, However, the domestic securities company cannot carry out the effective scale reconstruction or reorganization under the guidance of scale and economy is another important reason for restricting the development of the securities company In the aspect of the theoretical research of the relationship between scale and benefit both at home and abroad, there are many viewpoints and theoretical schools, but the research on the relationship between the size and the benefit of the securities company in our country is very small and the main body is not formed. Based on the summary and analysis of the traditional scale and economic theories at home and abroad, this paper makes a summary of the development status of our securities companies from the perspective of the concentration of the industry, according to the basic course of the development of the securities companies at home and abroad, and according to the business scope The scale of the securities company is evaluated by the investment of the size and capital assets, and the comprehensive performance index is selected by the principal component analysis, and the scale benefit of the 106 securities companies in China is analyzed. In spite of the preliminary verification of the scale economy of our country's securities industry, the problem of the securities company is not only the scale problem, the business structure, the risk management, the internal governance and so on, but also the securities company, and restricts the size of the securities company. On the basis of the factors and the environment, how to effectively realize the scale economy of our country's securities company
【学位授予单位】：合肥工业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

【共引文献】