我国券商发展问题的实证研究

发布时间：2018-02-22 22:10

本文关键词： 券商回头率券商声誉推荐报告服务关系型资产　出处：《经济纵横》2012年10期 　论文类型：期刊论文

【摘要】：券商竞争力的主要评价指标是其股票承销数量和股票承销金额,而券商回头率能够反映上市公司对券商承销业务质量的评价,也在一定程度上体现了券商的竞争力。本文利用29家券商及182家上市公司的相关数据,从单一客户回头率和综合客户回头率两个角度研究了我国券商的发展问题。实证研究表明,上市公司比较重视券商的声誉,券商声誉越高,券商回头率越高。关系型资产与券商回头率之间存在显著的正向关系。我国资本市场对券商的推荐报告服务认可度不够,明星分析师制度尚未建立,导致推荐报告服务对券商回头率没有显著影响。券商定价能力对券商回头率的影响还比较小。随着市场化程度的提高,承销业务属地性这一特征正逐渐消失,非市场因素在我国资本市场上发挥的作用逐渐弱化。
[Abstract]:The main evaluation index of securities firms' competitiveness is the number of shares underwritten and the amount of stock underwriting, and the return rate of securities firms can reflect the evaluation of the quality of underwriting business by listed companies. To some extent, it also reflects the competitiveness of securities companies. This paper uses 29 securities firms and 182 listed companies related data, This paper studies the development of Chinese securities firms from two angles of single customer return rate and comprehensive customer return rate. The empirical research shows that listed companies pay more attention to the reputation of securities companies, and the higher the reputation of securities firms, The higher the return rate of securities firms is, the more significant positive relationship exists between the relationship assets and the return rate of securities firms. The capital market in our country does not have enough recognition for the securities companies' recommendation report service, and the star analyst system has not yet been established. As a result, the recommendation report service has no significant impact on the return rate of the securities companies. The influence of the pricing power of the securities firms on the return rate of the securities firms is still relatively small. With the increase of the marketization level, the property of the territory of the underwriting business is gradually disappearing. The role of non-market factors in China's capital market is gradually weakening.
【作者单位】：南京大学商学院;
【基金】：国家自然科学基金项目(70972032) 国家社会科学重点基金项目(08AJY029) 江苏高校优势学科建设工程项目(PAPD)的资助
【分类号】：F832.51;F224

【共引文献】