基于结构方程模型的证券公司竞争力影响因素研究

发布时间：2018-03-17 10:51

本文选题：证券公司　切入点：竞争力　出处：《济南大学》2014年硕士论文　论文类型：学位论文

【摘要】：2007年美国金融危机的爆发给世界各国金融体系的稳定性带来了巨大冲击，中国证券公司由于处于发展初期，对危机反应相对较弱，反而在危机后出现短时间的较强竞争力，随后在2011-2012年又陷入了发展的困境，整个行业经营状况普遍下滑，成长能力呈倒退趋势的证券公司占整个行业的60%以上。本文以寻找证券公司脱困策略为首要实际出发点，在第一章中，首先分析研究背景、研究意义、研究方法以及研究框架；第二章主要回顾、演绎、总结过去研究文献，分析其研究的价值与不足，文献研究主要从证券公司竞争力研究的理论基础——企业竞争力，中国证券业协会、证券公司附属机构、学术论文与著作方面进行；在第三章中，在坚持综合性、针对性、科学性、可操作性等一系列原则的基础上，结合过去指标要素的使用频率，进行指标选取与指标体系构建，中国证券公司竞争力指标体系共包括5个潜在内因变量、19个观察内因变量；为更好的呈现近几年尤其是2012年证券公司的运营状况，第四章从证券公司财务、经纪业务、承销与保荐、集合理财产品四个方面作系统性描述；第五章，运用结构方程模型分析中国证券公司竞争力影响因素，实证结果显示证券公司的经营能力、创新能力、盈利能力是证券公司最为核心的影响因素，在观察内因变量中，经营能力所有下设指标、创新业务数量、证券监管评级的影响性更大。另外，部分因素是比较容易忽视的，部均交易额、非经纪业务收入占比的情况应当引起重视；第六章，针对前一章的实证结果，分析中国证券在短时间从何种方面提高竞争力水平，，政策建议主要涉及经营能力改善、盈利能力提高、高级别证券监管评级谋取、业务质量改善以及经纪业务比重下降等方面。本文的研究样本选取了2012年证券行业114家所有证券公司，涉及近万个数据，运用结构方程模型刻画、描述证券公司竞争力影响因素，为证券公司在短时间内竞争力提升提供思路的同时，结构方程模型的运用也为以后证券公司竞争力研究提供了一种计量方法。
[Abstract]:In 2007, the outbreak of the American financial crisis brought a great impact to the stability of the financial systems around the world. Because the Chinese securities companies are in the initial stage of development, the response to the crisis is relatively weak, but after the crisis, there is a strong competitiveness for a short period of time. Then in 2011-2012, the industry suffered a general decline, with securities firms with a regressive growth rate accounting for more than 60% of the industry. In the first chapter, we analyze the research background, research significance, research methods and research framework. The second chapter reviews, deduces and summarizes the past research literature. Analyzing the value and deficiency of its research, the literature research is mainly carried out from the theoretical basis of the research on the competitiveness of securities companies-the competitiveness of enterprises, the securities industry association of China, the affiliated institutions of securities companies, academic papers and works. On the basis of adhering to a series of principles such as comprehensiveness, pertinence, science, maneuverability, and combining with the frequency of the use of the past index elements, the selection of indicators and the construction of index system are carried out. The competitiveness index system of Chinese securities companies includes 5 potential internal dependent variables and 19 observed internal dependent variables. In order to better present the operating status of securities companies in recent years, especially in 2012, Chapter 4th focuses on securities company finance and brokerage business. Chapter 5th, using structural equation model to analyze the influencing factors of the competitiveness of Chinese securities companies, the empirical results show the ability of management and innovation of securities companies. Profitability is the core influencing factor of securities companies. Among the internal factor variables, the number of innovative business, the number of innovative business and the rating of securities supervision are more influential. In addition, some factors are easy to ignore. Chapter 6th, based on the empirical results of the previous chapter, analyzes how Chinese securities improve their competitiveness in a short period of time. The policy suggestion mainly involves the management ability improvement, the profit ability enhancement, the high grade securities supervision grade obtains, the business quality improvement and the broking business proportion drop and so on. In 2012, the study sample selected 114 securities companies in the securities industry, involving nearly 10,000 data, using structural equation model to describe the factors affecting the competitiveness of securities companies. At the same time, the application of the structural equation model also provides a measurement method for the future research on the competitiveness of securities companies.
【学位授予单位】：济南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F271;F832.39

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