我国上市证券公司绩效评价

发布时间：2018-07-15 20:05

【摘要】：随着我国资本市场开放程度逐渐加快,金融国际化和利率市场化将是我国金融市场未来发展的新趋势。证券公司作为资本市场上重要的参与者和组织者,它的健康平稳运行,是资本市场得以平稳有效运行的保障。所以证券公司的经营管理者既要注重内部的绩效管理,更要考虑如何提高证券公司的绩效水平。因此,针对我国证券行业目前的发展状况,深入研究我国上市证券公司经营绩效水平,这对国内证券公司的发展壮大以及证券市场的稳定有着重要的意义。本文以上市证券公司2010-2012年的年度面板数据为样本,从证券公司的盈利能力、偿债能力、发展能力、营运能力以及资产质量等五个方面,对我国上市证券公司经营绩效进行深入分析。根据本文的研究目标,设定以下研究内容：第一章为绪论。这部分从研究背景和研究意义开始,接着介绍了研究内容与概念界定,还有研究方法和技术路线,最后阐述了本文可能的创新与不足。第二章为国内外相关文献综述。本文从国内和国外两个角度回顾了公司绩效评价的相关研究,并对已有的研究成果进行了评述总结。第三章为当前的经营状况及存在的问题。首先,回顾了我国证券公司发展历程；然后阐述了我国证券公司的经营现状；最后,列出了我国证券公司在发展过程中积存下来的问题。第四章为构建绩效评价指标体系。首先,确立我国上市证券公司绩效评价体系的主要内容；然后确定绩效评价指标体系所要遵循的原则；最后,构建评价我国上市证券公司绩效的指标体系,包括评价指标的选取和评价指标的解释。第五章为绩效评价分析。首先,选取样本,介绍了样本选取的依据及数据的来源；然后运用整理得到的上市证券公司2010年至2012年的样本数据,通过因子分析法来分析上市证券公司的经营绩效,计算各公因子得分和综合得分；最后,对各个公因子及综合绩效进行解释分析。第六章为综合结论及对策建议。对因子分析中提取的五个公因子和综合绩效的结果进行逐一分析,在分析的过程中发现,证券公司经营绩效的好坏与偿债能力、成长能力以及营运能力有着密切的关系,上市证券公司绩效排名靠前的,偿债能力、营运能力和成长能力都比较靠前。最后针对我国证券公司未来的发展,首先从分析结果提出一些改善的建议,然后从自身战略、营销策略和竞争者之间的合作等方面提出实际有效的建议。
[Abstract]:With the opening of our country's capital market, financial internationalization and interest rate marketization will be the new trend of our country's financial market in the future. As an important participant and organizer in the capital market, the securities company runs healthily and smoothly, which is the guarantee for the capital market to run smoothly and effectively. Therefore, the managers of securities companies should pay attention to the internal performance management, but also consider how to improve the performance level of securities companies. Therefore, in view of the current development of China's securities industry, the in-depth study of the performance level of listed securities companies in China is of great significance to the development and growth of domestic securities companies and the stability of the securities market. This paper takes the annual panel data of listed securities companies from 2010-2012 as a sample, from five aspects: profitability, solvency, development capacity, operating capacity and asset quality. The operating performance of listed securities companies in China is analyzed in depth. According to the research goal of this paper, the following research contents are set up: the first chapter is the introduction. This part starts with the research background and significance, then introduces the research content and concept definition, as well as the research method and technical route, and finally expounds the possible innovation and insufficiency of this paper. The second chapter is the domestic and foreign literature review. This paper reviews the relevant research on corporate performance evaluation from both domestic and foreign perspectives, and reviews the existing research results. The third chapter is the current operating situation and existing problems. Firstly, the paper reviews the development course of the securities companies in China, then expounds the present management situation of the securities companies in our country, and finally, lists the problems accumulated in the development process of the securities companies in our country. The fourth chapter is the construction of performance evaluation index system. First of all, establish the main contents of the performance evaluation system of listed securities companies in China; then determine the principles to be followed in the performance evaluation index system; finally, construct the index system to evaluate the performance of listed securities companies in China. Including the selection of evaluation indicators and the interpretation of evaluation indicators. The fifth chapter is the analysis of performance evaluation. First, select samples, introduce the basis of sample selection and the source of data; then use the collected sample data of listed securities companies from 2010 to 2012, through factor analysis to analyze the operating performance of listed securities companies. Calculate the common factor score and comprehensive score. Finally, explain and analyze each common factor and comprehensive performance. The sixth chapter is the comprehensive conclusion and the countermeasure suggestion. The results of five common factors and comprehensive performance are analyzed one by one. In the process of analysis, it is found that the performance of securities companies is closely related to solvency, growth ability and operation ability. Listed securities companies ranked first in terms of performance, solvency, operating capacity and growth ability. Finally, in view of the future development of the securities companies in China, this paper first puts forward some suggestions for improvement from the analysis results, and then puts forward practical and effective suggestions from the aspects of its own strategy, marketing strategy and cooperation among competitors.
【学位授予单位】：南京农业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F272.92;F832.39

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