中国证券公司成本效率与股权结构的实证研究

发布时间：2018-01-02 14:42

本文关键词：中国证券公司成本效率与股权结构的实证研究　出处：《山东大学》2014年硕士论文　论文类型：学位论文

【摘要】：证券公司作为我国资本市场中的中介机构,无论在一级市场还是二级市场上都发挥着重要作用。证券公司以其长期在资本市场上运作而积累的经验及专长,为资金的供给者和需求者提供优质的服务,促进资金的流动和市场的发展。自2012年下半年以来,国内金融界放松管制、融资融券业务的推广特别是金融同业资产管理业务的松绑,推动金融脱媒以及利率市场化进程的加速,无疑将促进金融产品的创新。这一系列变化,都对我国证券公司的竞争实力提出更高的要求与挑战。证券公司的经营效率将直接影响资本市场资源的配置效率。效率是用来衡量证券公司经营业绩的重要指标,本文采用随机前沿分析法(SFA)来对测度证券公司的成本效率,并基于理论依据提出研究假设与实证方法验证假设成立的思路来实证研究我国证券公司的股权结构与其成本效率的关系。首先,在理论上分析股权结构与公司绩效的相互关系；其次,分析我国证券公司特有的股权结构特点,阐述我国证券公司在股权结构方面的发展状况和相关问题；再次,结合我国证券公司特殊的股权结构,从实证角度来探讨股权结构对证券公司成本效率的影响。实证研究主要从股权集中度、不同的股权性质、不同的股东性质三个方面来进行研究,选用2008-2012年我国证券公司的经审计的财务数据,采用SFA方法测度证券公司的成本效率。并研究证券公司的股权结构与其成本效率之间的关系。最后,根据研究结论,提出相应的政策建议。实证研究的结果显示：1.国有证券公司的成本效率要高于非国有性质证券公司,但统计结果并不显著；2.第一大股东持股比例与证券公司的成本效率之间呈倒U型关系,随着控股股东持股比例的增长,成本效率先增加,达到一定程度后,转而降低；3.引入外国战略投资者来优化股权结构的证券公司的成本效率要高。基于结论提出了3点政策建议： 1.改善证券公司股权结构中“一股独大”为主的现状,优化证券公司股权结构。相对控股的股权结构与适度的股权制衡机制对提高证券公司的成本效率才更为有利。对我国证券公司股权结构的完善时要充分考虑第一大股东对公司治理的积极功能,同时努力消除股权集中的利益侵占效应所带来的消极作用。 2.适度降低国有性质股在证券公司中的持股比例,引入民间资本和外国资本,促进公司的竞争,来提高成本效率。我国证券业监督管理机构可以适度放开证券公司的股权流动性的限制,通过引入非国有股权和外国战略投资者,真正实现国有产权主体的多样化。 3.鼓励并引导证券公司的重组,提高经营效率。通过证券公司间的股权重组,淘汰经营效率低下的证券公司,来优化资源配置,有利于证券公司做强、做大。鼓励证券公司进行业务创新,转变传统的经营模式,来提高自身的成本效率。
[Abstract]:As an intermediary in the capital market of our country , the securities company plays an important role in the first - level market or the second - level market . The securities company provides high - quality services to the suppliers and demanders of the funds in order to promote the flow of funds and the development of the market . Since the second half of 2012 , the promotion of domestic financial circles , the promotion of financing and financing and the acceleration of the market - oriented process of interest rate will undoubtedly promote the innovation of financial products . The efficiency of the securities firm ' s operation will directly influence the efficiency of the capital market resource allocation . The efficiency is the important index used to measure the performance of the securities company . The paper analyzes the relationship between the equity structure and the cost efficiency of the securities firm based on the theory of stochastic frontier analysis ( SFA ) . The results show that : 1 . The cost efficiency of a state - owned securities company is higher than that of non - state - owned securities companies , but the statistical results are not significant ; 2 . The proportion of the ownership of the first big shareholder and the cost efficiency of the securities firm are inversely U - shaped . With the increase of the holding proportion of the controlling shareholder , the cost efficiency increases first , and then decreases ; 3 . The cost efficiency of the securities firm that introduces foreign strategic investors to optimize the equity structure is high . Based on the conclusion , the paper puts forward three policy recommendations : 1 . To improve the current situation of " one big one big " in the stock rights structure of the securities company , and optimize the equity structure of the securities company . The relative controlling equity structure and the moderate equity control mechanism are more favorable to the improvement of the cost efficiency of the securities firm . When the equity structure of the securities company is perfected , the positive function of the first big shareholder to the corporate governance should be fully taken into consideration , and meanwhile , the negative effect brought about by the benefit occupation effect of the equity concentration should be eliminated . 2 . To moderately reduce the proportion of shares held by state - owned shares in securities companies , introduce the private capital and foreign capital , promote the competition of the company , and improve the cost efficiency . The securities regulatory authorities of our country can moderately liberalise the equity liquidity of the securities companies , and truly realize the diversification of the main body of the state - owned property rights through the introduction of non - state - owned shares and foreign strategic investors . 3 . Encourage and guide the restructuring of securities companies and improve the efficiency of operation . To optimize the allocation of resources through equity restructuring among securities companies , to eliminate the inefficient securities companies , to optimize the allocation of resources , to facilitate the stronger and bigger securities companies , and to encourage the securities companies to carry out business innovation and transform the traditional mode of operation to improve their own cost efficiency .

【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F830.42;F832.39

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