我国上市证券公司经营绩效与资本结构的非线性研究

发布时间：2018-03-06 17:34

本文选题：上市证券公司　切入点：资本结构　出处：《天津财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着中国金融市场的对外开放程度越来越高,证券市场逐步走向规范化,并且日益与国际市场接轨,国内证券公司在获得良好的发展机遇的同时,也面临着国外大型公司的强有力冲击。因此,对我国上市证券公司资本构成及经营绩效进行研究,并根据研究成果确定适用于证券公司的合理资本结构,有利于解决当前证券市场所面临的发展瓶颈,同时有利于我国资本市场以及金融行业的健康、稳定及长远发展。文章通过介绍资本结构对经营绩效的影响理论,并选取我国10家上市证券公司的2004-2012年的样本数据建立面板数据多重门限模型,选取了公司规模、资产结构、成长性3个控制变量,最终通过估计得出门限值为0.627。因此认为我国上市证券公司合理的资产负债率为62.7%。当证券公司资产负债率小于62.7%时,增加负债融资,能够提高公司的经营绩效；当证券公司资产负债率大于等于62.7%时,继续增加负债融资,将会使公司财务风险不断增加,负债筹资利息成本所起的抵税作用会被财务风险所抵消,公司经营绩效开始下降。同时,根据模型估计,证券公司规模扩大能够对公司经营绩效产生积极影响,且影响较为显著；证券公司营业收入增长率的提升,说明公司业务持续增加,经营业绩不断提高；而证券公司固定资产由于在证券公司资产总额中比重相对较小,对证券公司经营绩效的影响没有上述两个控制变量影响显著,但仍然呈现出一定的负相关关系。基于实证研究成果,我国证券公司应重视行业特征,适度调整资本结构,权衡公司融资成本,拓宽公司融资渠道,充分利用规模优势,并积极创新。国家应加快债券市场建设,建立健全公司绩效评价体系,简化证券市场审批程序,监督并完善证券市场内部治理结构。
[Abstract]:With the opening of China's financial market to the outside world, the securities market is becoming more and more standardized, and increasingly in line with the international market, while the domestic securities companies are getting good opportunities for development, Therefore, the capital composition and operating performance of listed securities companies in China are studied, and the reasonable capital structure suitable for securities companies is determined according to the research results. This paper introduces the theory of the influence of capital structure on management performance, which is conducive to solving the bottleneck of the development of the current securities market, and is conducive to the healthy, stable and long-term development of the capital market and the financial industry in China. And select the sample data of 10 listed securities companies in China from 2004 to 2012 to set up multi-threshold model of panel data, select three control variables of company size, asset structure and growth. Finally, it is estimated that the limit of going out is 0.627.Therefore, the reasonable asset-liability ratio of listed securities companies in China is 62.7%. When the asset-liability ratio of securities companies is less than 62.7%, increasing debt financing can improve the operating performance of the companies. When the asset-liability ratio of a securities company is greater than or equal to 62.7%, if the debt financing continues to increase, the financial risk of the company will continue to increase, and the tax offset of the interest cost of debt financing will be offset by the financial risk. At the same time, according to the model, the expansion of the scale of securities companies can have a positive impact on the performance of the company, and the impact is more significant. It shows that the business of the securities company continues to increase, and the business performance of the securities company continues to improve, while the fixed assets of the securities company have a relatively small proportion in the total assets of the securities company, so the impact on the operating performance of the securities company is less significant than that of the two control variables mentioned above. However, there is still a negative correlation. Based on the results of empirical research, China's securities companies should pay attention to the characteristics of the industry, adjust the capital structure appropriately, weigh corporate financing costs, broaden the financing channels of companies, and make full use of the advantages of scale. The government should speed up the construction of the bond market, establish and perfect the evaluation system of the company's performance, simplify the examination and approval procedure of the securities market, supervise and perfect the internal governance structure of the securities market.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.39;F830.42

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