中国券商研究部门盈利能力的量化分析
发布时间：2018-12-28 16:06
【摘要】：伴随着中国证券市场的发展,券商研究部门的职能经历了由对内支持向对外服务的转变。2000年之前,研究部门作为券商内部综合性服务平台,是券商的成本中心。2001年我国第一只开放式基金成立,机构投资者陆续进入A股市场,券商研究部门的服务重点开始由内向外转变,服务于基金、保险、QFⅡ等机构,进入了以研究换佣金的时代。 经过十余年的发展,卖方市场竞争愈发激烈。据统计,每年发布的研究报告多达十万份,存在相当程度重复劳动。然而,股市持续低迷,来自基金的佣金收入总额不增反降,而且佣金率也存在下调趋势。因此,卖方研究市场产能过剩问题日益暴露。本文运用回归分析与数据挖掘的方法对影响券商研究部门盈利能力的因素进行了量化分析。 本文以研究员数量、明星研究员数量等指标作为自变量,以券商获得的基金分仓佣金收入作为因变量构建多元线性回归模型,量化各种可能的影响因素与研究部门盈利水平之间的关系。进一步地,将券商研究所的规模按照其拥有的研究员数量分为中小型、中型、大中型三类,对每一类研究所分别做多元线性回归,从而探究不同规模研究所盈利能力的影响因素之间的差异。整体回归的结果表明,研究员数量、券商总资产规模和代销基金数量显著地影响研究所的佣金收入。对中小型券商的回归结果表明,代销基金的数量是影响其佣金收入的最重要的因素。对于中型券商的回归结果表明,增加研究员数量可以显著提高其佣金收入。对于大中型券商的回归结果表明,明星研究员数量是影响其佣金收入的最重要的因素。在此基础上,通过深入挖掘券商参股基金公司的相关数据并统计分析得出,有券商参股的基金公司在选择交易席位时有明显的股东倾向性。
[Abstract]:With the development of China's securities market, the function of securities research department has changed from internal support to external service. Before 2000, the research department acted as the internal comprehensive service platform of securities firms. In 2001, the first open-end fund was established in China, and institutional investors entered the A-share market one after another. The service focus of the brokerage research department began to change from inside to outside, serving funds, insurance, QF II and other institutions. Entered the era of research for commission. After more than ten years of development, the seller's market competition is becoming more and more fierce. According to statistics, as many as 100,000 research reports issued each year, there is a considerable degree of duplication of effort. However, the stock market remains depressed, total commission income from funds is not increasing, but falling, and commission rates are also downward trend. Therefore, the seller studies the market overcapacity problem to expose day by day. In this paper, regression analysis and data mining are used to quantitatively analyze the factors that affect the profitability of securities research departments. This paper takes the number of researcher and star researcher as independent variables, and takes the income of brokerage as dependent variable to build a multivariate linear regression model. Quantify the relationship between various possible factors and the profitability of the research department. Further, according to the number of researchers it owns, the size of the securities research institute is divided into three categories: medium, large and medium-sized. For each type of research, multiple linear regression is made. In order to explore the differences between the factors affecting profitability of research institutes of different scales. The results of overall regression show that the number of researchers, the total asset size of securities firms and the number of proxy funds significantly affect the commission income of the institute. The regression results of the small and medium-sized securities firms show that the number of the funds is the most important factor affecting their commission income. Regression results for medium-sized securities firms show that increasing the number of researchers can significantly increase their commission income. Regression results for large and medium-sized brokerage firms show that the number of star researchers is the most important factor affecting their commission income. On this basis, through digging into the relevant data and statistical analysis of the securities companies involved in fund companies, it is concluded that the fund companies with securities companies have obvious shareholder preference in the selection of trading seats.
【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】：F832.39;F830.42
本文编号：2394155
[Abstract]:With the development of China's securities market, the function of securities research department has changed from internal support to external service. Before 2000, the research department acted as the internal comprehensive service platform of securities firms. In 2001, the first open-end fund was established in China, and institutional investors entered the A-share market one after another. The service focus of the brokerage research department began to change from inside to outside, serving funds, insurance, QF II and other institutions. Entered the era of research for commission. After more than ten years of development, the seller's market competition is becoming more and more fierce. According to statistics, as many as 100,000 research reports issued each year, there is a considerable degree of duplication of effort. However, the stock market remains depressed, total commission income from funds is not increasing, but falling, and commission rates are also downward trend. Therefore, the seller studies the market overcapacity problem to expose day by day. In this paper, regression analysis and data mining are used to quantitatively analyze the factors that affect the profitability of securities research departments. This paper takes the number of researcher and star researcher as independent variables, and takes the income of brokerage as dependent variable to build a multivariate linear regression model. Quantify the relationship between various possible factors and the profitability of the research department. Further, according to the number of researchers it owns, the size of the securities research institute is divided into three categories: medium, large and medium-sized. For each type of research, multiple linear regression is made. In order to explore the differences between the factors affecting profitability of research institutes of different scales. The results of overall regression show that the number of researchers, the total asset size of securities firms and the number of proxy funds significantly affect the commission income of the institute. The regression results of the small and medium-sized securities firms show that the number of the funds is the most important factor affecting their commission income. Regression results for medium-sized securities firms show that increasing the number of researchers can significantly increase their commission income. Regression results for large and medium-sized brokerage firms show that the number of star researchers is the most important factor affecting their commission income. On this basis, through digging into the relevant data and statistical analysis of the securities companies involved in fund companies, it is concluded that the fund companies with securities companies have obvious shareholder preference in the selection of trading seats.
【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】：F832.39;F830.42
【参考文献】
相关期刊论文 前4条
1 吴晓慧;;试析我国券商研究所的服务转型与盈利模式转变[J];财会研究;2012年20期
2 陈峥嵘;田华峰;;券商研究机构扫描[J];资本市场;2001年03期
3 张俊;;券商研究机构发展方向[J];资本市场;2002年04期
4 龚映清;陶鹂春;;国内券商研究发展困局与重构探索[J];证券市场导报;2013年05期
，本文编号：2394155
本文链接：https://www.wllwen.com/jingjilunwen/kuaiji/2394155.html
