我国证券公司股权结构对X效率的影响研究
发布时间：2019-03-28 19:43
【摘要】：证券公司是证券市场的主体，是金融资源配置的重要中介机构。经过20多年的迅速发展，我国已经形成了一批实力雄厚的证券公司。但在证券公司迅速发展的过程中，由于历史原因，出现诸多问题，如股权结构不合理，从而阻碍了证券市场的发展。国内外学者对股权结构的优化进行了深入的研究，部分观点认为，股权过度集中化使得证券公司出现治理危机，并提出分散股权的新思路。然而，从近几年的实际结果看并不如前面学者研究的那样，尤其是在金融危机之后，反而出现了股权结构分散的证券公司效率更低的现象。 证券公司作为金融机构的重要组成部分，同样可采用X效率来评价其管理水平或管理效率差异。针对于此，，本文研究金融危机之后，2009-2012年我国证券公司不同的股权结构对X效率有怎样的影响。 论文首先阐述了股权结构与X效率的相关理论，分析了股权结构对证券公司X效率的作用机制；其次，从股权性质和股权集中度两个方面分析了我国证券公司的股权结构现状以及上市与非上市证券公司股权结构的特点；再次，运用三阶段DEA模型测度我国证券公司的X效率。之后，利用面板数据的多元回归方法定量研究不同的股权结构对于证券公司X效率的影响。实证研究表明：前三大股东持股比例比第一大股东占股比例对证券公司的X效率影响更为显著，并且对X效率影响具有正向关系，即股权集中度对证券公司X效率影响为正向。本文认为，股权过于集中虽然存在着大股东侵害小股东的可能性，但也应该注意到大股东所发挥的有效监控的作用。这种作用，在经济下滑及复苏阶段更为重要。 相比以往学者所做的研究，本文的特色在于运用三阶段DEA模型测度我国证券公司的X效率，排除了环境因素及随机误差项的影响，使得效率估计结果更接近实际情况。在测度我国证券公司X效率基础上，运用面板数据分析股权性质与股权集中度对我国证券公司X效率的影响，并根据实证结论提出相应的政策建议。
[Abstract]:The securities company is the main body of the securities market, and is an important intermediary for the financial resource allocation. After more than 20 years of rapid development, our country has formed a number of strong securities companies. But in the process of the rapid development of the securities company, because of the historical reason, there are many problems, such as the irrational structure of the equity structure, thus hindering the development of the securities market. The domestic and foreign scholars have carried out an in-depth study on the optimization of the ownership structure, some of which are of the view that the centralization of the equity makes the securities company manage the crisis and put forward a new idea of dispersing the stock right. However, from the actual results in recent years, it is not the same as that of the previous scholars, especially after the financial crisis. As an important part of the financial institution, the securities company can also use the X-efficiency to evaluate the management level or the management efficiency difference On this basis, after the financial crisis, the different stock ownership structure of China's securities company in 2009-2012 is the shadow of the X-efficiency. In this paper, the correlation theory of equity structure and X-efficiency is described, and the mechanism of the structure of ownership structure to the X-efficiency of securities company is analyzed. Secondly, the present situation of the stock ownership structure of the securities company in China and the characteristics of the equity structure of the non-listed securities company are analyzed from two aspects of the property of the equity and the concentration degree of the equity. Thirdly, the three-stage DEA model is used to measure the security of the securities company in China. X-efficiency. After that, the multi-regression method of panel data is used to quantitatively study the X-efficiency of different stock structures for securities companies The empirical study shows that the proportion of shares held by the top three shareholders is more significant than that of the first large shareholder, and has a positive relation to the effect of X efficiency, that is, the influence of the equity concentration on the X efficiency of the securities company. In this paper, the author holds that the stock right is too concentrated, although the possibility of the large shareholders against the small shareholders is present, the effective monitoring of the large shareholders should also be noted The role of this, in the economic downturn and the recovery phase, is more It is of great importance to compare the X-efficiency of our securities company with the three-stage DEA model, and to eliminate the influence of environmental factors and random error items, so that the efficiency estimation result is more relevant. On the basis of measuring the X-efficiency of China's securities company, the paper analyzes the effect of equity and equity concentration on the X-efficiency of the securities company in China, and puts forward corresponding conclusions based on the empirical conclusion.
【学位授予单位】：中国海洋大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.3;F830.42
本文编号：2449170
[Abstract]:The securities company is the main body of the securities market, and is an important intermediary for the financial resource allocation. After more than 20 years of rapid development, our country has formed a number of strong securities companies. But in the process of the rapid development of the securities company, because of the historical reason, there are many problems, such as the irrational structure of the equity structure, thus hindering the development of the securities market. The domestic and foreign scholars have carried out an in-depth study on the optimization of the ownership structure, some of which are of the view that the centralization of the equity makes the securities company manage the crisis and put forward a new idea of dispersing the stock right. However, from the actual results in recent years, it is not the same as that of the previous scholars, especially after the financial crisis. As an important part of the financial institution, the securities company can also use the X-efficiency to evaluate the management level or the management efficiency difference On this basis, after the financial crisis, the different stock ownership structure of China's securities company in 2009-2012 is the shadow of the X-efficiency. In this paper, the correlation theory of equity structure and X-efficiency is described, and the mechanism of the structure of ownership structure to the X-efficiency of securities company is analyzed. Secondly, the present situation of the stock ownership structure of the securities company in China and the characteristics of the equity structure of the non-listed securities company are analyzed from two aspects of the property of the equity and the concentration degree of the equity. Thirdly, the three-stage DEA model is used to measure the security of the securities company in China. X-efficiency. After that, the multi-regression method of panel data is used to quantitatively study the X-efficiency of different stock structures for securities companies The empirical study shows that the proportion of shares held by the top three shareholders is more significant than that of the first large shareholder, and has a positive relation to the effect of X efficiency, that is, the influence of the equity concentration on the X efficiency of the securities company. In this paper, the author holds that the stock right is too concentrated, although the possibility of the large shareholders against the small shareholders is present, the effective monitoring of the large shareholders should also be noted The role of this, in the economic downturn and the recovery phase, is more It is of great importance to compare the X-efficiency of our securities company with the three-stage DEA model, and to eliminate the influence of environmental factors and random error items, so that the efficiency estimation result is more relevant. On the basis of measuring the X-efficiency of China's securities company, the paper analyzes the effect of equity and equity concentration on the X-efficiency of the securities company in China, and puts forward corresponding conclusions based on the empirical conclusion.
【学位授予单位】：中国海洋大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.3;F830.42
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