我国上市证券公司股权集中度与经营绩效的实证研究

发布时间：2017-12-31 21:07

本文关键词：我国上市证券公司股权集中度与经营绩效的实证研究　出处：《华东师范大学》2014年硕士论文　论文类型：学位论文

【摘要】：我国证券公司自身的上市历程启动较晚,但上市证券公司在金融体系中的作用和重要性毋庸置疑。我国目前已有19家上市证券公司,公司规模和利润在证券公司整体水平中均处于前列。但上市证券公司特殊的历史沿革和经济作用导致股权集中程度较高。围绕高度的股权集中是否会带来企业经营发展的不利影响,经济学者做了大量分析。研究发现不同的取样会带来截然不同的结论。股权制衡被视为是降低高集中度带来的不利影响的方法,但这一观点并没有被广泛证实。我国上市证券公司股权结构集散程度对公司经营的影响有待进一步分析。本文在文献梳理、现状分析的基础上,利用我国上市证券公司样本数据从盈利性和抗风险性两个角度,对股权集中度和制衡度对企业经营管理带来的影响进行了实证研究。结果显示,我国上市证券公司股权集中度与企业盈利性经营绩效呈现U型关系,与抗风险性经营绩效呈现倒U型关系。现阶段,我国上市证券公司提高股权集中度会引起经营绩效在盈利性上降低,在抗风险性上提高。上市证券公司可以根据盈利能力和抗风险能力偏好的不同,选择股权结构的集散程度。关于股权制衡度的实证结果显示,其与经营绩效在盈利性和抗风险性上都不存在显著关系。
[Abstract]:The course of China's listed securities company's late start, but the listed securities companies in the financial system in the role and importance of doubt. China now has 19 listed securities companies, company size and profits are at the forefront in the overall level of securities companies. But the listed securities company special history and economic effects lead to equity concentration a high degree of ownership concentration is around. The height will adversely affect the business development of the economy, scholars have done a lot of analysis. The study found that different sampling will bring different conclusions. Equity balance is regarded as a method to reduce the adverse effect of high concentration brings, but this view has not been confirmed. The degree of ownership structure of listed securities companies on the impact of the company's business center for further analysis.
Based on the literature review, based on the analysis of the present situation, using the sample data from the securities company profitability and anti risk two aspects listed in our country, the ownership concentration and balance degree of influence on enterprise management brought by empirical research. The results showed that the listed equity securities company concentration and Corporate Profitability Performance show the relationship between China's U type, inverted U type relation with risk management performance. At present, China's listed companies to improve the ownership concentration will cause the performance decrease in profitability, increase in anti risk. Listed securities company according to the profitability and anti risk ability preference, degree distribution the equity structure on the equity balance degree. Empirical results show that there is no significant relationship between the anti risk and business performance in profitability and sex.

【学位授予单位】：华东师范大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F832.39;F830.42

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