我国证券业市场结构、企业效率与绩效关系实证研究

发布时间：2018-01-03 01:27

本文关键词：我国证券业市场结构、企业效率与绩效关系实证研究　出处：《天津财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：伴随着改革开放的脚步,我国证券业应运而生,并展现出了强大的生机和活力,实现了快速而稳定的增长,已经逐渐成为推动我国资本市场的重要力量,为我国社会主义市场经济的发展做出了巨大贡献。2008年以后,中国经济的增速放缓,金融业改革不断深化,市场更加开放,我国证券业将面对更广阔的市场和更为激烈的竞争,要想保持证券业的蓬勃生机,将我国证券业培育成为国际性的资本市场,关键在于提高证券业的绩效。产业组织领域的不同学派之间对绩效的理解存在很大分歧,哈佛学派认为市场结构通过决定市场行为而影响市场绩效,因此,市场结构是影响绩效的关键；芝加哥学派则认为不同的效率会产生不同的绩效,从而形成不同的市场结构,效率才是决定绩效的关键因素,究竟哪种理论更加适用于中国证券业的现状,我们该如何去发展证券业?对此,本文实证分析了我国证券业市场结构、企业效率与绩效的关系,研究影响券商绩效的因素,以求能找到绩效的根源。本文首先回顾了产业组织的基本理论,对国内外的相关文献做了简要综述,明确了研究的理论基础和实证方向。其次,运用集中度系数作为量化指标,对我国证券业市场结构进行分析,发现我国证券业市场集中度低,由此可以推断出,市场上存在激烈竞争。然后,运用DEA方法对券商的效率进行测算和分析,发现券商的效率偏低,尤其是纯技术效率低下,自身经营管理水平有待提高。接着,建立回归模型,对市场结构、企业效率与绩效的关系进行研究,发现企业效率与绩效之间存在显著地正相关,效率结构假说适用于我国证券业。最后,根据研究的结果,分别对企业和政府提出了相应的对策和建议。
[Abstract]:Along with the reform and opening up, China's securities industry came into being, and has shown strong vitality and vigor, to achieve a rapid and stable growth, has gradually become an important force to promote China's capital market, for the development of our socialist market economy has made great contribution to.2008 years later, the slowdown in economic China the financial industry, the deepening of reform, more open market, China's securities industry will face a broader market and more intense competition, in order to maintain the vitality of the securities industry, the securities industry in China to cultivate an international capital market, the key is to improve the performance of the securities industry. There is a big difference in performance the understanding between different schools in the field of industrial organization, the Harvard School believes that the market structure decided by market behavior to influence market performance, therefore, the market structure is the key of performance; Chicago School holds that different efficiency will have different performance, thus forming different market structure, efficiency is the key factor to determine the performance of the current situation, what kind of theory is more suitable for the Chinese securities industry, how do we go to development of the securities industry? In this regard, this paper empirically analyzes the market structure of China's securities industry, relationship enterprise efficiency and performance, the influencing factors on the performance of the brokerage, in order to find the root of the performance. This paper first reviews the basic theory of industrial organization, the related literature at home and abroad to do a brief summary of the basic theory and empirical research direction. Secondly, using the concentration coefficient as quantitative index, the structure of our China securities market analysis, found that China's securities industry market concentration is low, it can be concluded that there is fierce competition in the market. Then, using DEA method to calculate the efficiency and brokerage Analysis found that low efficiency of securities, especially the low pure technical efficiency, the management level needs to be improved. Then, a regression model is established to study the relationship between enterprise market structure, efficiency and performance, there was significant positive correlation between enterprise performance and efficiency, the efficiency structure hypothesis applicable to China's securities industry finally. According to the results of the study, respectively, put forward corresponding countermeasures and suggestions to the enterprise and the government.

【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】：F832.51

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