我国证券业市场结构与绩效关系研究

发布时间：2018-05-28 05:07

本文选题：证券公司 + 市场结构　；参考：《安徽财经大学》2014年硕士论文

【摘要】：证券是市场经济条件下实现资本筹集的基本手段,证券公司是证券市场的重要组成部分。与发达国家相比,我国的证券业市场具有起步晚,结构不完善,盈利情况差等特征。研究证券业市场结构与绩效水平,尤其是两者之间的关系,对于提高证券公司的绩效水平以及整个证券业的服务水平具有重要意义。本文从证券业市场结构的研究出发探索证券业市场绩效水平的提升策略。文章首先对市场结构与市场绩效进行了一般性的理论探讨：对两者的概念予以界定,对影响市场结构的相关因素以及市场绩效的度量指标进行描述,并且介绍了市场结构与市场绩效关系的市场力量假说以及有效结构假说理论。其次分别研究了我国证券业经纪业务和承销业务的市场集中度水平、进出壁垒、产品差异化以及证券公司的规模,得出我国证券业经纪业务的集中度水平较低,承销业务的集中度水平较高,但是经纪业务与承销业务的产品差异化程度都较低,且都没有形成完善的退出机制的结论。在市场绩效方面使用DEA方法测算出的效率值对证券公司进行综合分析,得出目前我国证券业市场的整体绩效水平较低的结论。最后运用面板数据分析方法实证分析两者之间的关系,得出市场力量假说理论与有效结构假说理论在我国证券业市场上都是不成立的结论,并对实证的结果给予了合理的解释。文章的最后部分对我国证券业的市场结构、市场绩效的特征以及市场结构与绩效关系给予总结,在此基础上从监管层面和公司层面提出了具体的对策和建议
[Abstract]:Securities is the basic means of capital raising under the market economy, and the securities company is an important part of the securities market. Compared with the developed countries, China's securities market has the characteristics of late start, imperfect structure and poor profit. It is of great significance to study the market structure and the performance level of the securities industry, especially the relationship between them, to improve the performance level of the securities companies and the service level of the securities industry as a whole. Based on the research of the market structure of the securities industry, this paper explores the strategies of improving the market performance level of the securities industry. Firstly, the paper makes a general theoretical discussion on the market structure and market performance: defining the two concepts, describing the relevant factors affecting the market structure and the measurement index of market performance. It also introduces the theory of market power hypothesis and efficient structure hypothesis about the relationship between market structure and market performance. Secondly, the paper studies the market concentration level, barriers to entry and exit, product differentiation and the scale of securities companies of securities brokerage business and underwriting business in China, and concludes that the concentration level of securities brokerage business in China is relatively low. The concentration level of underwriting business is high, but the degree of product differentiation between brokerage business and underwriting business is low, and neither of them has formed the conclusion of perfect exit mechanism. In the aspect of market performance, the efficiency value calculated by DEA method is used to analyze the securities companies synthetically, and the conclusion is drawn that the overall performance level of the securities market in our country is low at present. Finally, the paper empirically analyzes the relationship between them by using panel data analysis method, and draws the conclusion that both the theory of market force hypothesis and the theory of effective structure hypothesis are untenable in the securities market of our country, and gives a reasonable explanation to the empirical results. The last part of the article summarizes the market structure, the characteristics of market performance and the relationship between market structure and performance in China's securities industry. On the basis of this, it puts forward specific countermeasures and suggestions from the level of supervision and company.
【学位授予单位】：安徽财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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