基于SCP范式对我国证券业的研究

发布时间：2018-03-20 23:37

本文选题：证券公司　切入点：结构　出处：《西南财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：证券公司在国外已有数百年的历史,而我国的证券公司诞生只有20多年的时间。相对于国外发达国家成熟的证券市场、科学的监督体系,完善的证券公司服务产品,我国证券市场稍显稚嫩。但我国证券市场作为新兴的资本市场,一方面,我国证券业依赖着日渐增长的经济基础。我国经济规模高速发展,不断扩大,目前我国已经超过日本成为全球第二大经济体,伴随着中国经济的腾飞,我国证券业也享受到了经济飞速增长带来的推动力,获得了比以往其他国家证券业更快的发展速度。另一方面,我国证券业的诞生既是资本市场需求的产物,又是政府政策的需要,所以在其诞生的最初,我国政府就高度关注证券业的发展。可以说我国证券业从诞生至今这么短的时间就取得如此大的成绩,这其中与政府政策给予的推动和支持是分不开的。但是随着证券市场逐步走向正轨,走向市场化操作,尤其是以过去政府行政力量为主导的控制手段,反而越来越成为阻碍我国证券公司发展的障碍。因此本文试图通过对我国证券业的比较分析结合我国证券业的实证分析来说明政府在我国现阶段的证券行业上的部分政策是效率低下的,是需要改进的。并且试图找出推进我国证券业发展的影响因素。 SCP范式是由产业经济学的伟大学者梅森、贝恩和谢勒等人创立及不断完善的。它构建了一个理论框架,将市场结构、行为、绩效三者相互之间的作用机制进行了规范化的研究,使得产业经济学的研究变得更加的科学和有解释意义。后人继续对SCP范式的发展中,不断对它进行修正和完善,使其对不同国家或地区、不同环境下、不同行业的产业研究均有很强指导作用。国外以SCP范式为基础对金融产业的研究已经有较为全面的分析,而国内相对起步较晚,且大多是仍然是对银行业的研究。而证券行业对于我国经济的发展也相当重要,笔者认为,需要对证券业有更多的关注和研究,特别是当下,业内广泛认为,证券市场已经触底,新的一轮腾飞即将开启,证券公司将毫无例外是最直接的受益者。根据以往历史资料分析,证券公司也将面临着新的一轮转变周期,那么对于证券业的研究就显得更为重要。过去国内外学者在证券行业市场的研究中,对行业组织结构往往只是描述性的定性说明,缺乏对整个市场的结构、行为、绩效之间的关系进行定量的检验。并且大多数研究中都没有探讨政府产业政策对于证券行业的影响。本文中,笔者以SCP范式为基本框架,结合定性与定量分析,对我国证券业的结构、行为和绩效进行较为深度的研究,并探讨产业政策对我国证券行业的影响。以此给我国证券公司以及我国证券监管机构在证券业下一阶段的发展之中能够提出一些有意义的建议。首先,本文先确定了整体的研究思路,即以SCP范式为框架对我国证券公司进行分析,并通过我国证券公司自身的实际发展情况,对SCP范式进行一定修正,使其更加符合我国证券业的发展模式。同时介绍近几十年国外研究的经典文献,以及近十年我国产业经济学学者以SCP范式对我国金融产业的分析成果。以给本文的研究指引方向或提供参考。然后,本文将主要对SCP范式以及它的经典衍生假说分别进行分析和评判。SCP范式是在哈佛学派的研究下最初提出和最终创立走向成熟的,哈佛学派认为市场结构将会通过市场行为的传导作用最终对市场绩效产生影响,故认为市场结构是市场绩效的决定性因素,在政策上更加注意控制市场的垄断力量,避免市场绩效因为垄断的存在而降低。后来兴起的芝加哥学派对哈佛学派提出了批判,他们是以效率为中心的坚定支持者,认为不需要过度关注市场结构是否偏向垄断或寡头,重点是要保证企业运作的效率,只要企业运行的效率高,那么市场绩效就必然会得到提升。而随后评价的新奥地利学派显然更具有人文气息,他们更加关注的是人的创造精神,他们同样不同意哈佛学派对于市场结构决定市场绩效的观点,他们认为只要人的创造精神足够强大,就不存在进入壁垒阻碍企业获利的因素,因此可以说他们是对机会平等的坚定拥护者。最后出场的是可竞争市场理论,他们同样是在对哈佛学派的批判中受到关注的。可竞争市场理论认为政府不需要阻止寡占市场或者垄断市场的出现,因为只要企业利润率高于完全可竞争市场,就会吸引新的竞争对手,同时认为资本进入壁垒等并不构成真正的行业进入壁垒,只有政府的限制性政策组成的进入壁垒才是行业真正的进入壁垒,因此可竞争市场理论认为政府只需要管好自己,别要让自己成为阻碍企业发展的障碍。本文紧接着对我国证券业的发展概况进行了阐述。我国证券业发展迅速,但也积累了很多的问题。它取得了辉煌的成绩,我们也要留意辉煌的阴影下隐藏着潜在的风险。笔者通过对我国证券业发展历史及现状进行阐述,以清楚我国证券业问题发生的前因后果,以求在后续章节中充分分析问题所在的根源,才能够对症下药。随后笔者按照SCP分析框架中主要因素分别进行描述和分析,并结合本文所要分析的行业——我国证券业的实际情况来达到分析目的。在对我国证券业市场结构的分析中,可以看出我国证券公司的市场结构存在诸多的不完善之处。比如业务结构单一、过度依赖经纪业务；行业进入壁垒和退出机制的不完善等方面均导致了证券业结构调整缓慢,整体结构低效率的局面。在对我国证券业的市场行为进行的分析中,通过对我国证券业价格竞争行为和非价格竞争两个角度分别表达了因为政府政策干预的存在,使得证券公司的市场行为不能完全的表示出来,因而也是需要进行改进的。最后对我国证券业绩效的相关方面进行了分析。可以看出我国证券业与国外证券业之间存在着不小的差距,这与我国证券业依赖于证券市场行情,缺乏创新竞争力等原因有关,但同时也证明了我国证券业市场存在的潜在的巨大发展空间。在本文的实证章节中,通过构建计量模型,通过回归最终得出结论： (1)在我国证券业现阶段的情况下,市场集中度对其绩效的影响不显著,证明了政府行政主导的行业集中度变化是低效率的。 (2)证券公司的效率和市场占有率对其绩效的影响显著,这同时也证明了修正的有效结构假说目前对我国证券业是适用的。表明了我国证券公司的运行效率对于证券行业的整体发展具有重要的作用。最后笔者根据定性和定量分析中得出的结论,对我国证券业的未来发展提出了三个方面的政策建议：(1)政府应该适当放开对证券业务的监管,这有利于证券业务的创新,摆脱长期依赖市场行情的发展模式,而开创更为适合我国证券公司的业务模式；(2)政府应该让证券业的市场结构调整市场化、自发性的调节,这样有利于高效率的企业发挥其效率优势,给整个行业带去前进的力量；(3)政府应该鼓励我国证券公司进行产品创新,提升服务质量,以促进我国证券业向成熟的证券业发展。本文的创新点体现在两个方面： (1)研究方法的创新。过去对我国证券业方面的研究,一般是以定性分析为主,即便采取定量分析,也只是独立的探求SCP范式在我国证券业的适用性,而本文将定性分析与定量分析结合,并且将SCP范式中的传统观点和衍生观点一同进行定量分析,已得到更好的适用性结论。并且更加关注产业研究中以企业为主的微观样本,使得研究更加具体和清晰。同时结合对产业政策的分析,使得产业研究具有对产业发展的指导意义。 (2)研究数据的创新。证券业是个高速发展的行业,其行业每分每秒都在发生变化,本文将选取最近几年的数据进行分析,以得到最贴近我国证券业目前所处状态的研究结果,使得研究结果具有很强的时效性。本文的不足：笔者因为能力有限,并不能保证文章能对所阐述的问题面面俱到,并且因为数据收集的困难,以及变量设置不可避免的误差,可能会对研究结果产生一定的偏差影响。同时由于篇幅有限,对证券市场中如个体差异研究等方面不能深入,沿着本文的思路,该方面应该可以做出进一步的研究。
[Abstract]:The securities company has hundreds of years of history in foreign countries, while China's securities company was born only 20 years of time. Compared with the mature stock market in the developed countries, the supervision system of science, improve the securities company service products, China's securities market slightly tender. But China's securities market as an emerging capital market. China's securities industry, relying on the economic base of growing. The expanding of rapid development, China's economic scale, China has surpassed Japan to become the world's second largest economy, with China economic development, China's securities industry has enjoyed rapid economic growth brought impetus, get faster development faster than other countries in the past the securities industry. On the other hand, a product of China's securities industry is the birth of capital market demand, and is in need of government policy, so in the birth of the first, our country government The development of government attention on the securities industry. It can be said that China's securities industry since its inception in such a short time to have achieved so much, this one with the government's policy to give impetus and support are inseparable. But with the stock market gradually moving towards the right track, market-oriented operation, especially to control the past. The government administrative power is dominant, but increasingly become an obstacle to the development of securities company in China. So this paper tries to compare the analysis of China's securities industry empirical analysis combined with China's securities industry to the government at the present stage of China's securities industry on the part of the policy is inefficient, needs to be improved and tried to find out the effects of promoting the development of China's securities industry.
SCP is a paradigm of industrial economics great scholar Mason, Scheele Bain and others founded and continuously improve. It constructs a theoretical framework, market structure, behavior, the interaction mechanism of performance of the three studied standardization, the industrial economics research becomes more scientific and explain the significance. Future generations to continue the development of the SCP paradigm, continue to revise and improve it, make it to different countries or regions, different environment, different industry research has a strong guiding role. The SCP paradigm for the study of the financial industry base has a more comprehensive analysis, while the domestic is relatively late, and most of them are still on the banking and securities industry. For the development of China's economy is very important, I think, needs more attention and Research on the securities industry, especially the industry. In that, the securities market has bottomed out, a new round of development is about to open a securities company without exception will be the most direct beneficiaries. According to the analysis of historical data, the securities company will face a new round of transformation period, so the research of the securities industry is more important at home and abroad over the past. Scholars in the securities industry market, industry structure is often just a descriptive qualitative description, lack of the market structure, behavior, performance test of quantitative relationship between. And most studies have no effect on the discussion of government industrial policy for the securities industry. In this paper, the author takes the SCP as the basic paradigm the framework, combining qualitative and quantitative analysis, the structure of China's securities industry, research more depth to conduct and performance, and to explore the influence of industrial policy on China's securities industry. In order to our country Securities companies and securities regulators in China are able to put forward some meaningful suggestions in the development of the next stage of the securities industry.
First of all, this paper first sets the overall research ideas, which take the SCP model as the framework to analyze China's securities companies, and through the actual development of China's securities company itself, some modification of the SCP paradigm, the development mode is more in line with China's securities industry. The classical literature research abroad in recent years are introduced at the same time, and scholars in China Industrial Economics in recent ten years in the SCP paradigm in financial industry in China. To guide the direction of research results to the reference or.
Then, this paper will focus on the SCP paradigm and its classical derivative hypothesis were analyzed and evaluation of the.SCP paradigm is first proposed in the study of Harvard School and eventually started to mature, Harvard school that conduction through the market behavior of the market structure will eventually affect the market performance, so that the market structure is the decisive factor in the market the performance of the policy, pay more attention to the monopoly power to control the market, avoiding market performance decreased because of the existence of a monopoly. The later rise of the Chicago School of Harvard school criticized, they are staunch supporters for efficiency, that does not need too much attention to the market structure is in favor of monopoly or oligopoly, the key is to ensure efficiency the operation of enterprises, as long as the enterprise operation efficiency is high, then the market performance will be promoted. And then the evaluation of new Austria The school is more humane atmosphere, they are more concerned about people's creative spirit, they also do not agree with the Harvard School for depends on the market structure and market performance point of view, they think that as long as the people's creative spirit is strong enough, there is no entry barriers of enterprise profit factors, it can be said that they are advocates of opportunity equal. The final appearance is the theory of competitive market, they are also concerned in the criticism of the Harvard School. In the competitive market theory that the government does not need to stop the oligopoly market or monopoly market, as long as the enterprise profit rate is higher than the perfectly competitive market, will attract new competitors at the same time. That capital entry barriers does not constitute a real industry barriers to entry, restrictive policies only the composition of the government is the real industry barriers to entry into the wall Base, so the competitive market theory holds that the government needs to manage itself, not to make itself an obstacle to the development of the enterprise.
In this paper, followed by the development of the securities industry in China are expounded. The development of China's securities industry rapidly, but also accumulated a lot of problems. It has made brilliant achievements, we should also pay attention to the shadow of the brilliant hiddenpotential risks. The author through the history and status quo of China's securities industry development this, to understand China's securities industry problems occur in the following chapters antecedents and consequences, in order to fully analyze the causes of the problem, it can be an antidote against the disease.
Then according to the SCP analysis of the main factors in the framework are described and analyzed respectively, the actual situation of the industry, China's securities industry and analyzed in this paper is to achieve the purpose of analysis. In the analysis of the structure of China's securities market, we can see there is the market structure of China's securities companies many imperfections. For example, a single business structure, over reliance on brokerage business; trade barriers to entry and exit mechanism is not perfect and so on are led to the securities industry structure adjustment is slow, the overall structure of the low efficiency of the situation. Analyze the market behavior in the securities industry in China in the two aspects of the price competition behavior of China's securities industry and non price competition are expressed as the government policy intervention, the market behavior of the securities company fully expressed, and also need to be improved. At the end of Analyzes the relevant aspects of the performance of China's securities industry. We can see that there is a large gap between China's securities industry and foreign securities industry, the securities industry in China depends on the securities market, the reason for the lack of innovation and competitiveness, but also proved a huge space for development potential market securities industry country.
In the empirical section of this paper, through the construction of the econometric model, the final conclusion is drawn through the regression.
(1) under the current stage of China's securities industry, the influence of market concentration on performance is not significant, which proves that the change of industry concentration degree led by government administration is inefficient.
(2) the efficiency and market of securities companies have a significant impact on the rate of performance, which also demonstrated that the effective structure hypothesis correction of China's securities industry is currently applicable. That the operating efficiency of securities company in China has an important role for the overall development of the securities industry.
Finally, according to the qualitative and quantitative analysis of the conclusion of the three aspects of the policy recommendations for the future development of China's securities industry put forward: (1) the government should be appropriate restrictions on securities regulation, which is conducive to innovation of securities business development model, to get rid of long-term dependence on market conditions, and create a more suitable for China's securities companies business model; (2) the government should allow the securities market to adjust the market structure, spontaneous adjustment, which is conducive to efficient enterprises play the advantages of efficiency, to the whole industry to bring forward force; (3) the government should encourage China's securities companies to enhance product innovation the quality of service, to promote the development of China's securities industry to mature securities industry.
The innovation of this article is embodied in two aspects:
(1) the innovation of research methods. The past research on China's securities industry, is based on qualitative analysis, even if we take the quantitative analysis is independent of the SCP paradigm in exploring China's securities industry and the applicability of the qualitative analysis and quantitative analysis combined, and the SCP paradigm in the traditional view to view and derived quantitative analysis has been applied. Conclusion better and more attention to micro sample enterprises industry study, which makes the research more specific and clear. Combining with the analysis of the industrial policy, the industrial research has guiding significance on the development of industry.
(2) the innovation of research data. The securities industry is a rapid development of the industry, the industry every minute in change, this paper will select the data in recent years were analyzed, the research results are the most close to the securities industry in China at present state, makes the research results have a strong timeliness.
The deficiency of this paper: the author because of the limited capacity, and can not guarantee that the comprehensive on this issue, and because of the difficulty in collecting data, and the error variables set inevitably, which may influence on certain deviation results. At the same time, because of the limited length of the securities market such as individual difference research cannot penetrate, along this idea, this aspect should be made for the further study.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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