本文選題：政治關(guān)聯(lián) + 投資銀行��； 參考：《山東大學(xué)》2017年碩士論文

【摘要】：證券市場有國民經(jīng)濟(jì)"晴雨表"之稱,中國證券市場經(jīng)過近三十年的改革與發(fā)展,目前已經(jīng)初具規(guī)模,自1990年、1991年,上交所、深交所成立至2016年11月13日,我國滬深兩市上市公司總家數(shù)已達(dá)到2967家,總市值569,408.03億元,流通市值398,759.17億元。而投資銀行擔(dān)任著公司實現(xiàn)與資本市場對接的重要橋梁。2015年券商投行業(yè)務(wù)收入多為10億元以下,行業(yè)的極差為44.77億元,說明券商業(yè)務(wù)規(guī)模差距明顯,部分券商在投行業(yè)務(wù)方面具有明顯優(yōu)勢。2015年我國證券公司投行業(yè)務(wù)收入前十名的的公司中第一大股東背景為國企的證券公司占90%,第一大股東具有央企背景的證券公司占40%。那么,我國證券公司投行業(yè)務(wù)收入差別是由于不同證券公司經(jīng)營管理還是由于公司的政治關(guān)聯(lián)帶來的社會資源,這是本文主要的研究的方向。首先,本文選取了具有承銷與保薦資格的證券公司2002年—2015年財務(wù)數(shù)據(jù),利用固定效應(yīng)OLS模型進(jìn)行分析,實證結(jié)果顯示:具有央企背景券商經(jīng)營績效更高,較高的經(jīng)營績效主要來源于公司較大的業(yè)務(wù)規(guī)模而不是較高的收費(fèi)水平,并且在考慮了公司高管任職經(jīng)歷后,結(jié)果表明盡管高管教育經(jīng)歷會顯著增加投行業(yè)務(wù)收入規(guī)模,但央企背景這一變量的估計系數(shù)只是略有降低,這表明央企背景所代表的社會資源和社會網(wǎng)絡(luò)是券商在投行業(yè)務(wù)方面具有優(yōu)勢的一個重要因素。本文利用2002年—2015年上市公司IPO及增發(fā)數(shù)據(jù),利用固定效應(yīng)OLS模型進(jìn)行實證分析,結(jié)果同樣表明央企背景券商經(jīng)營績效較高主要是由于其業(yè)務(wù)規(guī)模較大,通過構(gòu)造"是否本省券商"測度本省社會資源的指標(biāo),檢驗出券商主要依靠社會資源來拓展業(yè)務(wù),并且證明了投行業(yè)務(wù)市場確實存在"央企背景效應(yīng)"及"本省效應(yīng)"。本文還利用2014年、2015年證券公司新三板業(yè)務(wù)數(shù)據(jù)做安慰劑檢驗(plecebo test),利用固定效應(yīng)泊松回歸模型分析央企背景對證券公司新三板掛牌業(yè)務(wù)承做數(shù)量的影響,實證結(jié)果表明:具有央企背景的券商在新三板掛牌業(yè)務(wù)市場上并沒有突出的表現(xiàn),這從反面證明了"央企背景效應(yīng)"發(fā)揮作用主要是由于其政治關(guān)聯(lián)所帶來的社會資源。相比之前的已有文獻(xiàn),本文特色在于使用了所有具有承銷保薦業(yè)務(wù)資格的券商2002年—2015年面板數(shù)據(jù),通過上市公司層面數(shù)據(jù)驗證了 "央企背景效應(yīng)"、"本省效應(yīng)",并且利用新三板掛牌業(yè)務(wù)數(shù)據(jù)進(jìn)行安慰劑檢驗,使得研究結(jié)論更具有說服力。
[Abstract]:The securities market is known as the "barometer" of the national economy. After nearly three decades of reform and development, China's securities market has begun to take shape. Since 1990, 1991, the Shanghai Stock Exchange and Shenzhen Stock Exchange have been established until November 13, 2016. The total number of listed companies in Shanghai and Shenzhen has reached 2967, the total market value is 56.940803 trillion yuan, the circulating market value is 39.875917 trillion yuan. Investment banks act as an important bridge between the company and the capital market. In 2015, most of the investment banking income of securities firms was less than 1 billion yuan, and the industry was extremely different from 4.477 billion yuan, indicating that the gap in the scale of securities firms' business is obvious. Some securities firms have obvious advantages in investment banking business. In 2015, 90 securities companies with the largest shareholder background in state-owned enterprises and 40 securities companies with state-owned enterprise background accounted for the top 10 companies with investment banking business income in China's securities companies. So, the difference of investment banking income between securities companies in China is due to the management of different securities companies or the social resources brought by the political connections of the companies, which is the main research direction of this paper. First of all, this paper selects the financial data of securities companies with underwriting and sponsorship qualifications from 2002 to 2015, and analyzes them by using fixed effect OLS model. The empirical results show that securities companies with background of central enterprises have higher operating performance. The higher operating performance comes mainly from the larger business scale rather than the higher fee level, and after considering the company's executive experience, the results show that although the executive education experience can significantly increase the investment banking revenue scale, However, the estimated coefficient of the background of the central enterprises is only slightly lower, which indicates that the social resources and social networks represented by the background of the central enterprises are an important factor for the securities firms to have an advantage in the investment banking business. This paper uses IPO and additional issuance data of listed companies from 2002 to 2015, and uses fixed effect OLS model to carry out empirical analysis. The results also show that the higher operating performance of background securities firms in central enterprises is mainly due to their large scale of business. By constructing the index to measure the social resources of this province, the author tests that the securities firms mainly rely on social resources to expand their business, and proves that there are "background effects" and "provincial effects" in the investment banking business market. This paper also uses the 2014 and 2015 new third board business data as a placebo test, and uses the fixed effect Poisson regression model to analyze the influence of the background of the central enterprises on the number of new third board listed business of securities companies. The empirical results show that the securities companies with the background of central enterprises have no outstanding performance in the new third board listing business market, which proves that the "background effect of central enterprises" plays a role mainly because of the social resources brought by their political connections. Compared with previous literature, this paper features the use of panel data from 2002 to 2015 for all securities firms with underwriting and sponsorship qualifications. Through the listed company level data to verify the "central enterprise background effect", "the local province effect", and uses the new three boards listed business data to carry on the placebo test, makes the research conclusion more persuasive.
【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.39;F830.42

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