本文選題：證券公司 + 技術(shù)效率��； 參考：《哈爾濱工業(yè)大學(xué)》2013年碩士論文

【摘要】：受惠于過去十年的大規(guī)模重組和市場復(fù)蘇，中國證券業(yè)的各項(xiàng)數(shù)據(jù)又得以好轉(zhuǎn)。盡管經(jīng)歷了2009、2010和2011連續(xù)三年的市場不景氣，中國證券業(yè)營業(yè)收入仍然從2005年的130億元人民幣攀升到2011年的1630億元人民幣；從6年前60億元人民幣的行業(yè)虧損，一舉實(shí)現(xiàn)460億元人民幣的盈利。然而，這些耀眼的數(shù)據(jù)也容易令人誤以為零售主導(dǎo)、關(guān)注現(xiàn)貨市場、同質(zhì)化和低技術(shù)含量也能造就中國證券業(yè)的成功。而在我們看來，這些并非可持續(xù)性的業(yè)務(wù)模式。大多數(shù)中國的證券公司提供沒有差別的服務(wù)，至少從表面看來都很相似。比如，各家公司都征收股票交易的傭金，收費(fèi)的水平也幾乎相同。再如，它們的命運(yùn)皆取決于市場的波動(dòng)和中國未來經(jīng)濟(jì)增長的不確定因素。因此，隨著我國證券業(yè)的迅速發(fā)展與證券行業(yè)內(nèi)部競爭的加劇，對(duì)證券公司效率的問題進(jìn)行研究就顯得比較重要了。 本文選取的總樣本是我國109家證券公司，運(yùn)用隨機(jī)前沿分析（SFA）對(duì)這些樣本公司的經(jīng)紀(jì)業(yè)務(wù)、投資銀行業(yè)務(wù)、資產(chǎn)管理業(yè)務(wù)以及自營業(yè)務(wù)2009-2011年的相關(guān)數(shù)據(jù)進(jìn)行實(shí)證分析，分別就所得結(jié)果對(duì)樣本證券公司四大業(yè)務(wù)技術(shù)效率情況和影響技術(shù)效率的因素進(jìn)行分析。實(shí)證結(jié)果表明：效率值方面，我國證券公司四大業(yè)務(wù)技術(shù)效率均比較低，，尤其是自營業(yè)務(wù)技術(shù)效率極其低，兩極分化嚴(yán)重；效率趨勢方面，除了經(jīng)紀(jì)業(yè)務(wù)和資產(chǎn)管理技術(shù)效率呈現(xiàn)出下降趨勢，其他兩大業(yè)務(wù)的技術(shù)效率均呈現(xiàn)出上升趨勢；效率影響因素方面，股權(quán)集中度對(duì)經(jīng)紀(jì)業(yè)務(wù)和投資銀行業(yè)務(wù)技術(shù)效率存在顯著的負(fù)向影響，員工受教育程度和內(nèi)部激勵(lì)機(jī)制均對(duì)證券公司四大業(yè)務(wù)技術(shù)效率存在正向影響，投資顧問能力對(duì)經(jīng)紀(jì)業(yè)務(wù)技術(shù)效率存在正向影響，保薦能力對(duì)投資業(yè)務(wù)技術(shù)效率存在正向影響，研究實(shí)力對(duì)資產(chǎn)管理業(yè)務(wù)和自營業(yè)務(wù)技術(shù)效率存在正向影響，資產(chǎn)負(fù)債率對(duì)自營業(yè)務(wù)技術(shù)效率存在負(fù)向影響。 最后，根據(jù)本文的研究結(jié)論對(duì)我國證券公司主營業(yè)務(wù)技術(shù)效率提出幾點(diǎn)可行建議。
[Abstract]:Thanks to the massive restructuring and market recovery of the past decade, China's securities data have improved. Despite three consecutive years of market depression in 2009 / 2010 and 2011, China's securities industry's revenue rose from 13 billion yuan in 2005 to 163 billion yuan in 2011 and a loss of 6 billion yuan six years ago. To achieve a profit of RMB 46 billion at a stroke. However, these glaring numbers are also prone to mislead the perception that retail dominance, focusing on the spot market, homogeneity and low technology content can also contribute to the success of China's securities industry. In our view, these are not sustainable business models. Most Chinese securities firms offer undifferentiated services, at least on the surface. Companies, for example, charge commissions for share trading at almost the same level. Their fate, for example, depends on market volatility and uncertainty about China's future economic growth. Therefore, with the rapid development of China's securities industry and the intensification of internal competition in the securities industry, it is more important to study the efficiency of securities companies. The total sample selected in this paper is 109 securities companies in China. By using stochastic frontier analysis (SFA), the data of brokerage, investment banking, asset management and proprietary business from 2009 to 2011 are analyzed empirically. The paper analyzes the technical efficiency of the four major businesses of the sample securities companies and the factors influencing the technical efficiency. The empirical results show that: efficiency value, the four major business efficiency of securities companies in China are relatively low, especially the technical efficiency of proprietary business is extremely low, polarization is serious; efficiency trend, In addition to the downward trend in the technical efficiency of brokerage business and asset management, the technical efficiency of the other two major businesses has shown an upward trend. The degree of ownership concentration has a significant negative effect on the technical efficiency of brokerage and investment banking, and the level of employee education and the internal incentive mechanism have positive effects on the technical efficiency of the four major businesses of securities companies. Investment advisory ability has positive influence on technical efficiency of brokerage business, recommendation ability has positive influence on technical efficiency of investment business, and research strength has positive influence on technical efficiency of asset management and proprietary business. The ratio of assets and liabilities has a negative effect on the technical efficiency of proprietary business. Finally, according to the conclusion of this paper, some feasible suggestions are put forward for the technical efficiency of the main business of Chinese securities companies.
【學(xué)位授予單位】：哈爾濱工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51

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