【摘要】：我國(guó)證券公司經(jīng)歷了二十多年的快速發(fā)展,為我國(guó)資本市場(chǎng)的快速發(fā)展發(fā)揮了關(guān)鍵的作用。但是與發(fā)達(dá)國(guó)家的投資銀行相比,我國(guó)上市證券公司的在資本規(guī)模、經(jīng)營(yíng)管理水平以及金融創(chuàng)新能力方面均存在較大的差距,綜合經(jīng)營(yíng)效率水平仍有較大的提升空間。 本文選取了國(guó)內(nèi)19家A股上市證券公司作為研究樣本,以資產(chǎn)總額,營(yíng)業(yè)費(fèi)用和注冊(cè)資本金為輸入向量,將營(yíng)業(yè)收入,凈利潤(rùn),凈營(yíng)業(yè)收入中的的代理買賣證券產(chǎn)生的收益,證券承銷的投資收益和凈投資收益為輸出向量,以數(shù)據(jù)包絡(luò)分析理論為研究基礎(chǔ),對(duì)國(guó)內(nèi)A股上市的所有證券公司的總體運(yùn)營(yíng)效率和各個(gè)業(yè)務(wù)板塊的效率分別進(jìn)行考察,得出了各個(gè)指標(biāo)的技術(shù)效率、純技術(shù)效率和規(guī)模效率值得大小,并將得到的效率進(jìn)行排序和對(duì)比分析,通過對(duì)比研究從而對(duì)上市證券公司的效率進(jìn)行一個(gè)較為全面的評(píng)價(jià),得出上述各項(xiàng)指標(biāo)的靜態(tài)效率后,進(jìn)一步運(yùn)用Malmquist指數(shù)法對(duì)動(dòng)態(tài)條件下的效率變化加以研究分析。 靜態(tài)分析表明我國(guó)19家上市證券公司2010年和2012年的總體經(jīng)營(yíng)的技術(shù)效率、純技術(shù)效率和規(guī)模效率明顯高于2011年對(duì)應(yīng)的各項(xiàng)效率,2010年和2012年19家上市證券公司關(guān)于股東報(bào)酬和經(jīng)紀(jì)業(yè)務(wù)及自營(yíng)業(yè)務(wù)方面的技術(shù)效率、純技術(shù)效率和規(guī)模效率也高于2011年對(duì)應(yīng)的各項(xiàng)效率,在樣本期內(nèi)19家上市證券公司投資銀行業(yè)務(wù)方面的各項(xiàng)效率處于極低的水平；動(dòng)態(tài)分析技術(shù)效率Malmquist指數(shù)顯示19家A股上市證券公司有關(guān)股東投資收益率的技術(shù)效率、純技術(shù)效率和規(guī)模效率在2010-2011年期間呈下行趨勢(shì)；2011-2012年期間這19家上市證券公司的技術(shù)效率、純技術(shù)效率和規(guī)模效率都表現(xiàn)出了上升的走勢(shì)。 總體而言,我國(guó)上市證券公司的經(jīng)營(yíng)效率處于相對(duì)比較高的水平,但依舊存在較大的改進(jìn)和提升空間。
[Abstract]:China's securities companies have experienced more than 20 years of rapid development, which has played a key role in the rapid development of China's capital market. However, compared with the investment banks in developed countries, there is a big gap in the capital scale, management level and financial innovation ability of listed securities companies in our country, and there is still much room for improvement in the level of comprehensive management efficiency. In this paper, 19 domestic A-share listed securities companies are selected as research samples, taking total assets, operating expenses and registered capital as input vectors, the income generated by proxy trading of securities in operating income, net profit and net operating income is taken as input vector. Based on the theory of data Envelopment Analysis, the overall operating efficiency of all domestic A-share listed securities companies and the efficiency of each business sector are investigated respectively by using the investment income and net investment income of underwriting securities as output vectors. The technical efficiency, pure technical efficiency and scale efficiency of each index are worth, and the efficiency of listed securities companies is evaluated through comparative study. After getting the static efficiency of the above indexes, the Malmquist exponent method is used to study and analyze the change of efficiency under dynamic conditions. The static analysis shows that the technical efficiency, pure technical efficiency and scale efficiency of the 19 listed securities companies in 2010 and 2012 are obviously higher than those in 2011. The technical efficiency, pure technical efficiency and scale efficiency of the 19 listed securities companies in 2010 and 2012 in terms of shareholder compensation and brokerage and proprietary business were also higher than the corresponding efficiencies in 2011, In the sample period of 19 listed securities companies investment banking efficiency in the very low level; Dynamic analysis of technical efficiency Malmquist index shows the technical efficiency of 19 A-share listed securities companies, pure technical efficiency and scale efficiency show a downward trend in 2010-2011; The technical efficiency, pure technical efficiency and scale efficiency of the 19 listed securities companies showed an upward trend in 2011-2012. Overall, the operating efficiency of listed securities companies in China is relatively high, but there is still great room for improvement and improvement.
【學(xué)位授予單位】：南京理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.39

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