發(fā)布時(shí)間：2018-01-02 14:42

  本文關(guān)鍵詞：中國證券公司成本效率與股權(quán)結(jié)構(gòu)的實(shí)證研究　出處：《山東大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 證券公司 成本效率 SFA 股權(quán)集中度 股權(quán)性質(zhì)

【摘要】：證券公司作為我國資本市場中的中介機(jī)構(gòu),無論在一級市場還是二級市場上都發(fā)揮著重要作用。證券公司以其長期在資本市場上運(yùn)作而積累的經(jīng)驗(yàn)及專長,為資金的供給者和需求者提供優(yōu)質(zhì)的服務(wù),促進(jìn)資金的流動(dòng)和市場的發(fā)展。自2012年下半年以來,國內(nèi)金融界放松管制、融資融券業(yè)務(wù)的推廣特別是金融同業(yè)資產(chǎn)管理業(yè)務(wù)的松綁,推動(dòng)金融脫媒以及利率市場化進(jìn)程的加速,無疑將促進(jìn)金融產(chǎn)品的創(chuàng)新。這一系列變化,都對我國證券公司的競爭實(shí)力提出更高的要求與挑戰(zhàn)。 證券公司的經(jīng)營效率將直接影響資本市場資源的配置效率。效率是用來衡量證券公司經(jīng)營業(yè)績的重要指標(biāo),本文采用隨機(jī)前沿分析法(SFA)來對測度證券公司的成本效率,并基于理論依據(jù)提出研究假設(shè)與實(shí)證方法驗(yàn)證假設(shè)成立的思路來實(shí)證研究我國證券公司的股權(quán)結(jié)構(gòu)與其成本效率的關(guān)系。首先,在理論上分析股權(quán)結(jié)構(gòu)與公司績效的相互關(guān)系；其次,分析我國證券公司特有的股權(quán)結(jié)構(gòu)特點(diǎn),闡述我國證券公司在股權(quán)結(jié)構(gòu)方面的發(fā)展?fàn)顩r和相關(guān)問題；再次,結(jié)合我國證券公司特殊的股權(quán)結(jié)構(gòu),從實(shí)證角度來探討股權(quán)結(jié)構(gòu)對證券公司成本效率的影響。實(shí)證研究主要從股權(quán)集中度、不同的股權(quán)性質(zhì)、不同的股東性質(zhì)三個(gè)方面來進(jìn)行研究,選用2008-2012年我國證券公司的經(jīng)審計(jì)的財(cái)務(wù)數(shù)據(jù),采用SFA方法測度證券公司的成本效率。并研究證券公司的股權(quán)結(jié)構(gòu)與其成本效率之間的關(guān)系。最后,根據(jù)研究結(jié)論,提出相應(yīng)的政策建議。 實(shí)證研究的結(jié)果顯示：1.國有證券公司的成本效率要高于非國有性質(zhì)證券公司,但統(tǒng)計(jì)結(jié)果并不顯著；2.第一大股東持股比例與證券公司的成本效率之間呈倒U型關(guān)系,隨著控股股東持股比例的增長,成本效率先增加,達(dá)到一定程度后,轉(zhuǎn)而降低；3.引入外國戰(zhàn)略投資者來優(yōu)化股權(quán)結(jié)構(gòu)的證券公司的成本效率要高�；诮Y(jié)論提出了3點(diǎn)政策建議： 1.改善證券公司股權(quán)結(jié)構(gòu)中“一股獨(dú)大”為主的現(xiàn)狀,優(yōu)化證券公司股權(quán)結(jié)構(gòu)。相對控股的股權(quán)結(jié)構(gòu)與適度的股權(quán)制衡機(jī)制對提高證券公司的成本效率才更為有利。對我國證券公司股權(quán)結(jié)構(gòu)的完善時(shí)要充分考慮第一大股東對公司治理的積極功能,同時(shí)努力消除股權(quán)集中的利益侵占效應(yīng)所帶來的消極作用。 2.適度降低國有性質(zhì)股在證券公司中的持股比例,引入民間資本和外國資本,促進(jìn)公司的競爭,來提高成本效率。我國證券業(yè)監(jiān)督管理機(jī)構(gòu)可以適度放開證券公司的股權(quán)流動(dòng)性的限制,通過引入非國有股權(quán)和外國戰(zhàn)略投資者,真正實(shí)現(xiàn)國有產(chǎn)權(quán)主體的多樣化。 3.鼓勵(lì)并引導(dǎo)證券公司的重組,提高經(jīng)營效率。通過證券公司間的股權(quán)重組,淘汰經(jīng)營效率低下的證券公司,來優(yōu)化資源配置,有利于證券公司做強(qiáng)、做大。鼓勵(lì)證券公司進(jìn)行業(yè)務(wù)創(chuàng)新,轉(zhuǎn)變傳統(tǒng)的經(jīng)營模式,來提高自身的成本效率。
[Abstract]:As an intermediary in the capital market of our country , the securities company plays an important role in the first - level market or the second - level market . The securities company provides high - quality services to the suppliers and demanders of the funds in order to promote the flow of funds and the development of the market . Since the second half of 2012 , the promotion of domestic financial circles , the promotion of financing and financing and the acceleration of the market - oriented process of interest rate will undoubtedly promote the innovation of financial products . The efficiency of the securities firm ' s operation will directly influence the efficiency of the capital market resource allocation . The efficiency is the important index used to measure the performance of the securities company . The paper analyzes the relationship between the equity structure and the cost efficiency of the securities firm based on the theory of stochastic frontier analysis ( SFA ) . The results show that : 1 . The cost efficiency of a state - owned securities company is higher than that of non - state - owned securities companies , but the statistical results are not significant ; 2 . The proportion of the ownership of the first big shareholder and the cost efficiency of the securities firm are inversely U - shaped . With the increase of the holding proportion of the controlling shareholder , the cost efficiency increases first , and then decreases ; 3 . The cost efficiency of the securities firm that introduces foreign strategic investors to optimize the equity structure is high . Based on the conclusion , the paper puts forward three policy recommendations : 1 . To improve the current situation of " one big one big " in the stock rights structure of the securities company , and optimize the equity structure of the securities company . The relative controlling equity structure and the moderate equity control mechanism are more favorable to the improvement of the cost efficiency of the securities firm . When the equity structure of the securities company is perfected , the positive function of the first big shareholder to the corporate governance should be fully taken into consideration , and meanwhile , the negative effect brought about by the benefit occupation effect of the equity concentration should be eliminated . 2 . To moderately reduce the proportion of shares held by state - owned shares in securities companies , introduce the private capital and foreign capital , promote the competition of the company , and improve the cost efficiency . The securities regulatory authorities of our country can moderately liberalise the equity liquidity of the securities companies , and truly realize the diversification of the main body of the state - owned property rights through the introduction of non - state - owned shares and foreign strategic investors . 3 . Encourage and guide the restructuring of securities companies and improve the efficiency of operation . To optimize the allocation of resources through equity restructuring among securities companies , to eliminate the inefficient securities companies , to optimize the allocation of resources , to facilitate the stronger and bigger securities companies , and to encourage the securities companies to carry out business innovation and transform the traditional mode of operation to improve their own cost efficiency .

【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】：2014
【分類號】：F830.42;F832.39

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