本文關鍵詞：中國證券公司成本效率與股權結構的實證研究　出處：《山東大學》2014年碩士論文　論文類型：學位論文

  更多相關文章： 證券公司 成本效率 SFA 股權集中度 股權性質

【摘要】：證券公司作為我國資本市場中的中介機構,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作而積累的經(jīng)驗及專長,為資金的供給者和需求者提供優(yōu)質的服務,促進資金的流動和市場的發(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)務的推廣特別是金融同業(yè)資產(chǎn)管理業(yè)務的松綁,推動金融脫媒以及利率市場化進程的加速,無疑將促進金融產(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,本文采用隨機前沿分析法(SFA)來對測度證券公司的成本效率,并基于理論依據(jù)提出研究假設與實證方法驗證假設成立的思路來實證研究我國證券公司的股權結構與其成本效率的關系。首先,在理論上分析股權結構與公司績效的相互關系；其次,分析我國證券公司特有的股權結構特點,闡述我國證券公司在股權結構方面的發(fā)展狀況和相關問題；再次,結合我國證券公司特殊的股權結構,從實證角度來探討股權結構對證券公司成本效率的影響。實證研究主要從股權集中度、不同的股權性質、不同的股東性質三個方面來進行研究,選用2008-2012年我國證券公司的經(jīng)審計的財務數(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結構與其成本效率之間的關系。最后,根據(jù)研究結論,提出相應的政策建議。 實證研究的結果顯示：1.國有證券公司的成本效率要高于非國有性質證券公司,但統(tǒng)計結果并不顯著；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型關系,隨著控股股東持股比例的增長,成本效率先增加,達到一定程度后,轉而降低；3.引入外國戰(zhàn)略投資者來優(yōu)化股權結構的證券公司的成本效率要高�；诮Y論提出了3點政策建議： 1.改善證券公司股權結構中“一股獨大”為主的現(xiàn)狀,優(yōu)化證券公司股權結構。相對控股的股權結構與適度的股權制衡機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結構的完善時要充分考慮第一大股東對公司治理的積極功能,同時努力消除股權集中的利益侵占效應所帶來的消極作用。 2.適度降低國有性質股在證券公司中的持股比例,引入民間資本和外國資本,促進公司的競爭,來提高成本效率。我國證券業(yè)監(jiān)督管理機構可以適度放開證券公司的股權流動性的限制,通過引入非國有股權和外國戰(zhàn)略投資者,真正實現(xiàn)國有產(chǎn)權主體的多樣化。 3.鼓勵并引導證券公司的重組,提高經(jīng)營效率。通過證券公司間的股權重組,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、做大。鼓勵證券公司進行業(yè)務創(chuàng)新,轉變傳統(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 .

【學位授予單位】：山東大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F830.42;F832.39

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