【摘要】：伴隨著中國證券市場的發(fā)展,券商研究部門的職能經歷了由對內支持向對外服務的轉變。2000年之前,研究部門作為券商內部綜合性服務平臺,是券商的成本中心。2001年我國第一只開放式基金成立,機構投資者陸續(xù)進入A股市場,券商研究部門的服務重點開始由內向外轉變,服務于基金、保險、QFⅡ等機構,進入了以研究換傭金的時代。 經過十余年的發(fā)展,賣方市場競爭愈發(fā)激烈。據(jù)統(tǒng)計,每年發(fā)布的研究報告多達十萬份,存在相當程度重復勞動。然而,股市持續(xù)低迷,來自基金的傭金收入總額不增反降,而且傭金率也存在下調趨勢。因此,賣方研究市場產能過剩問題日益暴露。本文運用回歸分析與數(shù)據(jù)挖掘的方法對影響券商研究部門盈利能力的因素進行了量化分析。 本文以研究員數(shù)量、明星研究員數(shù)量等指標作為自變量,以券商獲得的基金分倉傭金收入作為因變量構建多元線性回歸模型,量化各種可能的影響因素與研究部門盈利水平之間的關系。進一步地,將券商研究所的規(guī)模按照其擁有的研究員數(shù)量分為中小型、中型、大中型三類,對每一類研究所分別做多元線性回歸,從而探究不同規(guī)模研究所盈利能力的影響因素之間的差異。整體回歸的結果表明,研究員數(shù)量、券商總資產規(guī)模和代銷基金數(shù)量顯著地影響研究所的傭金收入。對中小型券商的回歸結果表明,代銷基金的數(shù)量是影響其傭金收入的最重要的因素。對于中型券商的回歸結果表明,增加研究員數(shù)量可以顯著提高其傭金收入。對于大中型券商的回歸結果表明,明星研究員數(shù)量是影響其傭金收入的最重要的因素。在此基礎上,通過深入挖掘券商參股基金公司的相關數(shù)據(jù)并統(tǒng)計分析得出,有券商參股的基金公司在選擇交易席位時有明顯的股東傾向性。
[Abstract]:With the development of China's securities market, the function of securities research department has changed from internal support to external service. Before 2000, the research department acted as the internal comprehensive service platform of securities firms. In 2001, the first open-end fund was established in China, and institutional investors entered the A-share market one after another. The service focus of the brokerage research department began to change from inside to outside, serving funds, insurance, QF II and other institutions. Entered the era of research for commission. After more than ten years of development, the seller's market competition is becoming more and more fierce. According to statistics, as many as 100,000 research reports issued each year, there is a considerable degree of duplication of effort. However, the stock market remains depressed, total commission income from funds is not increasing, but falling, and commission rates are also downward trend. Therefore, the seller studies the market overcapacity problem to expose day by day. In this paper, regression analysis and data mining are used to quantitatively analyze the factors that affect the profitability of securities research departments. This paper takes the number of researcher and star researcher as independent variables, and takes the income of brokerage as dependent variable to build a multivariate linear regression model. Quantify the relationship between various possible factors and the profitability of the research department. Further, according to the number of researchers it owns, the size of the securities research institute is divided into three categories: medium, large and medium-sized. For each type of research, multiple linear regression is made. In order to explore the differences between the factors affecting profitability of research institutes of different scales. The results of overall regression show that the number of researchers, the total asset size of securities firms and the number of proxy funds significantly affect the commission income of the institute. The regression results of the small and medium-sized securities firms show that the number of the funds is the most important factor affecting their commission income. Regression results for medium-sized securities firms show that increasing the number of researchers can significantly increase their commission income. Regression results for large and medium-sized brokerage firms show that the number of star researchers is the most important factor affecting their commission income. On this basis, through digging into the relevant data and statistical analysis of the securities companies involved in fund companies, it is concluded that the fund companies with securities companies have obvious shareholder preference in the selection of trading seats.
【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】：F832.39;F830.42

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本文編號：2394155