【摘要】：證券公司是證券市場的主體，是金融資源配置的重要中介機(jī)構(gòu)。經(jīng)過20多年的迅速發(fā)展，我國已經(jīng)形成了一批實力雄厚的證券公司。但在證券公司迅速發(fā)展的過程中，由于歷史原因，出現(xiàn)諸多問題，如股權(quán)結(jié)構(gòu)不合理，從而阻礙了證券市場的發(fā)展。國內(nèi)外學(xué)者對股權(quán)結(jié)構(gòu)的優(yōu)化進(jìn)行了深入的研究，部分觀點認(rèn)為，股權(quán)過度集中化使得證券公司出現(xiàn)治理危機(jī)，并提出分散股權(quán)的新思路。然而，從近幾年的實際結(jié)果看并不如前面學(xué)者研究的那樣，尤其是在金融危機(jī)之后，反而出現(xiàn)了股權(quán)結(jié)構(gòu)分散的證券公司效率更低的現(xiàn)象。 證券公司作為金融機(jī)構(gòu)的重要組成部分，同樣可采用X效率來評價其管理水平或管理效率差異。針對于此，，本文研究金融危機(jī)之后，2009-2012年我國證券公司不同的股權(quán)結(jié)構(gòu)對X效率有怎樣的影響。 論文首先闡述了股權(quán)結(jié)構(gòu)與X效率的相關(guān)理論，分析了股權(quán)結(jié)構(gòu)對證券公司X效率的作用機(jī)制；其次，從股權(quán)性質(zhì)和股權(quán)集中度兩個方面分析了我國證券公司的股權(quán)結(jié)構(gòu)現(xiàn)狀以及上市與非上市證券公司股權(quán)結(jié)構(gòu)的特點；再次，運(yùn)用三階段DEA模型測度我國證券公司的X效率。之后，利用面板數(shù)據(jù)的多元回歸方法定量研究不同的股權(quán)結(jié)構(gòu)對于證券公司X效率的影響。實證研究表明：前三大股東持股比例比第一大股東占股比例對證券公司的X效率影響更為顯著，并且對X效率影響具有正向關(guān)系，即股權(quán)集中度對證券公司X效率影響為正向。本文認(rèn)為，股權(quán)過于集中雖然存在著大股東侵害小股東的可能性，但也應(yīng)該注意到大股東所發(fā)揮的有效監(jiān)控的作用。這種作用，在經(jīng)濟(jì)下滑及復(fù)蘇階段更為重要。 相比以往學(xué)者所做的研究，本文的特色在于運(yùn)用三階段DEA模型測度我國證券公司的X效率，排除了環(huán)境因素及隨機(jī)誤差項的影響，使得效率估計結(jié)果更接近實際情況。在測度我國證券公司X效率基礎(chǔ)上，運(yùn)用面板數(shù)據(jù)分析股權(quán)性質(zhì)與股權(quán)集中度對我國證券公司X效率的影響，并根據(jù)實證結(jié)論提出相應(yīng)的政策建議。
[Abstract]:The securities company is the main body of the securities market, and is an important intermediary for the financial resource allocation. After more than 20 years of rapid development, our country has formed a number of strong securities companies. But in the process of the rapid development of the securities company, because of the historical reason, there are many problems, such as the irrational structure of the equity structure, thus hindering the development of the securities market. The domestic and foreign scholars have carried out an in-depth study on the optimization of the ownership structure, some of which are of the view that the centralization of the equity makes the securities company manage the crisis and put forward a new idea of dispersing the stock right. However, from the actual results in recent years, it is not the same as that of the previous scholars, especially after the financial crisis. As an important part of the financial institution, the securities company can also use the X-efficiency to evaluate the management level or the management efficiency difference On this basis, after the financial crisis, the different stock ownership structure of China's securities company in 2009-2012 is the shadow of the X-efficiency. In this paper, the correlation theory of equity structure and X-efficiency is described, and the mechanism of the structure of ownership structure to the X-efficiency of securities company is analyzed. Secondly, the present situation of the stock ownership structure of the securities company in China and the characteristics of the equity structure of the non-listed securities company are analyzed from two aspects of the property of the equity and the concentration degree of the equity. Thirdly, the three-stage DEA model is used to measure the security of the securities company in China. X-efficiency. After that, the multi-regression method of panel data is used to quantitatively study the X-efficiency of different stock structures for securities companies The empirical study shows that the proportion of shares held by the top three shareholders is more significant than that of the first large shareholder, and has a positive relation to the effect of X efficiency, that is, the influence of the equity concentration on the X efficiency of the securities company. In this paper, the author holds that the stock right is too concentrated, although the possibility of the large shareholders against the small shareholders is present, the effective monitoring of the large shareholders should also be noted The role of this, in the economic downturn and the recovery phase, is more It is of great importance to compare the X-efficiency of our securities company with the three-stage DEA model, and to eliminate the influence of environmental factors and random error items, so that the efficiency estimation result is more relevant. On the basis of measuring the X-efficiency of China's securities company, the paper analyzes the effect of equity and equity concentration on the X-efficiency of the securities company in China, and puts forward corresponding conclusions based on the empirical conclusion.
【學(xué)位授予單位】：中國海洋大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.3;F830.42

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