本文選題：證券公司 + 市場結(jié)構(gòu)�。� 參考：《安徽財(cái)經(jīng)大學(xué)》2014年碩士論文

【摘要】：證券是市場經(jīng)濟(jì)條件下實(shí)現(xiàn)資本籌集的基本手段,證券公司是證券市場的重要組成部分。與發(fā)達(dá)國家相比,我國的證券業(yè)市場具有起步晚,結(jié)構(gòu)不完善,盈利情況差等特征。研究證券業(yè)市場結(jié)構(gòu)與績效水平,尤其是兩者之間的關(guān)系,對于提高證券公司的績效水平以及整個(gè)證券業(yè)的服務(wù)水平具有重要意義。本文從證券業(yè)市場結(jié)構(gòu)的研究出發(fā)探索證券業(yè)市場績效水平的提升策略。文章首先對市場結(jié)構(gòu)與市場績效進(jìn)行了一般性的理論探討：對兩者的概念予以界定,對影響市場結(jié)構(gòu)的相關(guān)因素以及市場績效的度量指標(biāo)進(jìn)行描述,并且介紹了市場結(jié)構(gòu)與市場績效關(guān)系的市場力量假說以及有效結(jié)構(gòu)假說理論。其次分別研究了我國證券業(yè)經(jīng)紀(jì)業(yè)務(wù)和承銷業(yè)務(wù)的市場集中度水平、進(jìn)出壁壘、產(chǎn)品差異化以及證券公司的規(guī)模,得出我國證券業(yè)經(jīng)紀(jì)業(yè)務(wù)的集中度水平較低,承銷業(yè)務(wù)的集中度水平較高,但是經(jīng)紀(jì)業(yè)務(wù)與承銷業(yè)務(wù)的產(chǎn)品差異化程度都較低,且都沒有形成完善的退出機(jī)制的結(jié)論。在市場績效方面使用DEA方法測算出的效率值對證券公司進(jìn)行綜合分析,得出目前我國證券業(yè)市場的整體績效水平較低的結(jié)論。最后運(yùn)用面板數(shù)據(jù)分析方法實(shí)證分析兩者之間的關(guān)系,得出市場力量假說理論與有效結(jié)構(gòu)假說理論在我國證券業(yè)市場上都是不成立的結(jié)論,并對實(shí)證的結(jié)果給予了合理的解釋。文章的最后部分對我國證券業(yè)的市場結(jié)構(gòu)、市場績效的特征以及市場結(jié)構(gòu)與績效關(guān)系給予總結(jié),在此基礎(chǔ)上從監(jiān)管層面和公司層面提出了具體的對策和建議
[Abstract]:Securities is the basic means of capital raising under the market economy, and the securities company is an important part of the securities market. Compared with the developed countries, China's securities market has the characteristics of late start, imperfect structure and poor profit. It is of great significance to study the market structure and the performance level of the securities industry, especially the relationship between them, to improve the performance level of the securities companies and the service level of the securities industry as a whole. Based on the research of the market structure of the securities industry, this paper explores the strategies of improving the market performance level of the securities industry. Firstly, the paper makes a general theoretical discussion on the market structure and market performance: defining the two concepts, describing the relevant factors affecting the market structure and the measurement index of market performance. It also introduces the theory of market power hypothesis and efficient structure hypothesis about the relationship between market structure and market performance. Secondly, the paper studies the market concentration level, barriers to entry and exit, product differentiation and the scale of securities companies of securities brokerage business and underwriting business in China, and concludes that the concentration level of securities brokerage business in China is relatively low. The concentration level of underwriting business is high, but the degree of product differentiation between brokerage business and underwriting business is low, and neither of them has formed the conclusion of perfect exit mechanism. In the aspect of market performance, the efficiency value calculated by DEA method is used to analyze the securities companies synthetically, and the conclusion is drawn that the overall performance level of the securities market in our country is low at present. Finally, the paper empirically analyzes the relationship between them by using panel data analysis method, and draws the conclusion that both the theory of market force hypothesis and the theory of effective structure hypothesis are untenable in the securities market of our country, and gives a reasonable explanation to the empirical results. The last part of the article summarizes the market structure, the characteristics of market performance and the relationship between market structure and performance in China's securities industry. On the basis of this, it puts forward specific countermeasures and suggestions from the level of supervision and company.
【學(xué)位授予單位】：安徽財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51

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本文編號：1945398