本文選題：證券公司　切入點(diǎn)：結(jié)構(gòu)　出處：《西南財經(jīng)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：證券公司在國外已有數(shù)百年的歷史,而我國的證券公司誕生只有20多年的時間。相對于國外發(fā)達(dá)國家成熟的證券市場、科學(xué)的監(jiān)督體系,完善的證券公司服務(wù)產(chǎn)品,我國證券市場稍顯稚嫩。但我國證券市場作為新興的資本市場,一方面,我國證券業(yè)依賴著日漸增長的經(jīng)濟(jì)基礎(chǔ)。我國經(jīng)濟(jì)規(guī)模高速發(fā)展,不斷擴(kuò)大,目前我國已經(jīng)超過日本成為全球第二大經(jīng)濟(jì)體,伴隨著中國經(jīng)濟(jì)的騰飛,我國證券業(yè)也享受到了經(jīng)濟(jì)飛速增長帶來的推動力,獲得了比以往其他國家證券業(yè)更快的發(fā)展速度。另一方面,我國證券業(yè)的誕生既是資本市場需求的產(chǎn)物,又是政府政策的需要,所以在其誕生的最初,我國政府就高度關(guān)注證券業(yè)的發(fā)展。可以說我國證券業(yè)從誕生至今這么短的時間就取得如此大的成績,這其中與政府政策給予的推動和支持是分不開的。但是隨著證券市場逐步走向正軌,走向市場化操作,尤其是以過去政府行政力量為主導(dǎo)的控制手段,反而越來越成為阻礙我國證券公司發(fā)展的障礙。因此本文試圖通過對我國證券業(yè)的比較分析結(jié)合我國證券業(yè)的實(shí)證分析來說明政府在我國現(xiàn)階段的證券行業(yè)上的部分政策是效率低下的,是需要改進(jìn)的。并且試圖找出推進(jìn)我國證券業(yè)發(fā)展的影響因素。 SCP范式是由產(chǎn)業(yè)經(jīng)濟(jì)學(xué)的偉大學(xué)者梅森、貝恩和謝勒等人創(chuàng)立及不斷完善的。它構(gòu)建了一個理論框架,將市場結(jié)構(gòu)、行為、績效三者相互之間的作用機(jī)制進(jìn)行了規(guī)范化的研究,使得產(chǎn)業(yè)經(jīng)濟(jì)學(xué)的研究變得更加的科學(xué)和有解釋意義。后人繼續(xù)對SCP范式的發(fā)展中,不斷對它進(jìn)行修正和完善,使其對不同國家或地區(qū)、不同環(huán)境下、不同行業(yè)的產(chǎn)業(yè)研究均有很強(qiáng)指導(dǎo)作用。國外以SCP范式為基礎(chǔ)對金融產(chǎn)業(yè)的研究已經(jīng)有較為全面的分析,而國內(nèi)相對起步較晚,且大多是仍然是對銀行業(yè)的研究。而證券行業(yè)對于我國經(jīng)濟(jì)的發(fā)展也相當(dāng)重要,筆者認(rèn)為,需要對證券業(yè)有更多的關(guān)注和研究,特別是當(dāng)下,業(yè)內(nèi)廣泛認(rèn)為,證券市場已經(jīng)觸底,新的一輪騰飛即將開啟,證券公司將毫無例外是最直接的受益者。根據(jù)以往歷史資料分析,證券公司也將面臨著新的一輪轉(zhuǎn)變周期,那么對于證券業(yè)的研究就顯得更為重要。過去國內(nèi)外學(xué)者在證券行業(yè)市場的研究中,對行業(yè)組織結(jié)構(gòu)往往只是描述性的定性說明,缺乏對整個市場的結(jié)構(gòu)、行為、績效之間的關(guān)系進(jìn)行定量的檢驗。并且大多數(shù)研究中都沒有探討政府產(chǎn)業(yè)政策對于證券行業(yè)的影響。本文中,筆者以SCP范式為基本框架,結(jié)合定性與定量分析,對我國證券業(yè)的結(jié)構(gòu)、行為和績效進(jìn)行較為深度的研究,并探討產(chǎn)業(yè)政策對我國證券行業(yè)的影響。以此給我國證券公司以及我國證券監(jiān)管機(jī)構(gòu)在證券業(yè)下一階段的發(fā)展之中能夠提出一些有意義的建議。 首先,本文先確定了整體的研究思路,即以SCP范式為框架對我國證券公司進(jìn)行分析,并通過我國證券公司自身的實(shí)際發(fā)展情況,對SCP范式進(jìn)行一定修正,使其更加符合我國證券業(yè)的發(fā)展模式。同時介紹近幾十年國外研究的經(jīng)典文獻(xiàn),以及近十年我國產(chǎn)業(yè)經(jīng)濟(jì)學(xué)學(xué)者以SCP范式對我國金融產(chǎn)業(yè)的分析成果。以給本文的研究指引方向或提供參考。 然后,本文將主要對SCP范式以及它的經(jīng)典衍生假說分別進(jìn)行分析和評判。SCP范式是在哈佛學(xué)派的研究下最初提出和最終創(chuàng)立走向成熟的,哈佛學(xué)派認(rèn)為市場結(jié)構(gòu)將會通過市場行為的傳導(dǎo)作用最終對市場績效產(chǎn)生影響,故認(rèn)為市場結(jié)構(gòu)是市場績效的決定性因素,在政策上更加注意控制市場的壟斷力量,避免市場績效因為壟斷的存在而降低。后來興起的芝加哥學(xué)派對哈佛學(xué)派提出了批判,他們是以效率為中心的堅定支持者,認(rèn)為不需要過度關(guān)注市場結(jié)構(gòu)是否偏向壟斷或寡頭,重點(diǎn)是要保證企業(yè)運(yùn)作的效率,只要企業(yè)運(yùn)行的效率高,那么市場績效就必然會得到提升。而隨后評價的新奧地利學(xué)派顯然更具有人文氣息,他們更加關(guān)注的是人的創(chuàng)造精神,他們同樣不同意哈佛學(xué)派對于市場結(jié)構(gòu)決定市場績效的觀點(diǎn),他們認(rèn)為只要人的創(chuàng)造精神足夠強(qiáng)大,就不存在進(jìn)入壁壘阻礙企業(yè)獲利的因素,因此可以說他們是對機(jī)會平等的堅定擁護(hù)者。最后出場的是可競爭市場理論,他們同樣是在對哈佛學(xué)派的批判中受到關(guān)注的�？筛偁幨袌隼碚撜J(rèn)為政府不需要阻止寡占市場或者壟斷市場的出現(xiàn),因為只要企業(yè)利潤率高于完全可競爭市場,就會吸引新的競爭對手,同時認(rèn)為資本進(jìn)入壁壘等并不構(gòu)成真正的行業(yè)進(jìn)入壁壘,只有政府的限制性政策組成的進(jìn)入壁壘才是行業(yè)真正的進(jìn)入壁壘,因此可競爭市場理論認(rèn)為政府只需要管好自己,別要讓自己成為阻礙企業(yè)發(fā)展的障礙。 本文緊接著對我國證券業(yè)的發(fā)展概況進(jìn)行了闡述。我國證券業(yè)發(fā)展迅速,但也積累了很多的問題。它取得了輝煌的成績,我們也要留意輝煌的陰影下隱藏著潛在的風(fēng)險。筆者通過對我國證券業(yè)發(fā)展歷史及現(xiàn)狀進(jìn)行闡述,以清楚我國證券業(yè)問題發(fā)生的前因后果,以求在后續(xù)章節(jié)中充分分析問題所在的根源,才能夠?qū)ΠY下藥。 隨后筆者按照SCP分析框架中主要因素分別進(jìn)行描述和分析,并結(jié)合本文所要分析的行業(yè)——我國證券業(yè)的實(shí)際情況來達(dá)到分析目的。在對我國證券業(yè)市場結(jié)構(gòu)的分析中,可以看出我國證券公司的市場結(jié)構(gòu)存在諸多的不完善之處。比如業(yè)務(wù)結(jié)構(gòu)單一、過度依賴經(jīng)紀(jì)業(yè)務(wù)；行業(yè)進(jìn)入壁壘和退出機(jī)制的不完善等方面均導(dǎo)致了證券業(yè)結(jié)構(gòu)調(diào)整緩慢,整體結(jié)構(gòu)低效率的局面。在對我國證券業(yè)的市場行為進(jìn)行的分析中,通過對我國證券業(yè)價格競爭行為和非價格競爭兩個角度分別表達(dá)了因為政府政策干預(yù)的存在,使得證券公司的市場行為不能完全的表示出來,因而也是需要進(jìn)行改進(jìn)的。最后對我國證券業(yè)績效的相關(guān)方面進(jìn)行了分析�？梢钥闯鑫覈C券業(yè)與國外證券業(yè)之間存在著不小的差距,這與我國證券業(yè)依賴于證券市場行情,缺乏創(chuàng)新競爭力等原因有關(guān),但同時也證明了我國證券業(yè)市場存在的潛在的巨大發(fā)展空間。 在本文的實(shí)證章節(jié)中,通過構(gòu)建計量模型,通過回歸最終得出結(jié)論： (1)在我國證券業(yè)現(xiàn)階段的情況下,市場集中度對其績效的影響不顯著,證明了政府行政主導(dǎo)的行業(yè)集中度變化是低效率的。 (2)證券公司的效率和市場占有率對其績效的影響顯著,這同時也證明了修正的有效結(jié)構(gòu)假說目前對我國證券業(yè)是適用的。表明了我國證券公司的運(yùn)行效率對于證券行業(yè)的整體發(fā)展具有重要的作用。 最后筆者根據(jù)定性和定量分析中得出的結(jié)論,對我國證券業(yè)的未來發(fā)展提出了三個方面的政策建議：(1)政府應(yīng)該適當(dāng)放開對證券業(yè)務(wù)的監(jiān)管,這有利于證券業(yè)務(wù)的創(chuàng)新,擺脫長期依賴市場行情的發(fā)展模式,而開創(chuàng)更為適合我國證券公司的業(yè)務(wù)模式；(2)政府應(yīng)該讓證券業(yè)的市場結(jié)構(gòu)調(diào)整市場化、自發(fā)性的調(diào)節(jié),這樣有利于高效率的企業(yè)發(fā)揮其效率優(yōu)勢,給整個行業(yè)帶去前進(jìn)的力量；(3)政府應(yīng)該鼓勵我國證券公司進(jìn)行產(chǎn)品創(chuàng)新,提升服務(wù)質(zhì)量,以促進(jìn)我國證券業(yè)向成熟的證券業(yè)發(fā)展。 本文的創(chuàng)新點(diǎn)體現(xiàn)在兩個方面： (1)研究方法的創(chuàng)新。過去對我國證券業(yè)方面的研究,一般是以定性分析為主,即便采取定量分析,也只是獨(dú)立的探求SCP范式在我國證券業(yè)的適用性,而本文將定性分析與定量分析結(jié)合,并且將SCP范式中的傳統(tǒng)觀點(diǎn)和衍生觀點(diǎn)一同進(jìn)行定量分析,已得到更好的適用性結(jié)論。并且更加關(guān)注產(chǎn)業(yè)研究中以企業(yè)為主的微觀樣本,使得研究更加具體和清晰。同時結(jié)合對產(chǎn)業(yè)政策的分析,使得產(chǎn)業(yè)研究具有對產(chǎn)業(yè)發(fā)展的指導(dǎo)意義。 (2)研究數(shù)據(jù)的創(chuàng)新。證券業(yè)是個高速發(fā)展的行業(yè),其行業(yè)每分每秒都在發(fā)生變化,本文將選取最近幾年的數(shù)據(jù)進(jìn)行分析,以得到最貼近我國證券業(yè)目前所處狀態(tài)的研究結(jié)果,使得研究結(jié)果具有很強(qiáng)的時效性。 本文的不足：筆者因為能力有限,并不能保證文章能對所闡述的問題面面俱到,并且因為數(shù)據(jù)收集的困難,以及變量設(shè)置不可避免的誤差,可能會對研究結(jié)果產(chǎn)生一定的偏差影響。同時由于篇幅有限,對證券市場中如個體差異研究等方面不能深入,沿著本文的思路,該方面應(yīng)該可以做出進(jìn)一步的研究。
[Abstract]:The securities company has hundreds of years of history in foreign countries, while China's securities company was born only 20 years of time. Compared with the mature stock market in the developed countries, the supervision system of science, improve the securities company service products, China's securities market slightly tender. But China's securities market as an emerging capital market. China's securities industry, relying on the economic base of growing. The expanding of rapid development, China's economic scale, China has surpassed Japan to become the world's second largest economy, with China economic development, China's securities industry has enjoyed rapid economic growth brought impetus, get faster development faster than other countries in the past the securities industry. On the other hand, a product of China's securities industry is the birth of capital market demand, and is in need of government policy, so in the birth of the first, our country government The development of government attention on the securities industry. It can be said that China's securities industry since its inception in such a short time to have achieved so much, this one with the government's policy to give impetus and support are inseparable. But with the stock market gradually moving towards the right track, market-oriented operation, especially to control the past. The government administrative power is dominant, but increasingly become an obstacle to the development of securities company in China. So this paper tries to compare the analysis of China's securities industry empirical analysis combined with China's securities industry to the government at the present stage of China's securities industry on the part of the policy is inefficient, needs to be improved and tried to find out the effects of promoting the development of China's securities industry.
SCP is a paradigm of industrial economics great scholar Mason, Scheele Bain and others founded and continuously improve. It constructs a theoretical framework, market structure, behavior, the interaction mechanism of performance of the three studied standardization, the industrial economics research becomes more scientific and explain the significance. Future generations to continue the development of the SCP paradigm, continue to revise and improve it, make it to different countries or regions, different environment, different industry research has a strong guiding role. The SCP paradigm for the study of the financial industry base has a more comprehensive analysis, while the domestic is relatively late, and most of them are still on the banking and securities industry. For the development of China's economy is very important, I think, needs more attention and Research on the securities industry, especially the industry. In that, the securities market has bottomed out, a new round of development is about to open a securities company without exception will be the most direct beneficiaries. According to the analysis of historical data, the securities company will face a new round of transformation period, so the research of the securities industry is more important at home and abroad over the past. Scholars in the securities industry market, industry structure is often just a descriptive qualitative description, lack of the market structure, behavior, performance test of quantitative relationship between. And most studies have no effect on the discussion of government industrial policy for the securities industry. In this paper, the author takes the SCP as the basic paradigm the framework, combining qualitative and quantitative analysis, the structure of China's securities industry, research more depth to conduct and performance, and to explore the influence of industrial policy on China's securities industry. In order to our country Securities companies and securities regulators in China are able to put forward some meaningful suggestions in the development of the next stage of the securities industry.
First of all, this paper first sets the overall research ideas, which take the SCP model as the framework to analyze China's securities companies, and through the actual development of China's securities company itself, some modification of the SCP paradigm, the development mode is more in line with China's securities industry. The classical literature research abroad in recent years are introduced at the same time, and scholars in China Industrial Economics in recent ten years in the SCP paradigm in financial industry in China. To guide the direction of research results to the reference or.
Then, this paper will focus on the SCP paradigm and its classical derivative hypothesis were analyzed and evaluation of the.SCP paradigm is first proposed in the study of Harvard School and eventually started to mature, Harvard school that conduction through the market behavior of the market structure will eventually affect the market performance, so that the market structure is the decisive factor in the market the performance of the policy, pay more attention to the monopoly power to control the market, avoiding market performance decreased because of the existence of a monopoly. The later rise of the Chicago School of Harvard school criticized, they are staunch supporters for efficiency, that does not need too much attention to the market structure is in favor of monopoly or oligopoly, the key is to ensure efficiency the operation of enterprises, as long as the enterprise operation efficiency is high, then the market performance will be promoted. And then the evaluation of new Austria The school is more humane atmosphere, they are more concerned about people's creative spirit, they also do not agree with the Harvard School for depends on the market structure and market performance point of view, they think that as long as the people's creative spirit is strong enough, there is no entry barriers of enterprise profit factors, it can be said that they are advocates of opportunity equal. The final appearance is the theory of competitive market, they are also concerned in the criticism of the Harvard School. In the competitive market theory that the government does not need to stop the oligopoly market or monopoly market, as long as the enterprise profit rate is higher than the perfectly competitive market, will attract new competitors at the same time. That capital entry barriers does not constitute a real industry barriers to entry, restrictive policies only the composition of the government is the real industry barriers to entry into the wall Base, so the competitive market theory holds that the government needs to manage itself, not to make itself an obstacle to the development of the enterprise.
In this paper, followed by the development of the securities industry in China are expounded. The development of China's securities industry rapidly, but also accumulated a lot of problems. It has made brilliant achievements, we should also pay attention to the shadow of the brilliant hiddenpotential risks. The author through the history and status quo of China's securities industry development this, to understand China's securities industry problems occur in the following chapters antecedents and consequences, in order to fully analyze the causes of the problem, it can be an antidote against the disease.
Then according to the SCP analysis of the main factors in the framework are described and analyzed respectively, the actual situation of the industry, China's securities industry and analyzed in this paper is to achieve the purpose of analysis. In the analysis of the structure of China's securities market, we can see there is the market structure of China's securities companies many imperfections. For example, a single business structure, over reliance on brokerage business; trade barriers to entry and exit mechanism is not perfect and so on are led to the securities industry structure adjustment is slow, the overall structure of the low efficiency of the situation. Analyze the market behavior in the securities industry in China in the two aspects of the price competition behavior of China's securities industry and non price competition are expressed as the government policy intervention, the market behavior of the securities company fully expressed, and also need to be improved. At the end of Analyzes the relevant aspects of the performance of China's securities industry. We can see that there is a large gap between China's securities industry and foreign securities industry, the securities industry in China depends on the securities market, the reason for the lack of innovation and competitiveness, but also proved a huge space for development potential market securities industry country.
In the empirical section of this paper, through the construction of the econometric model, the final conclusion is drawn through the regression.
(1) under the current stage of China's securities industry, the influence of market concentration on performance is not significant, which proves that the change of industry concentration degree led by government administration is inefficient.
(2) the efficiency and market of securities companies have a significant impact on the rate of performance, which also demonstrated that the effective structure hypothesis correction of China's securities industry is currently applicable. That the operating efficiency of securities company in China has an important role for the overall development of the securities industry.
Finally, according to the qualitative and quantitative analysis of the conclusion of the three aspects of the policy recommendations for the future development of China's securities industry put forward: (1) the government should be appropriate restrictions on securities regulation, which is conducive to innovation of securities business development model, to get rid of long-term dependence on market conditions, and create a more suitable for China's securities companies business model; (2) the government should allow the securities market to adjust the market structure, spontaneous adjustment, which is conducive to efficient enterprises play the advantages of efficiency, to the whole industry to bring forward force; (3) the government should encourage China's securities companies to enhance product innovation the quality of service, to promote the development of China's securities industry to mature securities industry.
The innovation of this article is embodied in two aspects:
(1) the innovation of research methods. The past research on China's securities industry, is based on qualitative analysis, even if we take the quantitative analysis is independent of the SCP paradigm in exploring China's securities industry and the applicability of the qualitative analysis and quantitative analysis combined, and the SCP paradigm in the traditional view to view and derived quantitative analysis has been applied. Conclusion better and more attention to micro sample enterprises industry study, which makes the research more specific and clear. Combining with the analysis of the industrial policy, the industrial research has guiding significance on the development of industry.
(2) the innovation of research data. The securities industry is a rapid development of the industry, the industry every minute in change, this paper will select the data in recent years were analyzed, the research results are the most close to the securities industry in China at present state, makes the research results have a strong timeliness.
The deficiency of this paper: the author because of the limited capacity, and can not guarantee that the comprehensive on this issue, and because of the difficulty in collecting data, and the error variables set inevitably, which may influence on certain deviation results. At the same time, because of the limited length of the securities market such as individual difference research cannot penetrate, along this idea, this aspect should be made for the further study.

【學(xué)位授予單位】：西南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51

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