【作者】 谢乐斌；

【导师】 潘英丽；

【作者基本信息】 华东师范大学 ， 世界经济， 2010， 博士

【摘要】 金融是现代经济的核心,证券公司是金融市场发展的核心环节。证券公司承担企业上市推荐、证券发行、证券交易代理、证券自营投资等多项业务,是资本市场当中的最重要的中介之一。20世纪80年代以来,国际资本市场越来越不稳定,这种不稳定多次引发了金融危机,在世界金融危机中,许多著名的投资银行也未能幸免于难。最近几年中国国内证券市场持续低迷,伴随着经营业绩继续下滑以及资金和财务状况日趋严峻。证券监督管理委员会网站数据显示,2004年度我国证券公司为131家,2009年度我国证券公司缩小为107家,期间有多家证券公司因风险过大或经营失败被重组、关闭和撤销。为什么中国证券公司产生的风险如此巨大?多数观点认为是券商内部管理混乱所致,证监会在对南方证券实施行政接管也这样认为。公司管理和公司治理存在联系,但又有根本的区别,治理是管理的基础和前提。内部管理混乱或者是公司治理缺陷可能会导致证券公司风险,但问题如此普遍和严重,引发我们不得不从制度层面来思考券商的治理问题。本文逻辑循序和基本框架是：首先是探讨证券公司风险行为的理论基础；其次是对证券公司制度变迁及风险行为进行历史考察；然后在理论和现实的把握上,提出假说并对此进行实证研究；最后分析证券公司风险行为的制度因素并提出相关的政策建议。第一章为导论。本章首先对我国证券公司风险进行了描述,发现证券公司风险行为造成了整个行业的风险,以此说明选题的理论和实践意义。其次,通过对国内外现有文献综述,找出本研究的理论基础和切入点。并在前人诸多研究成果的基础上,提出本研究主要准备解决的问题。最后,介绍本文的研究对象、研究范围、研究方法、结构安排与主要创新点等。第二章是证券公司风险行为的理论基础。什么是风险行为?证券公司风险行为有包括那些方面的内容?如何对证券公司风险进行测度?证券公司的风险行为跟哪些因素有关?在这些问题的基础上,论文探讨了证券公司治理及其评价指标体系,证券公司的内部控制与风险管理,以及公司治理、内部控制与证券公司风险管理的关系；分析了证券公司行为的制度环境,研究了制度变迁及制度环境因素测量的方法,最后就制度变迁、公司治理与证券公司的风险行为的关系进行了总结,为后面的研究指明了方向和提供了基础。第三章主要是对中国证券公司制度变迁与风险行为进行考察。首先对中国证券业发展的历史背景进行介绍,探讨了中国证券公司发展的主要历程；其次分析了中国证券公司发展的现状,在发展现状的基础上对比西方国家的基本情况总结出了中国证券公司发展的主要问题；接着探讨了中国经济转轨与制度变迁的约束条件,分析了中国证券公司行为制度环境变迁及其主要阶段,并对此进行了理论解释；最后总结了中国证券公司的主要风险类别,并对制度变迁中的中国证券公司风险行为及其影响因素进行了分析。第四章主要是对制度变迁与中国证券公司风险行为进行实证。在前面的理论分析和研究设计的基础上,考察制度环境和公司治理对于这种风险行为的抑制作用。但由于证券公司治理数据无法取得,本文主要从横截面的市场化相对程度差异和纵向的监管环境变化探讨制度环境,并且根据样本期间整体监管环境的变化,考察制度环境与证券公司风险行为的相互关系。在这一章采用Eviews软件进行分析,由于数据的不完整和不可得仅采用资产负债率代表证券公司的风险水平,制度变量则包括市场化指数和政策虚拟变量等。第五章主要对中国证券公司风险行为的制度因素进行分析。首先分析了中国证券公司产权的制度安排,探讨了产权制度缺陷对证券公司治理结构的影响；其次对中国证券公司融资的制度安排进行了考察,分析了融资制度缺陷对证券公司融资结构和能力的影响；接着分析了中国证券公司交易的相关制度安排,探讨了交易制度缺陷对证券公司资金违规行为的影响；最后还对中国证券公司监管的制度安排进行了研究,分析了监管制度缺陷对证券公司风险管控的影响。第六章是结论与政策建议。本文通过分析发现经济转轨的中国,国有产权控股,政府隐性担保和干预对证券公司行为的影响最为严重,而证券市场法律制度的不完善则使得证券公司违规和风险行为无处不在。要减少证券公司的风险行为,必须积极推动产权制度的改革,完善公司治理结构和内控机制,加强证券市场法律制度的建设。由于该问题较为复杂,许多资料也难以得到,论文在最后总结了自己的缺陷,并指出了未来的研究方向。更多还原

【Abstract】 The finance is the core of modern economy, but Securities Firms is the core of finance market. Securities Firms is an important intermediary in capital market, because of undertaking many operations, such as go public recommendation, public offering, Stock Exchange agency, self-support business. Since 1980s, the international capital market has been more and more unstable, the instability has initiated financial crisis many times, in the world financial crisis, many famous investment banks can not escape from the serious influence. Recently China domestic stock market is murkily, many Securities Firms outstanding achievement continue to glide down as well as the financial condition. The China Securities Regulatory Commission website data display, in 2004 china has 131 Securities Firms; but in 2009 the number reduces to 107, in the period many Securities Firms was bankrupted, or reorganized, or closed, or cancelled.Why China Securities Firms produce so huge risk? Most viewpoints consider that it is the result of chaotic management; Securities Regulatory Commission is also consider that when take over the south Securities Firms. Management has relation with governance, but has difference; governance is the foundation of management. The chaotic management or the flaw of governs possibly can cause risk, but the risk is so common and so serious, initiates us to ponder of the institution. This article has it own logic and frame:First to discuss the theory of risk behavior; Next to inspect the history and the system vicissitude; Then to propose hypothesis and do empirical research; finally to analyzes the system factors and to puts forward policy proposal.The First chapter is the introduction remarks. This chapter first has carried on the description of Securities Firms risk, discovered that Securities Firms risk behavior has created the entire risk, and by this to explain significance. Next, through summarizes to the existed literature, discovers the foundation and main point of this research, proposed this the main questions. Finally, introduce the object of study, research scope, research technique, structure arrangement, main innovation and so on.The Second chapter is studying the theory of Securities Firms risk behavior. What is the risk behavior? What content the Securities Firms risk behavior has included? How to measure the Securities Firms risk? Which factors related to Securities Firms risk behavior? In the foundation of this question, the paper discussed Securities Firms governance and the appraisal system, the Securities Firms internal control and the risk management, The relationship of governance, the internal control and the risk management; Has also analyzed Securities Firms risk behavior system environment, studied the system vicissitude and the survey method for system environmental, finally has carried on the summary, so indicated the direction, also provided the foundation.The Third chapter mainly carries the inspection on China Securities Firms system vicissitude and the risk behavior. First introduce the historical background of Securities Firms development, then discussed the main growth course; Next analyzed the present situation of Securities Firms, summarized the main question in contrast with the Western countries; Then discussed the constraint condition of Economic Transition and system vicissitude, analyzed system environmental trend and the main stage, carried on the theory explanation; Finally summarized the main risk behavior category, analyzed Securities Firms risk behavior and the influence factor in system vicissitude.The Fourth chapter mainly does empirical research on system vicissitude and Securities Firms risk behavior. In the foundation of theoretical analysis and research design made, do research on the action which system environment and governance on risk behavior. But because the governance data unable to obtained, so this article discussion system environment mainly from lateral section marketability relative degree difference and longitudinal supervise environmental variation, according the change of whole supervise environment in the sample period, and then inspect the correlation of system environment and Securities Firms risk behavior. In this chapter we Uses "Eviews" software do analysis, because the data incomplete so only uses the property ratio of debt to represent Securities Firms risk level, the system variable includes the marketability index and policy dummy variable and so on.The Fifth chapter mainly analyzes the system factor of China Securities Firms risk behavior. First analyzed the system arrangement of property right, discussed the influence of property right system flaw on governance structure; Next inspected the system arrangement of Securities Firms financing, analyzed the influence of financing system flaw on the structure and ability of financing; Then analyzed the related system arrangement of China Securities Firms transaction, discussed the influence of transaction system flaw on financing behavior which get out of line; Finally do research on the supervision system arrangement, analyzed the influence of supervision system flaw on Securities Firms risk management.The Sixth chapter is the conclusion and policy suggestion. Through analyzing discovered that, in China’s economical switcher, the nation-owned holding the most property right of Securities Firms, the recessive guarantees and intervenes of government get influence to Securities Firms behavior seriously, The Securities Firms behavior of risk and get out of line is ubiquitous because that stock market legal regime is imperfect. To reduce the risk behavior of Securities Firms, must impel the reform of property right system positively, make the governance structure and control mechanism perfect, enhance stock market legal regime construction. Because this questions are complex, many materials cannot obtained, the paper finally summarized own flaw, pointed out the future research direction.更多还原