【作者】 白鹤；

【导师】 张小斐；

【作者基本信息】 山东经济学院 ， 统计学， 2010， 硕士

【摘要】 作为金融市场的重要参与机构,证券公司的健康成长关乎我国资本市场和国民经济发展的大事。在未来的竞争中,开放的环境必然要求我国证券公司更加关注企业自身的经营管理与效率,向先进的证券公司学习,发现缺陷,改进不足,以提高自身的综合竞争实力。鉴于证券公司的健康发展对于我国证券市场的发展、资本市场的发展乃至国民经济的发展有着不可替代的作用,本文将运用随机边界方法(SFA)对我国证券公司经营效率进行探讨分析,在测算其经营效率的结果基础上分析证券公司在经营上存在的不足,给出笔者的改进建议,希望能为我国证券公司经营效率的提高提供一点参考。本文是以12家上市证券公司为研究对象,本文的总体研究思路是以Battese and Coelli(1995)提出的随机边界分析模型为基础,构建出证券公司的成本无效率评价模型和无效率因子评估模型,运用最大似然估计法,推估2002-2008年样本证券公司的成本无效率值,同时估计两个模型的系数值,根据实证结果对证券公司效率高低和各无效率影响因子进行量化和比较。本文经实证研究发现海通证券的经营效率在12家证券公司中处于最低,经营效率最优的三家证券公司是国泰君安证券,中信证券,齐鲁证券,齐鲁证券作为山东省唯一的综合型券商,经营效率良好。本文证券公司的无效率因子进行了详细分析,发现证券公司的公司规模,股权集中度与证券公司的无效率呈现正相关关系,而与流动比率、本科以上员工所占比例呈负相关关系。同时还给出了提升证券公司效率的建议:改进和完善盈利模式;扩大融资渠道;推进资产管理业务创新;优化主营业务;吸引高素质人才,引入战略投资者。更多还原

【Abstract】 As an important participant in the financial markets institutions, the healthy growth of securities is related to China’s capital markets and national economic development event. In the future competition, a necessary requirement for an open environment is that China’s securities companies pay more attention to the enterprise’s own management and efficiency. In view of the healthy development of securities companies for the development of China’s securities market、development of capital markets even the national economy, This paper will use the stochastic frontier approach (SFA) to explore and analysis the efficiency of China’s securities companies. Based on the results of its operational efficiency, the author gives suggestions for improvement; provide some reference to hope to provide some reference to increase China’s securities companies operating efficiency.The research object of this study is the 12 listed securities company, this paper’s idea is based on the general study of Battese and Coelli (1995) proposed stochastic frontier analysis to build a securities companies cost-evaluation model of inefficiency and inefficiency factor assessment model and use maximum likelihood estimation method, estimate that the cost of the sample securities firms inefficiency value in 2002-2008, estimate coefficients of the two models at the same time. It is quantified and compared according to empirical results on the inefficiency of securities companies and the inefficiency factors. This empirical study found that Haitong Securities’operating efficiency is the lowest of 12 securities. Optimal operational efficiency is the three securities companies:Guotai Junan Securities, CITIC Securities, Qilu Securities. As the only integrated brokerage, Qilu Securities operated efficiently.The paper carried out a detailed analysis of the ineffectiveness factor of security companies and found that there is a positive correlation between the inefficiency and company size, equity concentration of securities firms, as while, there is negatively correlated with the current ratio, the proportion of undergraduate or more employees. It also gives recommendations to enhance the efficiency of securities firms:improve and perfect the profit model, expand financing channels, to promote asset management business innovation, optimize core business, to attract high-quality talent, the introduction of strategic investors.更多还原