【作者】 赵杰；

【导师】 王新军；

【作者基本信息】 山东大学 ， 工业工程（专业学位）， 2013， 硕士

【摘要】 证券公司是资本市场最重要的中介机构,经营规范、运行高效的证券公司是建设健康资本市场的基本条件。我国证券公司从无到有,不断发展壮大,已经成为我国金融体系的重要组成部分。随着我国资本市场不断发展,证券公司的经营弊端日益显现,研究我国证券公司经营效率显得尤为重要。本文选用DEA方法中的CCR模型和BCC模型,利用我国103家证券公司2011年度财务数据,测算我国证券公司的经营效率。在测算证券公司经营效率基础上,采用Tobit模型对我国证券公司经营效率的影响因素进行实证研究。我国证券公司经营效率的测算结果表明：(1)我国证券公司整体经营效率较低,不同证券公司之间呈现出较大差异,并且我国证券公司效率低下的最主要原因在于纯技术效率过低；(2)除中信证券、招商证券和中投证券三家公司以外,其他证券公司都处在规模报酬递增阶段,说明我国证券公司总体规模较小,通过增加规模来提高经营效率仍具不小潜力；(3)创新类证券公司经营效率具有较为明显的优势,综合效率、纯技术效率和规模效率都显著高于规范类和其他类。与其他类相比,规范类证券公司尽管综合效率较高,但主要来源自规模优势,自身的纯技术效率反而不如其他类证券公司；(4)上市证券公司经营效率明显高于非上市证券公司；(5)外资参股证券公司效率低于本土券商,说明证券业引入外资战略投资对提升证券公司经营效率的正面影响尚未显现。基于Tobit模型的回归结果表明：(1)证券公司资本规模的提高有利于提高规模效率和经营管理水平,从而提高券商的综合技术效率；(2)资本结构对证券公司经营效率具有两方面影响,一方面资产负债率的提高有利于证券公司通过杠杆经营增大规模,从而提升规模效率；另一方面,过高的资产负债率,可能会增大证券公司经营风险,降低其纯技术效率；(3)业务结构对综合效率、纯技术效率和规模效率均有负面影响；(4)经营时间对券商经营效率影响不是很显著,但营业部数量对证券公司综合效率具有显著影响。最后,在全文研究的基础之上,本文就如何提高我国证券公司的经营效率提出相应对策建议。更多还原

【Abstract】 Security Companies are the most important financial intermediaries. Well-regulated and high-efficiency security companies are the basic conditions for the establishment of healthy capital market. With the development of capital market in China, the operating problems of security companies have been emerging. The study on the operating efficiency of the security companies in China is becoming more and more significant. This paper adopts the DEA methods, including CCR model and BCC model, to calculate the operating efficiency of China’s security companies with their financial data. Based on the calculation results, the paper selects Tobit model to study the influential factors of the operating efficiency of the security companies in China.The calculation results reveal several points:(1) The operating efficiency of security companies in China is rather low in the whole, and differences are obvious among security companies. The main reason for this is the low pure technical efficiency.(2)Most of security companies in China are in the stage of increasing returns to scale, which manifests that the scales of the security companies in China are to be improved.(3)Innovative security companies have higher operating efficiency than other companies. Regulatory security companies have high scale efficiency, but the pure technical efficiency is relatively low.(4)Listed companies obviously have higher operating than other companies.(5) The introduction of foreign capital in security industry has little effect on the operating efficiency of security companies.The regression result of Tobit model illustrates that:(1) The increase of capital scale of security companies can enlarge the management difficulties, but improve the operating efficiency through the scale efficiency;(2) Capital structure can produce the effect in two aspects. on the one hand, the increase of leverage ratio can expand the scale of security company, hence improve its efficiency; while it can increase the operation risk on the other hand;(3) Business structure have negative effect on comprehensive efficiency, pure technical efficiency and scale efficiency;(4) The operation length have no dramatic effect on the operating efficiency, but the number of business divisions have dramatic positive effect.Based on the research results, the paper put forward several suggestions on the improvement of the operating efficiency of security companies in China.更多还原