【作者】 田野；

【导师】 黄少安；

【作者基本信息】 山东大学 ， 金融学， 2014， 硕士

【摘要】 证券公司作为我国资本市场中的中介机构,无论在一级市场还是二级市场上都发挥着重要作用。证券公司以其长期在资本市场上运作而积累的经验及专长,为资金的供给者和需求者提供优质的服务,促进资金的流动和市场的发展。自2012年下半年以来,国内金融界放松管制、融资融券业务的推广特别是金融同业资产管理业务的松绑,推动金融脱媒以及利率市场化进程的加速,无疑将促进金融产品的创新。这一系列变化,都对我国证券公司的竞争实力提出更高的要求与挑战。证券公司的经营效率将直接影响资本市场资源的配置效率。效率是用来衡量证券公司经营业绩的重要指标,本文采用随机前沿分析法(SFA)来对测度证券公司的成本效率,并基于理论依据提出研究假设与实证方法验证假设成立的思路来实证研究我国证券公司的股权结构与其成本效率的关系。首先,在理论上分析股权结构与公司绩效的相互关系；其次,分析我国证券公司特有的股权结构特点,阐述我国证券公司在股权结构方面的发展状况和相关问题；再次,结合我国证券公司特殊的股权结构,从实证角度来探讨股权结构对证券公司成本效率的影响。实证研究主要从股权集中度、不同的股权性质、不同的股东性质三个方面来进行研究,选用2008-2012年我国证券公司的经审计的财务数据,采用SFA方法测度证券公司的成本效率。并研究证券公司的股权结构与其成本效率之间的关系。最后,根据研究结论,提出相应的政策建议。实证研究的结果显示：1.国有证券公司的成本效率要高于非国有性质证券公司,但统计结果并不显著；2.第一大股东持股比例与证券公司的成本效率之间呈倒U型关系,随着控股股东持股比例的增长,成本效率先增加,达到一定程度后,转而降低；3.引入外国战略投资者来优化股权结构的证券公司的成本效率要高。基于结论提出了3点政策建议：1.改善证券公司股权结构中“一股独大”为主的现状,优化证券公司股权结构。相对控股的股权结构与适度的股权制衡机制对提高证券公司的成本效率才更为有利。对我国证券公司股权结构的完善时要充分考虑第一大股东对公司治理的积极功能,同时努力消除股权集中的利益侵占效应所带来的消极作用。2.适度降低国有性质股在证券公司中的持股比例,引入民间资本和外国资本,促进公司的竞争,来提高成本效率。我国证券业监督管理机构可以适度放开证券公司的股权流动性的限制,通过引入非国有股权和外国战略投资者,真正实现国有产权主体的多样化。3.鼓励并引导证券公司的重组,提高经营效率。通过证券公司间的股权重组,淘汰经营效率低下的证券公司,来优化资源配置,有利于证券公司做强、做大。鼓励证券公司进行业务创新,转变传统的经营模式,来提高自身的成本效率。更多还原

【Abstract】 As an intermediary in the capital market, security companies are very important both in the primary market and secondary market.Securities companies has accumulated lots of experience and expertise in the long-term operations, these can provide the high quality service for money the su-pplier and demander, promote the flow of funds and the development of the market. Since the second half of2012, the easing of the domestic financial world, the pro-motion of the securities lending and borrowing business, especially the easing of inter-financial-industry asset management has promoted financial disintermediation and the acceleration of interest rate marketization, and will promote the financial innovation of the products undoubtedly. The series of changes have put forward higher demands and challenges to security companies in China. The efficiency of the security companies will affect the allocation efficiency of capital market. Security companies operating efficiency will directly affect the resource allocation efficiency of capital market. Efficiency is one of the important indicators used to measure the securities company operating performance.Efficiency is the important index to measure the securities of the company’s operating performance. This paper employed stochastic frontier analysis approach (SFA) to measure the cost efficiency of the securities company, and put forward re-search hypothesis and empirical methods to analyze the relationship between owner-ship structure and cost efficiency of securities companies based on the theoretical theory. Firstly, analyze the relationship between ownership structure and cost ef-ficiency of securities companies based on the theoretical theory. Secondly, analyze the characteristics of the special ownership structure of our security companies, expound the development and problems of our security companies’ ownership structure. Finally, explore the influence of ownership structure of our security companies.Empirical research is focus on ownership concentration, the nature of ownership and shareholders. Using data from available Chinese security companies’ annual re-port from2008to2012,1do the empirical research to estimate the security com- panies’ cost efficiency (CE) by the stochastic frontier analysis approach I employed. Then, research the relationship between the ownership structure of our security com-panies and the security companies’ cost efficiency (CE). Finally, based on the above analysis, this paper proposed advices.The result shows that:1. State-owned security companies’ cost efficiency is higher than non-state-owned security companies, but has no statistical significace;2. the relationship between equity concentration and security companies cost efficiency is inverse-U-shaped;3.The security companies which have foreign security company as one part of the equity are more cost efficiency than others. So based on the above analysis, this paper proposed advices for improving Chinese security companies operating efficiency:1. Try to change the "a dominant" situation in the ownership structure of the security companies, improve the ownership structure. Optimizing the ownership structure is more favorable to the security companies’ cost efficiency (CE). We should take the positive effect of the largest stockholder on the companies into ac-count and try to eliminate the negative influence of ownership concentration.2. Reduce the state-owned shares in the security companies, intoduce private capital and foreign capital, promote the competition of the security companies and the cost ef-ficiency (CE). Our securities supervision and administration department can Our se-curities supervision and administration department may moderately let go of the securities company equity liquidity constraints, with the introduction of non-state ownership, achieve the diversification of state-owned property right subject, the cost efficiency of Chinese securities firms.3.Encourage and guide the securities company’s merger and reorganization, improve operational efficiency. By reorganization, to op-timize the allocation of resources.更多还原