【作者】 冯凯；

【导师】 郑鸣；

【作者基本信息】 厦门大学 ， 金融学， 2008， 博士

【摘要】 期货市场是商品经济发展的高级形式,也是多层次的现代金融体系的重要组成部分。由各期货公司形成的我国期货经纪业,是既面对期货交易者又面对期货交易所的中间环节,也是整个期货市场运行的主要载体和不可缺少的关键环节。我国期货经纪业正面临着入世后新的历史机遇和挑战,并在相当程度上决定着我国期货市场的发展。论文从产业组织理论的角度出发,运用结构一行为一绩效分析框架对我国期货经纪业的市场结构、市场行为和市场绩效及其相互影响和作用进行考察和研究。市场结构通常是产业组织理论中研究的逻辑起点,在对有关产业组织理论进行梳理的基础上,论文研究了我国期货经纪业市场集中度和进入退出壁垒等问题;市场行为方面,主要从期货公司的价格行为和非价格行为两个角度展开论述,研究了期货公司佣金价格战以及产品差异化等问题;市场绩效方面,分析了我国期货经纪业的规模经济和盈利能力等问题,并通过数据包络分析方法研究了我国期货公司的效率问题,在此基础上对我国期货经纪业市场结构与市场绩效之间的关系进行了实证研究;最后分析了我国期货经纪业的有效监管等问题。论文通过运用产业组织理论的分析范式对我国期货经纪业市场结构、行为和绩效及其相互关系和影响进行考察和研究,为我国期货经纪业相关问题研究提供新的理论研究视角;论文利用数据包络分析方法,实证研究了我国期货公司的综合效率以及规模效率等问题,由此加深了对我国期货公司经营效率的认识和理解;论文运用面板数据计量模型方法对我国期货经纪业市场绩效与市场结构关系问题进行研究,实证检验了产业组织理论的市场势力假说和效率结构假说对我国期货经纪业的适用性问题。基于产业组织理论视角研究我国期货经纪业相关问题,有助于促进我国金融产业组织理论有关研究的发展,有利于提升对我国期货经纪业的认识并促其不断完善,从而更好地推动我国期货市场的发展,研究具有理论意义和现实意义。更多还原

【Abstract】 Futures market is the advanced status during the development of Commodity Economy and it is an important component of multilevel modern financial system. Being composed of all the futures firms, Chinese futures broking industry is the intermediate link between the futures trader and the futures exchange, at the same time it is the main agent and indispensable key part of futures market. Facing the new historical opportunity and challenge of accession to WTO, Chinese futures broking industry is the determinant of Chinese futures market’s development.Based on the perspective of Industrial Organization Theory, this paper makes use of the Structure-Conduct-Performance analytical framework to have some research on the market structure, conduct and performance of Chinese futures broking industry. According to Industrial Organization Theory, it is undoubtedly important that market structure should be taken as the logic starting point of the related studies, after having a review on Industrial Organization Theory, this paper studies some issues such as the market concentration ration and the barriers to entry and exit. On the market conduct, this paper dissertates from the angles of the futures firms’ pricing behavior and non-pricing behavior and analyzes the commission discount competition and product differentiation problems. On the market performance, the paper studies the economies of scale and earning capacity of Chinese futures broking industry and analyzes the efficiency problems of futures firms by the way of Data Envelop Analysis method, furthermore, this paper has some empirical research on the relationship of market structure and market performance in Chinese futures broking industry. After that, this paper analyzes the efficient regulation of Chinese futures broking industry.This paper gives some new points of view on the research work about Chinese futures broking industry related issues, for example, based on the Structure-Conduct-Performance paradigm of the Industrial Organization Theory, this paper analysis the market structure, conduct and performance of Chinese futures broking industry, and gives some policy advice on optimize the market structure, conduct and performance of futures broking industry for promoting the development of futures market. At the same time, this paper has some empirical research on the synthesis technology efficiency and scale efficiency issues of Chinese futures firms by the Data Envelop Analysis method and thus makes the comprehension on the futures firms’ operating efficiency more explicit and extend the application scope of DEA method in Chinese financial industry more than banks and insurance companies. After that, this paper studies the relationship between the market performance and structure of Chinese futures broking industry by use of the panel data econometric model and tests the Market Power Hypothesis and Efficient-Structure Hypothesis of Industrial Organization Theory based upon the data of Chinese futures broking industry empirically.To have some research work on the issues of Chinese futures broking industry from the perspective of the Industrial Organization Theory, is not only helpful to promote the research on Chinese financial industrial organization theory and but also is beneficial to facilitate the improvement of Chinese futures broking industry and the development of Chinese futures market, so it is of theoretical significance and practical significance.更多还原