中国证券公司股权结构、市场结构与成本效率的实证研究  

An Empirical Research on the Relationship among the Ownership Structure,Market Structure and Cost Efficiency of Securities Companies in China

作　　者：王聪[1] 宋慧英[1] 

机构地区：[1]暨南大学经济学院/金融研究所,广东广州510632

出　　处：《金融研究》2012年第5期80-92,共13页Journal of Financial Research

基　　金：广东省高等学校高层次人才项目<转型期我国家庭金融资产选择及其财富效应的理论与实证研究>(批准号:50524007);国家社会科学基金项目--增加我国居民的财产性收入研究(批准号:08BJL022);广东省普通高校人文社科重点研究基地项目--居民金融投资行为的理论与实证:关于增加我国居民财产性收入的对策(批号:08JDXM79003)的资助

摘　　要：本文运用SFA法测度证券公司的成本效率,借鉴国际通用的新实证产业组织方法-PR模型测度市场竞争度,进而描述我国证券业的市场结构,在此基础上,实证分析股权结构、市场结构与证券公司成本效率之间的关系。研究结果显示:国有性质证券公司的效率低于非国有性质的证券公司,股权集中度与证券公司成本效率之间是一种U型关系,市场竞争度与证券公司效率之间呈倒U型关系,且现阶段效率处于下降区间。股权结构、市场结构对证券公司成本效率的影响不存在交互作用。The paper uses SFA to measure securities companies cost efficiency, draw New Empirical Industry Organization（NEIO） namely PR model that internationally accepted to estimate the degree of market competi- tion, then describes the market structure of securities companies. Further, the authors analyze the relationship among ownership structure, market structure and cost efficiency of securities companies. The result shows that state-owned securities companies＇ cost efficiency is lower than non-state-owned securities companies, and the re- lationship between equity concentration and securities companies＇ cost efficiency is U-shaped, while the degree of market competition and securities companies＇ cost efficiency shows an inverse-U, and securities companies＇ cost efficiency is falling. There is no cross influences to securities companies＇ cost efficiency between ownership structure and the degree of market competition.

关 键 词：证券公司 成本效率 市场结构 股权结构 

分 类 号：F224[经济管理—国民经济] F832.51