影响券商效率的因素与机制:基于一个扩展SCP框架的实证研究  

Factors and Mechanisms Affecting the Efficiency of Brokerages:An Empirical Study Based on an Expanded SCP Framework

作　　者：郑又源[1] 徐筠雅 李妍 ZHENG You-yuan;XU Jun-ya;LI Yan(School of Economics and Management,Xidian University,Xi’an,710126,China)

机构地区：[1]西安电子科技大学经济与管理学院,陕西西安710126

出　　处：《兰州财经大学学报》2024年第2期88-101,共14页Journal of Lanzhou University of Finance and Economics

基　　金：教育部人文社科项目“投资银行关系、利益冲突和券商绩效研究”(17YJC790211)。

摘　　要：本文通过构建一个扩展的“结构-行为-绩效(SCP)”框架分析了影响券商效率的因素与机制,并使用中国证券公司2017—2021年数据对其进行实证检验。结果显示:证券业的市场集中度对券商的效率具有显著的负向抑制作用,券商的市场影响力和金融科技投入均对其效率有显著的促进作用;金融科技投入在市场影响力对效率的正向作用中起到了中介作用,即券商的市场影响力会促进金融科技投资,金融科技投资的增加会进一步提升券商效率。与国有证券公司相比,非国有企业的市场力量和金融科技投入对效率具有更强的促进作用,并且中介效应更加明显;在大规模企业中,市场力量对券商效率发挥着更强的促进作用,而金融科技投入在中小规模企业中发挥的作用更加明显,并呈现出显著的中介效应。This paper analyzes the factors and mechanisms affecting efficiency of brokerages by con⁃structing an expanded"Structure-Conduct-Performance(SCP)"framework and empirically testing it us⁃ing data of Chinese securities firms from 2017 to 2021.The results indicate that market concentration in the securities industry significantly negatively inhibits the efficiency of securities firms,while market in⁃fluence and financial technology investment both have significant promoting effects on efficiency.Finan⁃cial technology investment plays an intermediary role in the positive impact of market influence on effi⁃ciency,whereby the market influence of securities firms promotes financial technology investment,which further enhances the efficiency of securities firms.Compared to state-owned companies,the mar⁃ket power and financial technology investment of non-state-owned companies have a stronger promoting effect on the efficiency of securities firms,with a more pronounced intermediary effect.Market influence in large companies has a stronger promoting effect on efficiency,while the impact of financial technology investment on efficiency is more evident in small and medium-sized enterprises,showing a significant intermediary effect.

关 键 词：市场影响 金融科技投入 券商效率 

分 类 号：F832.39[经济管理—金融学]