证券公司首席经济学家制度的外溢效应研究  

Research on Spillover Effects of the Chief Economist System in Securities Companies

作　　者：何诚颖 吕成双 何牧原 郭瑞瑾 HE Cheng-ying;LYU Cheng-shuang;HE Mu-yuan;GUO Rui-jin

机构地区：[1]广西大学中国-东盟经济学院/经济学院/中国-东盟金融合作学院,南宁530004 [2]嘉兴大学长三角金融科技研究院 [3]浙江大学经济学院

出　　处：《现代金融研究》2025年第2期89-99,112,共12页Journal of modern finance

基　　金：海南省哲学重点实验室金融创新与多资产智能交易实验室研究成果的资助。

摘　　要：本文以2006-2022年中国证券公司为样本,通过构建首席经济学家指标,分析首席经济学家制度的外溢效应。研究发现,首席经济学家制度能提升证券公司服务实体经济的成效。机制检验表明,证券公司声誉负向调节首席经济学家制度对证券公司服务实体经济成效的提升作用,信息传递正向调节该提升作用。证券公司为非一线城市公司与非上市公司时,首席经济学家制度对证券公司服务实体经济的成效有显著的正向影响。随机森林模型表明了首席经济学家制度与证券公司服务实体经济成效的非线性关系,验证了解释变量的重要程度和模型的有效性。Taking Chinese securities companies from 2006 to 2022 as a sample,this paper constructs chief economist indicators and analyses the spillover effects of the chief economist system of securities companies.The study reveals that the chief economist system can enhance the efficacy of securities companies in serving the real economy.The mechanism test indicates that the reputation of securities companies negatively adjusts the positive impact of the chief economist system on the efficacy of securities companies in serving the real economy,while the information transmission positively adjusts the impact.When the securities companies are in non-first-tier cities or unlisted,the chief economist system has significant positive impact on the efficacy of securities companies in serving the real economy.Random forest model demonstrates the non-linear relationship between the chief economist system and the efficacy of securities companies’service to the real economy,and verifies the importance of the explanatory variable and the effectiveness of the model.

关 键 词：首席经济学家 实体经济 外溢效应 随机森林模型 

分 类 号：G24[文化科学]