创新类券商业务多元化、经营绩效与风险相关性研究

发布时间：2018-01-10 17:31

本文关键词：创新类券商业务多元化、经营绩效与风险相关性研究　出处：《安徽大学》2013年硕士论文　论文类型：学位论文

【摘要】：证券公司作为资本市场的中介服务机构,对市场功能的发挥起到关键性的作用,当前国内外经济形势不断变化,我国证券公司面临的挑战与日俱增,银行、保险和信托的发展压缩券商的生存空间,国外机构的进入加剧证券行业的竞争。依赖传统通道业务“靠天吃饭”的券商,开展金融创新和多元业务是必然要求。国民财富的迅速增加带来资产投资的需求,经济结构的调整转型需要多层次资本市场的完善配套,为了应对这些新情况,产品和业务创新己成为国内券商求生存、促发展,打造核心竞争力的必由之路。券商突破传统的业务范围,实现由传统中介型向资本中介型的转变,是主客观相结合的需要。创新业务对传统业务的替代会给证券行业和资本市场带来极大的影响。本文以第二、第三章为第一个部分,先对相关概念进行了界定,详细介绍了券商业务多元化等概念,并结合我国当前情况,对相关概念进行定义。随后,具体阐述了多元化经营绩效和经营风险的几大理论。第三章分析券商业务的现状与问题,并用定量指标度量创新类券商的多元化程度,发现我国创新类券商的业务多元化正在稳步推进,尤其大券商的进展速度更快,效果更好。第四章为本文的第二大部分,是实证研究的部分,也是本文的核心内容。笔者对券商业务多元化与绩效和风险之间的关系进行分析,选取2005年至2011年七年28家创新类券商的面板数据进行研究,得出业务的多元化对券商的经营绩效产生了一定程度的正面影响。实证证明,近些年来,我国券商的资产规模和股权集中度与经营绩效都呈正相关关系,即券商的规模越大,第一大股东持股比例越高,经营业绩越好,体现了规模效应和管理效率。而杠杆比率对于券商绩效的影响不太显著。通过对券商多元化程度与经营风险的相关性分析,发现券商的业务多元化有效降低了收益的风险。第五章是政策建议部分,笔者在第二部分结论的基础上,从相关法律制度、外部政策监管、公司治理结构等方面提出一系列改善性建议,希望对于促进券商的业务转型有借鉴意义。
[Abstract]:The securities company as the intermediary service organizations in the capital market, the market function plays a key role, the current domestic and international economic situation is constantly changing, facing China's securities companies challenge bank development and grow with each passing day, the insurance broker living space compression trust, foreign institutions has intensified competition in the securities industry rely on the traditional. "On the brokerage channel business, financial innovation and diversification is an inevitable requirement.
The rapid increase in national wealth asset investment demand, the adjustment of economic structure transformation requires multi-level capital market to improve infrastructure, in order to respond to these new situations, product and service innovation has become the domestic brokerage of survival, development, the only way to build the core competitiveness of the brokerage. Will break through the traditional business scope, realize the transition from the traditional intermediary to the capital intermediary type, is a combination of subjective and objective needs. Business innovation will bring great influence to the securities industry and the capital market to replace the traditional business.
In second, the third chapter is the first part first defines the related concepts, introduces the concept of brokerage business diversification, and combined with the current situation in China, the definition of related concepts. Then, elaborates several theories of diversification and risk management. The third chapter analysis the present situation and problems of brokerage business diversification, and quantitative index to measure the innovative companies, found that our innovative brokerage business diversification is steadily, especially in large firms faster speed, better effect.
The fourth chapter is the second part of the paper, is part of the empirical research, is the core content of this article. The author analyzes the relationship between diversification and performance of brokerage business risk and research of panel data of 28 selected innovative companies from 2005 to 2011 seven years, the business diversification of brokerage business performance produced the positive effect to a certain extent. The study proves that in recent years, concentration and operating performance are positively related to our securities assets and equity, namely brokerage with larger scale, the proportion of the first shareholder is higher, the better business performance, embodies the scale and efficiency of management. And the influence of the leverage ratio for the broker performance not too significant. The correlation of the degree of diversification and brokerage business risk analysis, found that the brokerage business diversification reduces the risk of earnings.
The fifth chapter is part of policy recommendations. Based on the second part conclusion, the author puts forward a series of improvement suggestions from relevant legal system, external policy supervision and corporate governance structure, hoping to have a reference for promoting the business transformation of brokerages.

【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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