發(fā)布時(shí)間：2017-12-31 21:07

  本文關(guān)鍵詞：我國上市證券公司股權(quán)集中度與經(jīng)營績效的實(shí)證研究　出處：《華東師范大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 股權(quán)集中度 股權(quán)制衡度 上市證券公司 經(jīng)營績效 實(shí)證研究

【摘要】：我國證券公司自身的上市歷程啟動(dòng)較晚,但上市證券公司在金融體系中的作用和重要性毋庸置疑。我國目前已有19家上市證券公司,公司規(guī)模和利潤在證券公司整體水平中均處于前列。但上市證券公司特殊的歷史沿革和經(jīng)濟(jì)作用導(dǎo)致股權(quán)集中程度較高。圍繞高度的股權(quán)集中是否會(huì)帶來企業(yè)經(jīng)營發(fā)展的不利影響,經(jīng)濟(jì)學(xué)者做了大量分析。研究發(fā)現(xiàn)不同的取樣會(huì)帶來截然不同的結(jié)論。股權(quán)制衡被視為是降低高集中度帶來的不利影響的方法,但這一觀點(diǎn)并沒有被廣泛證實(shí)。我國上市證券公司股權(quán)結(jié)構(gòu)集散程度對公司經(jīng)營的影響有待進(jìn)一步分析。 本文在文獻(xiàn)梳理、現(xiàn)狀分析的基礎(chǔ)上,利用我國上市證券公司樣本數(shù)據(jù)從盈利性和抗風(fēng)險(xiǎn)性兩個(gè)角度,對股權(quán)集中度和制衡度對企業(yè)經(jīng)營管理帶來的影響進(jìn)行了實(shí)證研究。結(jié)果顯示,我國上市證券公司股權(quán)集中度與企業(yè)盈利性經(jīng)營績效呈現(xiàn)U型關(guān)系,與抗風(fēng)險(xiǎn)性經(jīng)營績效呈現(xiàn)倒U型關(guān)系�，F(xiàn)階段,我國上市證券公司提高股權(quán)集中度會(huì)引起經(jīng)營績效在盈利性上降低,在抗風(fēng)險(xiǎn)性上提高。上市證券公司可以根據(jù)盈利能力和抗風(fēng)險(xiǎn)能力偏好的不同,選擇股權(quán)結(jié)構(gòu)的集散程度。關(guān)于股權(quán)制衡度的實(shí)證結(jié)果顯示,其與經(jīng)營績效在盈利性和抗風(fēng)險(xiǎn)性上都不存在顯著關(guān)系。
[Abstract]:The course of China's listed securities company's late start, but the listed securities companies in the financial system in the role and importance of doubt. China now has 19 listed securities companies, company size and profits are at the forefront in the overall level of securities companies. But the listed securities company special history and economic effects lead to equity concentration a high degree of ownership concentration is around. The height will adversely affect the business development of the economy, scholars have done a lot of analysis. The study found that different sampling will bring different conclusions. Equity balance is regarded as a method to reduce the adverse effect of high concentration brings, but this view has not been confirmed. The degree of ownership structure of listed securities companies on the impact of the company's business center for further analysis.
Based on the literature review, based on the analysis of the present situation, using the sample data from the securities company profitability and anti risk two aspects listed in our country, the ownership concentration and balance degree of influence on enterprise management brought by empirical research. The results showed that the listed equity securities company concentration and Corporate Profitability Performance show the relationship between China's U type, inverted U type relation with risk management performance. At present, China's listed companies to improve the ownership concentration will cause the performance decrease in profitability, increase in anti risk. Listed securities company according to the profitability and anti risk ability preference, degree distribution the equity structure on the equity balance degree. Empirical results show that there is no significant relationship between the anti risk and business performance in profitability and sex.

【學(xué)位授予單位】：華東師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F832.39;F830.42

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本文編號：1361456