我国上市证券公司股权集中度与经营绩效的实证研究.pdfVIP

中文摘要 我国证券公司自身的上市历程启动较晚，但上市证券公司在金融体系中的作 用和重要性毋庸置疑。我国目前已有 19 家上市证券公司，公司规模和利润在证 券公司整体水平中均处于前列。但上市证券公司特殊的历史沿革和经济作用导致 股权集中程度较高。围绕高度的股权集中是否会带来企业经营发展的不利影响， 经济学者做了大量分析。研究发现不同的取样会带来截然不同的结论。股权制衡 被视为是降低高集中度带来的不利影响的方法，但这一观点并没有被广泛证实。 我国上市证券公司股权结构集散程度对公司经营的影响有待进一步分析。 本文在文献梳理、现状分析的基础上，利用我国上市证券公司样本数据从盈 利性和抗风险性两个角度，对股权集中度和制衡度对企业经营管理带来的影响进 行了实证研究。结果显示，我国上市证券公司股权集中度与企业盈利性经营绩效 呈现U 型关系，与抗风险性经营绩效呈现倒U 型关系。现阶段，我国上市证券 公司提高股权集中度会引起经营绩效在盈利性上降低，在抗风险性上提高。上市 证券公司可以根据盈利能力和抗风险能力偏好的不同，选择股权结构的集散程 度。关于股权制衡度的实证结果显示，其与经营绩效在盈利性和抗风险性上都不 存在显著关系。 关键词：股权集中度，股权制衡度，上市证券公司，经营绩效，实证研究 I Abstract With the reform of financial system, listed securities company has become more and more important in economic system. At present, China has 19 listed securities companies. All of these companies are at the forefront of the industry in both scale and profit. But the special history of listed securities companies and economic effects lead to a higher degree of ownership concentration. This kind of ownership structure was widely criticized. At present, the domestic and foreign researches on ownership structure and management performance have not got a unified conclusion. Ownership balance is the complement and development of ownership concentration. The researches of ownership balance and management performance have not got a unified conclusion too. Based on the literature review and the analysis of current situation, this paper uses sample data to make empirical study of Chinese listed securities companies of the relationship between ownership concentration , ownership balance degree and business performance. And this study is made from two aspects, company profitability and anti risk ability. The results show that the ownership concentration and management performance of listed securities companies, presenting U in profitability, show an inverted U