本文關(guān)鍵詞：創(chuàng)新類券商業(yè)務(wù)多元化、經(jīng)營(yíng)績(jī)效與風(fēng)險(xiǎn)相關(guān)性研究　出處：《安徽大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

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【摘要】：證券公司作為資本市場(chǎng)的中介服務(wù)機(jī)構(gòu),對(duì)市場(chǎng)功能的發(fā)揮起到關(guān)鍵性的作用,當(dāng)前國(guó)內(nèi)外經(jīng)濟(jì)形勢(shì)不斷變化,我國(guó)證券公司面臨的挑戰(zhàn)與日俱增,銀行、保險(xiǎn)和信托的發(fā)展壓縮券商的生存空間,國(guó)外機(jī)構(gòu)的進(jìn)入加劇證券行業(yè)的競(jìng)爭(zhēng)。依賴傳統(tǒng)通道業(yè)務(wù)“靠天吃飯”的券商,開(kāi)展金融創(chuàng)新和多元業(yè)務(wù)是必然要求。 國(guó)民財(cái)富的迅速增加帶來(lái)資產(chǎn)投資的需求,經(jīng)濟(jì)結(jié)構(gòu)的調(diào)整轉(zhuǎn)型需要多層次資本市場(chǎng)的完善配套,為了應(yīng)對(duì)這些新情況,產(chǎn)品和業(yè)務(wù)創(chuàng)新己成為國(guó)內(nèi)券商求生存、促發(fā)展,打造核心競(jìng)爭(zhēng)力的必由之路。券商突破傳統(tǒng)的業(yè)務(wù)范圍,實(shí)現(xiàn)由傳統(tǒng)中介型向資本中介型的轉(zhuǎn)變,是主客觀相結(jié)合的需要。創(chuàng)新業(yè)務(wù)對(duì)傳統(tǒng)業(yè)務(wù)的替代會(huì)給證券行業(yè)和資本市場(chǎng)帶來(lái)極大的影響。 本文以第二、第三章為第一個(gè)部分,先對(duì)相關(guān)概念進(jìn)行了界定,詳細(xì)介紹了券商業(yè)務(wù)多元化等概念,并結(jié)合我國(guó)當(dāng)前情況,對(duì)相關(guān)概念進(jìn)行定義。隨后,具體闡述了多元化經(jīng)營(yíng)績(jī)效和經(jīng)營(yíng)風(fēng)險(xiǎn)的幾大理論。第三章分析券商業(yè)務(wù)的現(xiàn)狀與問(wèn)題,并用定量指標(biāo)度量創(chuàng)新類券商的多元化程度,發(fā)現(xiàn)我國(guó)創(chuàng)新類券商的業(yè)務(wù)多元化正在穩(wěn)步推進(jìn),尤其大券商的進(jìn)展速度更快,效果更好。 第四章為本文的第二大部分,是實(shí)證研究的部分,也是本文的核心內(nèi)容。筆者對(duì)券商業(yè)務(wù)多元化與績(jī)效和風(fēng)險(xiǎn)之間的關(guān)系進(jìn)行分析,選取2005年至2011年七年28家創(chuàng)新類券商的面板數(shù)據(jù)進(jìn)行研究,得出業(yè)務(wù)的多元化對(duì)券商的經(jīng)營(yíng)績(jī)效產(chǎn)生了一定程度的正面影響。實(shí)證證明,近些年來(lái),我國(guó)券商的資產(chǎn)規(guī)模和股權(quán)集中度與經(jīng)營(yíng)績(jī)效都呈正相關(guān)關(guān)系,即券商的規(guī)模越大,第一大股東持股比例越高,經(jīng)營(yíng)業(yè)績(jī)?cè)胶?體現(xiàn)了規(guī)模效應(yīng)和管理效率。而杠桿比率對(duì)于券商績(jī)效的影響不太顯著。通過(guò)對(duì)券商多元化程度與經(jīng)營(yíng)風(fēng)險(xiǎn)的相關(guān)性分析,發(fā)現(xiàn)券商的業(yè)務(wù)多元化有效降低了收益的風(fēng)險(xiǎn)。 第五章是政策建議部分,筆者在第二部分結(jié)論的基礎(chǔ)上,從相關(guān)法律制度、外部政策監(jiān)管、公司治理結(jié)構(gòu)等方面提出一系列改善性建議,希望對(duì)于促進(jìn)券商的業(yè)務(wù)轉(zhuǎn)型有借鑒意義。
[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.

【學(xué)位授予單位】：安徽大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51

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