导　　师： 黄跃雄

学科专业： 020205

授予学位： 硕士

作　　者： ;

机构地区： 暨南大学

摘　　要： 随着社会主义市场经济体制的建立和逐步完善,我国证券市场得到了很大的发展,本文主要从产业组织理论角度去研究我国证券业市场结构、企业效率与企业绩效的关系。 市场结构与市场绩效是产业组织理论的两大主题,对于市场结构与市场绩效之间的关系,产业组织理论中最为重要的两个理论假说是哈佛学派的市场力量假说和芝加哥学派的效率结构假说。本文将效率变量纳入到市场结构与绩效关系的研究中,从企业水平的角度实证检验我国证券业是否存在市场力量假说或效率结构假说。 本文首先研究了我国证券业市场结构,主要对市场集中度进行了测算和分析;接着,使用DEA方法对我国53家证券公司效率进行了测算和分析;最后,论文根据Berger的回归方程建立了实证模型,以检验我国证券业存在市场力量假说还是效率结构假说。 本文的主要结论是:1/)我国证券业属于竞争型市场结构,市场集中程度较低,竞争比较激烈;2/)我国证券业技术效率、纯技术效率和规模效率偏低,但三者也有进一步改进的趋势;3/)我国证券业存在效率结构假说,不存在市场力量假说。我国证券业的企业绩效主要来源于效率;市场结构对企业绩效/(赢利能力/)的影响不显著;4/)二级市场日均交易量对券商绩效具有显著正向影响,而企业负债率与绩效之间也存在显著正向相关关系。 本文的启示是,我国证券业发展过程中,提高企业效率比提高市场份额更能增加企业绩效。 With the reform and opening up,the securities market at home has enjoyed substantial development.This paper focuses on the relationship between market structure、enterprise efficiency and performance in China's securities industry. Market structure and market performance are the two most important topics in the theory of industrial organization.In the theory of industrial organization,the two most significant hypotheses are the Market Power Hypothesis of the Harvard School and the Efficient Structure Hypothesis of the Chicago School.This thesis will put the efficiency variable into the research of the relationship between market structure and performance,and conducts an empirical research on the two hypotheses in China's securities industry. The paper first studies the market structure of China's securities industry,calculates and Analysis's the market concentration.Then,using DEA method to measure and analyze the efficiency of China's securities industry on the basis of 53 securities companies;At last the thesis establishes equations using the empirical research of Berger Harman/(1995/),especially analyzing the Market Power Hypothesis and the Efficient Structure Hypothesis using statistic tool to validate China's securities industry. The main conclusions of this paper are:/(1/)The market structure of China's securities industry still belongs to competitive market,the degree of market concentration is low,the competition is quite intense;/(2/)The technical efficiency,pure technical efficiency and scale efficiency in China's securities industry are on low side,and all of them are getting better;/(3/)Efficient Structure Hypothesis is tenable in China's securities industry,but Market Power Hypothesis is untenable. The performance in China's securities industry is mainly due to efficiency/(X efficiency and scale efficiency/),pure efficiency and scale efficiency are two important factors of the performance in China's securities industry.Market structure/(market concentration and market share/) is in

关 键 词： 市场集中度 企业效率 市场力量假说 效率结构假说

领　　域： [经济管理] [经济管理] [经济管理] [经济管理]