我国投资银行业市场结构、规模与绩效实证研究

An Empirical Study of the Market Structure, Scale and Performance of Our Investment Banking Industry

本文的实证研究表明,市场结构、行业规模以及市场整体收益率对我国投资银行业的利润率有着很强的解释能力,三个因素对于净资产收益率的解释能力超过98%。从影响的相对水平来看,集中度的影响要大于市场收益的影响,规模的影响与集中度、市场收益的影响相反。进一步研究还表明,尽管行业资产规模与净资产收益率的时间序列显示随着行业资产规模的增加,我国证券公司的净资产收益率呈现出不断下降的特征,但这并不意味着我国投资银行业是规模不经济的。有关规模经济的横截面分析数据表明,现阶段我国证券公司的规模与其绩效之间并不存在着明显的关系,既没有显示出规模不经济,也没有显示出规模经济。

Empirical study indicates that market structure, industry scale and overall market profitability are very interpretive of the profit rate of investment banking industry in our country. The three factors combine to interpret over 98% of return on net assets. Measured by relative influence, concentration ratio has a bigger influence than that of market profit, whereas scale influence is smaller than that of concentration ratio and market profit. Further study shows that although the industrial assets scale and time sequence display of return on net assets are in proportion to the increase of industrial asset scale and the return on net assets of securities companies in our country is on the decrease, it does not mean that our investment banking industry is characterized by diseconomy of scale. Data from cross section analysis of scale economy reveals that there exists little noticeable correlation between the scale of securities companies in our country and their performance: e.g. neither diseconomy of scale nor economy of scale is visible.