市场结构、股权结构与证券公司成本效率——基于PR模型的静态、动态考察

Market Structure、Ownership Structure and Cost Efficiency of Security Companies

本文基于静态、动态PR模型,对我国证券业、创新类及规范类证券公司的市场结构进行测度,运用SFA法测度证券公司的成本效率,进而实证分析市场结构、股权结构与证券公司成本效率之间的关系。结果显示:2006-2010期间我国证券业的市场结构为垄断竞争,且创新类证券公司之间的市场竞争比规范类证券公司之间的竞争要激烈得多。市场结构指标——市场竞争度与证券公司效率之间是一种倒U型关系。国有性质证券公司的效率低于非国有性质证券公司的效率,股权性质对规范类证券公司效率的影响更明显;股权集中度与证券公司效率之间是一种U型关系,并且,股权集中度对创新类证券公司影响较大。

We apply static PR model and dynamic PR model to assess the market structure of securities industry, innovative securities companies and normal securities companies in China, and use SFA to measure cost efficiency of securities companies.We analyze the relationship among market structure,ownership structure and cost efficiency of securities companies. The empirical results suggest that the securities companies in China are operating under monopolistic competition, and the competition among innova- tive securities companies is more intense than normal securities companies during 1996-2010. Further, We find the degree of mar- ket competition that indicates market structure and securities companies＇ cost efficiency shows an inverse-U shape. The result shows that state-owned securities companies＇ cost efficiency is lower than non-state-owned securities companies, and the impact of equity property on normal securities companies＇ cost efficiency is more significant than innovative securities companies. The relationship between equity concentration and securities companies＇ cost efficiency is a U-shaped, and the influence of equity concentration on innovative securities companies＇ cost efficiency is more significant than normal securities companies.