我国证券业全要素生产率的影响因素

The Influential Factors of Total Factor Productivity of Securities Firms in China

中国证券业发展迅速但受到诸多因素制约,利用Malmquist指数模型分析得出,中国76家证券公司2006-2010年全要素生产率水平较低且呈下降趋势,在此基础上构建了影响中国证券业全要素生产率的宏微观因素的面板数据模型,实证结果发现:GDP、股市成交额、市场份额、员工薪酬、经纪业务收入占比及哑变量"公司类型为综合类证券公司"对全要素生产率有显著的正向影响;CPI、固定资产规模及自有资本规模有显著负向影响;成本收益率及资产负债率的影响不显著。

The rapid development of China＇s securities industry is constrained by many factors. From the analysis using the Malmquist Index Model, we find that 76 securities finns in China have lower total factor productivity featuring a dropping trend. Based on the above, we construct a panel data model affecting macro - and micro - factors of the total factor productivity of China＇s security firms. Empirical results show that that GDP, turnover of stock market, market share, salary, brokerage revenue rate and dummy variable that the company is of an integrated security firm type have significant positive effects on the total factor productivity of domestic securities firms, while CPI, scale of fixed assets and owned capital have negative effects. However, the effects of the cost -benefit ratio and asset -liability ratio are not significant.