我国证券公司财务特征对盈利能力影响的实证研究

An Empirical Study of the Effect on Profitability Generated by the Financial Characteristic of Domestic Securities Companies

对86家国内证券公司2005年到2013年的非均衡的面板数据进行分析,考察证券公司财务特征对公司盈利能力的影响。实证结果显示,证券公司的规模、固定资产占总资产的比例、杠杆率与权益回报率显著正相关。建议监管部门鼓励证券公司做大规模,增加杠杆倍数,以全面提升证券公司盈利能力。

This paper quotes the imbalance panel data of 86 domestic securities companies from 2005 to 2013, to study the relation between the securities companies＇ financial characteristics and profitability. The empirical results show that significantly positive correlation between the return on equity and the scale, propor- tion of fixed assets to total assets, leverage ratio of the securities companies. Finally, this paper offers relevant policy proposals.