基于因子分析法对中国上市券商竞争力的实证研究——以29家上市券商面板数据为例

The Competitiveness of China's Listed Securities Traders: An Empirical Study Based on Factor Analysis Method

选取29家中国上市券商,根据流动比率、产权比率、货币资金和短期债务比等14项财务指标,运用因子分析法研究上市券商的竞争力。研究结果显示,盈利能力、增长潜力、现金质量、短期负债能力和长期负债能力等5个公因子是影响中国上市券商核心竞争力的主要因子。其中盈利能力因子的占比最大,是上市券商提升自身竞争力的首选因子。

This paper investigates the competitiveness of 29 securities traders listed in China＇s A share market by analyzing with factor analysis method their 14 financial variables such as current ratio, equity ratio, and proportion of cash and cash equivalents to short-term debts, etc. The result shows that the five common factors—profitability, growth potential, cash flow, short-term liability and long-term liability, are the key factors influencing the competitiveness of listed securities traders, among which profitability is the most important and best preferred.