摘要
使用83家国内证券公司2007~2012年的非均衡面板数据,考察证券公司股权结构与公司盈利能力之间的关系。实证结果显示,证券公司的第一大股东持股比例与公司盈利能力显著负相关,公司股权制衡度与公司盈利能力显著正相关,实际控制人为政府的证券公司盈利能力显著低于实际控制人为个人的证券公司。最后,本文还给出了相关的政策建议。
What is the relation between the securities companies' equity structure and profitability?It is a subject that draws much attention from the academic circle.This paper quotes the imbalance panel data of 86 domestic securities companies from 2007 to 2012to research the subject.The empirical results of this paper demonstrate that,there is a significantly negative correlation between the shareholding proportion of the largest shareholder and the profitability,significantly positive correlation between the stock proportion restriction and the profitability,the profitability of the state-holding securities companies is lower than that of the individual-holding securities companies.In the end,this paper offers relevant policy proposals.
出处
《系统工程》
CSSCI
CSCD
北大核心
2015年第2期82-86,共5页
Systems Engineering
关键词
证券公司
盈利能力
第一大股东持股比例
公司性质
股权制衡
Securities Company
Profitability
Shareholding Proportion of the Largest Shareholder
Nature of the Company
Stock Proportion Restriction
