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论文编号：	10150
作者编号：	2120162710
上传时间：	2018/6/10 1:04:28
中文题目：	券商公司治理对经营效率影响的实证研究——基于一种新的公司治理评价的分析
英文题目：	An Empirical Study on the Effect of Securities Corporate Governance on Operating Efficiency: Based on A New Analysis of Corporate Governance Evaluation
指导老师：	齐岳教授
中文关键字：	券商；公司治理；效率；治理评价；SCGI指数
英文关键字：	Securities company; Corporate Governance; Efficiency; Governance Evaluation; SCGI Index
中文摘要：	近年来，我国证券行业快速发展。其中，作为重要组成部分的券商，更是迅速成长壮大起来。截止2017年底，我国券商共有131家，当期实现营业收入3000多亿元。但是在规模不断扩大、总量急剧攀升的同时，券商违法违规行为也时有曝出，不仅影响了券商的公信力，也给我国证券市场的平稳健康发展和市场投资者的信心造成了一定的影响。 公司治理作为防范公司内部不当行为、降低公司违法违规风险的有力武器，作为提高公司经营效率的重要基础，在公司建设完善和风险防范方面发挥着不可替代的作用。目前，国内关于公司治理的研究文献已较为丰富，但是着眼于券商这个特殊的治理主体，研究其治理的文献还不够充足，尤其是在券商公司治理评价方面，还比较缺乏。券商经营本身存在较高风险，又同时担任发行中介、交易中介、投资者、融资者、信息提供者等多种市场角色，处于证券市场的枢纽和中心位置。因此，券商公司治理应具有一定的特殊性。 本文以我国券商为着眼点，结合公司治理相关理论，以国内外关于券商公司治理的研究文献为基础，从券商经营、股权结构和性质、董事会治理三个方面构建了一套券商公司治理指标体系。在此基础上，本文以数据包络分析衡量券商公司经营效率，运用Tobit模型实证研究了券商公司治理对经营效率的影响。基于主成分分析法，选取对券商经营效率有显著影响的治理指标，本文构建了券商公司治理指数——SCGI指数。最后，本文检验了SCGI指数的有效性。 本文共分为五个部分。第一章是导言，包括对研究背景、思路与意义的介绍。第二章是相关理论综述，主要对公司治理、公司治理评价、券商公司治理、券商公司治理评价等相关的国内外理论与研究成果进行回顾与总结。第三章是券商各治理指标对经营效率的影响实证分析。首先，通过已有的变量选择的相关理论和研究成果设计券商公司治理指标体系。其次，基于DEA方法，构建券商经营效率评价模型并进行描述性统计。最后，实证研究券商公司治理对券商经营效率的影响，进行相关分析与总结。第四章是券商的治理指数构建与有效性分析，并构建券商公司治理指数SCGI。同时，对SCGI进行相关的有效性检验。第五章是研究结论与建议。同时，说明本研究存在的局限性并对未来的相关研究做出展望。 基于实证研究结果和相关分析，本文得出以下结论。第一，券商公司治理指数与券商经营效率显著正相关。第二，券商公司治理指数与下一期的公司价值呈现显著的正相关性。第三，券商公司治理指数与其风险承担能力显著正相关。 本文的研究结论可以在一定程度上丰富和发展券商公司治理的相关研究成果，也可以为监管部门完善相关法律法规提供一定的借鉴。
英文摘要：	In recent years, China's securities industry has developed rapidly,especially the securities company. At the end of 2017, there were a total of 131 securities companies in China, with an operating income of more than RMB 300 billion in the current period. However, a lot of securities companies have violated laws and regulations. The occurrence of these illegal and irregular incidents not only affected the credibility of the securities companies, but also affected the healthy development of China's securities market and the confidence of market investors. Corporate governance is a powerful weapon to guard against internal misconduct of the company and reduce the risk of violating the company's laws and regulations. It is an important foundation for improving the company's operational efficiency and plays an irreplaceable role in the construction of the company and the prevention of risks. The domestic research literature on corporate governance is rich, but focusing on securities companies are less.Also, the literature on the governance of securities companies is not enough, especially in the evaluation of securities company governance.The brokerage business itself has a higher risk, and at the same time, it acts as a distribution intermediary, trading intermediary, investor, financier, information provider and other market roles, and is located in the hub and center of the securities market. Therefore, corporate governance of securities firms should have certain characteristics. This article takes China's securities companies as the focus, combines corporate governance related theories, and based on domestic and foreign research literature on securities company governance, constructed a set of securities company governance index system from securities company operations, shareholding structure and nature, and the structure and nature of the board of directors three perspectives. On this basis, this paper uses the method of DEA to measure the efficiency of securities companies and empirically studies the effect of securities company governance on efficiency by using the Tobit model. Based on the principal component analysis method, we select governance indicators that have a significant impact on the efficiency of securities companies. This paper constructs a securities company governance index - SCGI index. Finally, this paper tests the validity of the SCGI index. This article is divided into five parts. The first chapter is the introduction, including the introduction of the research background, ideas and significance.The second chapter is an overview of relevant theories, mainly reviewing and summarizing the domestic and foreign theories and research results of corporate governance, corporate governance evaluation, corporate governance of securities companies, and corporate governance governance. The third chapter is an empirical analysis of the influence of various governance indicators of securities companies on operating efficiency. Firstly, design the securities company governance index system through the related theory and research results of variable selection. Secondly, based on the DEA method, a securities company's operating efficiency evaluation model was constructed and descriptive statistics were made. Finally, an empirical study on the effect of securities company governance on the efficiency of securities companies is conducted and relevant analysis and conclusions are made. The fourth chapter is the analysis of the construction and validity of the governance index of securities companies. At the same time, SCGI will be tested for its effectiveness. The fifth chapter is the research conclusion and suggestion. Through the theoretical and empirical analysis of the first four chapters, we will elaborate the inspiration gained from the research results and put forward some guiding suggestions for securities companies and related institutions. At the same time, explain the limitations of this study and look forward to the future related research. Based on empirical research results and related analysis, this paper finds that: First, the governance index of securities companies is significantly positively correlated with the efficiency of securities companies. Second, the governance index of securities companies is significantly positively correlated with the company's value in the next period. Third, The governance index is significantly positively correlated with its risk bearing capacity. The research conclusions of this paper can enrich and develop the relevant research results of the governance of securities companies to a certain extent, and can also provide reference for the regulatory authorities to improve relevant laws and regulations.
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