证券公司效率与经济增长：理论框架与实证研究

考察宏观经济增长对证券公司微观效率的影响和作用，实证研究获得了经济增长不利于金融发展和证券业效率提升的证据，财政分权、政治集权的体制及经济增长方式的粗放性是其背后的深层次原因，改革不尽合理的财政收入分配制度和地方官员考核晋升制度、适度调低经济增长目标、实现经济增长方式从粗放型向集约型转变有利于证券公司效率的提升。

Securities Company's Efficiency and Economic Growth:Theory Framework and Empirical Study

Given the special nature of the securities industry,the securities company's efficien-cy has always been separated from the research of relationship of economic growth and financial development.This paper examines the efficiency and role of macroeconomic growth for securities company's micro-efficiency.That the theoretical framework for economic growth affects the effi-ciency of the securities firm has been established by absorbing and learning the existing theories based on the actual situation in China.The evidence of economic growth not conducive to finan-cial development and securities company's efficiency has been obtained.The fiscal decentraliza-tion,institutional and political centralization and extensive mode of economic growth are the deep-seated reasons.The efficiency of securities companies can be enhanced by reforming unrea-sonable fiscal income distribution system and local officials assessment promotion system,moder-ate reduction in the economic growth target,and achieving economic growth mode from extensive to intensive operation.