中国证券业的范围经济研究

基于广义超越对数函数,本文考察了2006-2011年间国内76家综合型证券公司业务经营的范围经济效应。研究结果显示,国内证券公司经营过程中普遍存在范围经济效应,并且大型证券公司的范围经济效应比中小型证券公司高。为此,本文提出证券监管部门应该鼓励证券公司进行业务创新,减少对证券公司业务开展的限制;鼓励证券公司之间的兼并。证券公司应该加快金融创新的步伐,不断开发新的产品,完善内部管理机制。

Study on Economies of Scope of China’s Securities

In this paper,based on GTCF,we examined the scope economy of the 76 domestic securities companies which have multiple businesses between 2006 and 2011.Through empirical analysis,the result showed the economies of scope were prevalent in the domestic securities companies.While,the scope economy of the large securities firms is greater than small and medium-sized securities companies.Furthermore,we suggested that the securities regulatory authorities should encourage securities companies to innovate business,reduce the restrictions on the securities company’s business,and promote mergers between securities companies.In addition,Securities companies should accelerate the pace of financial innovation,develop new products constantly,and improve the internal management mechanism.