Study On The Industrial Structure And Performance Of China’s Securities Firms

Industrial organization theory is developed differentiation from microeconomicsand microeconomics theory based on a relatively independent of the application ofeconomic discipline, it is mainly the use of micro-economic theory to analyze theenterprise, the market mutual relations and industry.With the changes in policy and economic environment, the industrial structure ofChinese securities industry has formed its own characteristics. According to the SCPline of research, we first examine the organizational structure of the securities industry.Emphasize on the size of the securities industry, access barriers, productdiversification, industry concentration degrees. And industrial concentration focuseson the absolute concentration and relative concentration. We can come to anconclusion that our securities industry is a concentrated oligopolistic market bystudying on the absolute concentration of the CR and the relative concentration ofHHI, and then to study the2006-2010Chinese securities industry performance, whichselected32securities companies as a sample set, and we can achieve the followingconclusions:First, the performances of innovative securities company are better than thespecification class and pending Assessment securities companies.Second,in general, their technical efficiency is low, but the returns to scale arehigher.Finally, the empirical analysis found that the decision of China’s securitiesindustry, the industrial structure factor of the level of industrial concentration and thelevel of performance of the securities industry are not necessarily linked; thesecurities industry in and out of the lower barriers to the higher market performance,they are inverse relationship; securities companies diversification will help improvemarket performance.