China’s Securities Market Structure And Performance Studies

Securities under the conditions of a market economy to achieve the basic means of raising capital, securities companies are an important part of the securities market. Compared with developed countries, China’s Securities Market has the characteristics of started later, the structure are more imperfect, and poor profitability. Research on securities industry market structure and performance level, especially the relationship between the two, is important to improving the level of performance of securities companies and the service of the entire securities industry. In this paper,we try to find strategies of improve the level of the securities industry performance through research on the structure of market. First this article has a general theoretical discussion on market structure and performance:the concept to be defined on both the relevant factors affecting the market structure and market performance metrics to describe, and introduced market structure and performance relationship market power hypothesis and the theory of efficient structure hypothesis. Followed by studies of China’s securities industry brokerage and underwriting market concentration levels, access barriers, product differentiation and the size of securities company, draw our brokerage business in the securities industry concentration level is low, the level of concentration of underwriting business high, but brokerage and underwriting businesses degree of product differentiation are low and do not form a perfect exit mechanism conclusions. Market performance in terms of using the DEA method estimates the efficiency value of the securities firm for comprehensive analysis, the market is currently China’s securities industry’s overall performance level lower conclusions. Finally, we use panel data analysis methods empirical analysis of the relationship between the two arrive at a market power hypothesis theory and efficient structure hypothesis Theory in China’s securities industry, the market is not established conclusions, and the empirical structure given a reasonable explanation. The last part of the article on China’s securities industry, market structure, market performance characteristics and the relationship between market structure and performance to give summary, on this basis, from the regulatory level and company level put forward specific measures and suggestions.