童元松. 券商业绩起伏与沪深股市波动的关系探析——基于2009—2013年面板数据的实证研究[J]. 北京工业大学学报(社会科学版), 2014, 14(2): 20-25.
    引用本文: 童元松. 券商业绩起伏与沪深股市波动的关系探析——基于2009—2013年面板数据的实证研究[J]. 北京工业大学学报(社会科学版), 2014, 14(2): 20-25.
    TONG Yuan-song. Research on the Relationship Between Broker's Results and Hu-Shen Stock Market Volatility: An Empirical Analysis Based on 2009-2013 Panel Data[J]. JOURNAL OF BEIJING UNIVERSITY OF TECHNOLOGY(SOCIAL SCIENCES EDITION), 2014, 14(2): 20-25.
    Citation: TONG Yuan-song. Research on the Relationship Between Broker's Results and Hu-Shen Stock Market Volatility: An Empirical Analysis Based on 2009-2013 Panel Data[J]. JOURNAL OF BEIJING UNIVERSITY OF TECHNOLOGY(SOCIAL SCIENCES EDITION), 2014, 14(2): 20-25.

    券商业绩起伏与沪深股市波动的关系探析——基于2009—2013年面板数据的实证研究

    Research on the Relationship Between Broker's Results and Hu-Shen Stock Market Volatility: An Empirical Analysis Based on 2009-2013 Panel Data

    • 摘要: 为了探究券商业绩与股市波动的关系,选取不同区域的10家已上市券商为样本,采取2009—2013年的数据,通过Stata12软件采用多元经典回归方法对此进行实证研究。研究结果显示:券商的业绩明显正向地影响到沪深股市的量价波动;股市波动十分显著地影响到券商的业绩起伏,沪深股市涨幅对券商总资产增长率、经纪业务利润都有显著的正向影响,成交金额增长有利于券商利润提高,而沪深股市振幅则对券商业绩有一定程度的负面影响。券商需注重差异化竞争,及时调整自营业务的总量与结构,彻底完成集中交易模式以提高经纪业务的毛利率。

       

      Abstract: In order to explore the Relationship between the broker's performance and the stock market volatility,applying typical methods of multiple regression in Statal2 software,this paper analyzes 2009—2013 sample data from listed broker from eight different regions.The empirical results suggest that broker's performance significantly positively affect the volume and price fluctuations in the Hu-Shen stock markets;fluctuation of the stock market has significant impact on the performance of the broker,the HUShen Composite Index has significantly positive impact on the total assets growth rate of the broker,selfemployed and brokerage business profits;turnover growth is conducive to broker profits improved.While the Hu-Shen Composite Index amplitude,to some extent,has some negative impact on the broker's performance.Broker must pay attention to the differentiated competition,duly adjust the amount and structure of its self- operated business and complete the centralized trading mode to improve the brokerage business gross margin.

       

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