摘要
在内在转型需求和外部监管环境的共同作用下,我国券商业务结构呈现出明显的重资产化趋势。本文基于2007―2018年我国76家券商数据,实证检验了业务重资产化对券商风险承担的影响。结果表明:总体而言,重资产业务显著降低了券商风险承担;分解券商风险承担的构成因素发现,重资产业务会提升券商的杠杆水平、降低券商的盈利能力,但同时也降低了券商盈利的波动性。进一步分析发现:重资产业务对风险承担的影响呈现非线性,重资产业务超过一定阈值后反而会提高券商风险;重资产业务对风险承担的影响具有规模异质性,规模较大的券商开展重资产业务才能有效降低风险承担。本文研究结论加深了对重资产业务风险效应的理解,对券商加快业务结构转型具有重要的启示意义。
Under the combined effect of internal transformation needs and external regulatory environment,China’s securities companies have displayed a clear heavy-asset business trend.Based on the data of 76 securities companies in China from 2007 to 2018,this article uses Zscore to measure their risk taking,and empirically tests the impact of heavy assets on the risk taking of securities companies.The results show that:(1)Heavy-asset business significantly reduces the risk taking of securities companies.(2)Heavy-asset business increases the leverage level,reduces the profitability and the profit volatility of securities companies.(3)The impact of heavy-asset business on risk taking is non-linear.After a certain threshold,this business will increase the risk of securities companies.(4)The impact of heavy-asset business on risk taking depends on the size of securities companies.Only in large securities companies can heavy-asset business effectively reduce risk taking.These findings deepen the understanding of the risk effects of heavy-asset business and have important implications for securities companies to accelerate the transformation of their business structure.
作者
廉永辉
高杰英
Lian Yonghui;Gao Jieying
出处
《证券市场导报》
CSSCI
北大核心
2020年第9期2-13,42,共13页
Securities Market Herald
基金
国家自然科学基金项目“债券投资如何影响商业银行系统性风险——基于系统性风险‘冲击—传染’二元生成机制的视角”(项目编号:71903136)
教育部人文社会科学基金项目“我国实业企业金融化:现状、动因和后果”(项目编号:17YJC790088)
北京市社会科学基金项目“京津冀银行业对外开放:发展趋势、经济效应和提升策略”(项目编号:18YJC021)
北京市属高校高水平教师队伍建设支持计划“长城学者培养计划”资助项目。
关键词
券商
业务结构
重资产业务
风险承担
securities company
business structure
heavy asset business
risk taking
