论文部分内容阅读
证券业系统重要性机构在促进金融市场发展中发挥了重要的作用。本文根据国内外金融监管机构关于证券业系统重要性机构的定义和指标建议,从规模、相关性、不可替代性和业务复杂程度四个维度构建了符合我国信息披露现状的指标体系,并利用2012-2014年数据对我国证券机构进行了系统重要性的全面评估。研究结果发现:各证券公司总资产、净资产、杠杆系数以及融资融券业务的发展水平差距较大,表明证券机构规模和业务复杂程度是影响其系统重要性的关键因素。
The Systematic Importance of Securities Industry Institutions play an important role in promoting the development of financial markets. According to the definition and index suggestion of domestic and foreign financial regulators on the importance of the securities industry system, this paper constructs an index system in line with the current status of information disclosure in China from the four dimensions of scale, relevance, irreplaceability and business complexity. - 2014 data on China’s securities agencies conducted a comprehensive assessment of the importance of the system. The results show that there is a wide gap between the total assets, net assets, leverage, and margin trading of securities companies, indicating that the size of securities institutions and the complexity of business are the key factors affecting their systematic importance.