从中国证券业市场结构的现实特征入手,研究市场结构这一中观因素对证券公司效率的作用。通过实证检验,发现相对市场势力假说在中国证券业成立的证据,但进一步分析表明,市场份额的扩张并没有带来显著的效率损失,这与典型的相对市场假说并不相同。
This paper studies the market structure in view of the factors on the efficiency of the role of securities companies based on the reality of China's securities market structure charac- teristics. The empirical study validated the relative market power hypothesis in the Chinese secu- rities industry. However, further analysis showed that market share expansion did not bring sig- nificant efficiency losses. Therefore, this is different from the typical relative market hypothesis.