我国证券公司治理绩效的因子分析

陈毅

我国证券公司治理绩效的因子分析

引用本文：陈毅.我国证券公司治理绩效的因子分析[J].财经理论与实践,2014,(5):46-50

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作者	单位
陈毅	（四川大学经济学院，四川成都610064）

中文摘要:证券公司是资本市场最重要的行为主体之一，我国证券公司虽已建立了董事会、监事会、独立董事等现代公司治理框架，但在实际运作中其职能行使上存在许多不规范的地方。2008年金融危机告诫我们，不仅需要提高证券公司的风险防范机制，更需要建立完善的公司治理结构，促使证券公司风险防范机制作用顺利发挥。通过因子分析法将证券公司内部治理变量综合成为四个因子，即规模激励因子、结构因子、监管因子和独立性因子，进而分析内部治理因子对证券公司经营绩效的影响。

中文关键词:证券公司公司治理因子分析风险防范治理结构资本市场

Factor Analysis of the Governance Performance of Securities Companies in China

Abstract:The Securities firms is one of the most important actor in the capital market. Though securities firms in China have established a modern Corporate governance framework with the board of directors, the board of supervisors, independent directors, but there are many irregularities in the exercise of their functions. The financial crisis in 2008 warned us that securities firms should not only improve the risk prevention mechanisms, but also need to establish sound corporate governance structure to ensure the risk prevention mechanism plays its supposed role. With a factor analysis of internal corporate governance, variables are categorized into four factors, namely the motivation and scale factor, the structure factor, the regulatory factor and the independent factors, and the effect of the internal governance factors on the performance of securities companies are analyzed.

keywords:Securities firms Corporate governance Factor analysis Risk prevention Governance structure Capital market

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