An Empirical Research on the Relationship among the Ownership Structure,Market Structure and Cost Efficiency of Securities Companies in China
用SFA测量中国证券公司成本效率，用PR模型估计市场竞争程度，发现国有券商效率低于非国有，股权集中度与效率呈U型，市场竞争与效率呈倒U型，且两者无交叉影响。
The paper uses SFA to measure securities companies cost efficiency,draw New Empirical Industry Organization(NEIO) namely PR model that internationally accepted to estimate the degree of market competition, then describes the market structure of securities companies.Further,the authors analyze the relationship among ownership structure,market structure and cost efficiency of securities companies.The result shows that state-owned securities companies' cost efficiency is lower than non-state-owned securities companies,and the relationship between equity concentration and securities companies' cost efficiency is U-shaped,while the degree of market competition and securities companies' cost efficiency shows an inverse-U,and securities companies' cost efficiency is falling.There is no cross influences to securities companies' cost efficiency between ownership structure and the degree of market competition.