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以证券公司行业全部公司数据为样本进行实证研究,结果显示:证券公司股本规模是其资产和业务规模的决定因素,并且证券公司业绩与股本规模呈现三次函数关系。证券公司股本规模在30亿元以下和70亿元以上为规模经济区间。后综合治理时代证券公司股本规模优化的四种主要途径为:不同公司合并壮大;通过IPO或借壳方式上市;引入新的战略投资者股东;现有股东进一步增资或减资。
The empirical research on the whole company data of the securities company industry shows that the size of the securities company is the decisive factor of its assets and business scale, and the performance of the securities company shows a three-way function with the size of the capital stock. Securities companies share capital below 3 billion yuan and 7 billion yuan for the scale of economic range. After the comprehensive management of securities companies in the era of optimizing the size of the four main ways for the size of the stock are: mergers and acquisitions of different companies; IPO or backdoor listing; the introduction of new strategic investors shareholder; existing shareholders to further increase capital or reduce capital.