地方政府干预对券商经营活动的影响及其经济后果

As an important financial intermediary, investment banks play a key role in enhancing capital market stability and resource allocation efficiency. Unlike western countries, the vast majority of Chinese investment banks are regional firms whose ultimate ownership belongs to their respective regional governments. As controlling shareholders and regulatory authorities, regional governments have strong managerial and political influence over investment banks under their administrative regime. This project aims to fully investigate the motivation of regional government's ownership of investment banks, its impact on the bank's major business operations (i.e.,security underwriting, security research, and debt underwriting), as well as various economic consequences. In addition, this project is intended to examine the impact of changing institutional environment on the relationship between regional governments and affiliated investment banks. This project also examines whether capital market participants are able to discern the impact of government ownership on the behavior of affiliated investment banks. Empirical findings of this project will enrich the literature on government ownership and intervention, independence of security analysts, and other related areas. Further, findings of this project will provide empirical evidence on the current status of Chinese investment banks, as well as policy implications for how to enhance the corporate governmance and operating efficiency of these financial institutions.

作为资本市场重要的中介机构，证券公司（券商）的健康发展在提升市场运行稳定性和资源配置效率方面发挥着重要作用。与西方国家不同的是，我国券商大多是国有控股企业，而地方政府往往是券商的大股东和实际控制人。监管者和股东的双重身份，使地方政府和券商之间产生了千丝万缕的联系。本项目旨在全面系统地考察地方政府干预券商的动机、对券商治理和经营活动的影响以及其经济后果。具体而言，本项目将研究地方政府干预券商的原因，对券商主要经营活动（股票承销、证券研究、债券承销）的影响，以及对券商自身、其服务的企业和资本市场产生的经济后果，并在此基础上考察制度环境的变迁和区域差异如何影响地方政府和券商之间的关系。本项目还将考察资本市场能否识别地方政府对券商行为和独立性产生的影响。研究结果将丰富政府干预、金融中介行为等相关领域的文库，有助于了解我国券商的整体现状，并为制定提高我国券商治理水平和绩效的相关政策提供实证参考。

作为资本市场重要的中介机构，证券公司（券商）的健康发展在提升市场运行稳定性和资源配置效率方面发挥着重要作用。与西方国家不同的是，我国券商大多是国有控股企业，而地方政府往往是券商的大股东和实际控制人。监管者和股东的双重身份，使地方政府和券商之间产生了千丝万缕的联系。本项目旨在全面系统地考察地方政府干预券商的动机、对券商治理和经营活动的影响以及其经济后果。项目组发现，地方政府干预对券商的经营活动（股票承销、证券研究)以及绩效有着显著、且多方面的影响。制度环境的变迁和区域差异对地方政府和券商之间的关系也有着显著影响。本项目共产生18篇学术论文，其中在英文核心期刊上已发表论文8篇，正在修改的英文论文3篇（都已通过至少一轮审稿），其中1篇预计明年将在国际顶级管理期刊《Management Science》上发表。此外，本项目的一篇英文论文获得国际会议最佳论文奖。本项目的研究结果丰富了政府干预、金融中介行为等相关领域的文库，有助于了解我国券商的整体现状，并为制定提高我国券商治理水平和绩效的相关政策提供实证参考。