Factors and Mechanisms Affecting the Efficiency of Brokerages:An Empirical Study Based on an Expanded SCP Framework
This paper analyzes the factors and mechanisms affecting efficiency of brokerages by con-structing an expanded"Structure-Conduct-Performance(SCP)"framework and empirically testing it us-ing data of Chinese securities firms from 2017 to 2021.The results indicate that market concentration in the securities industry significantly negatively inhibits the efficiency of securities firms,while market in-fluence and financial technology investment both have significant promoting effects on efficiency.Finan-cial technology investment plays an intermediary role in the positive impact of market influence on effi-ciency,whereby the market influence of securities firms promotes financial technology investment,which further enhances the efficiency of securities firms.Compared to state-owned companies,the mar-ket power and financial technology investment of non-state-owned companies have a stronger promoting effect on the efficiency of securities firms,with a more pronounced intermediary effect.Market influence in large companies has a stronger promoting effect on efficiency,while the impact of financial technology investment on efficiency is more evident in small and medium-sized enterprises,showing a significant intermediary effect.
market influencefinancial technology investmentefficiency of brokerages
万方数据
维普
