基于主成分分析法的券商类上市公司盈利能力及影响因素分析——以A股总资产排名前30的券商为例
Analysis of Profit Ability and Influence Factors of the Securities Listed Company Based on Principal Component Analysis—Take the Top 30 Brokers of A-Shares as an Example

继2002年证券市场在金融危机的巨大冲击下，市场行情急转向下。国内外证券行业都受到了剧烈冲击。我国证券公司更是出现全行业极端的亏损现象。伴随着固定佣金制向浮动佣金制的改革的同时，我国券商类上市公司的缺陷也越发明显。传统的经营模式已经跟不上经济全球化的脚步。故提高自身的盈利能力成为各大券商类上市公司的核心竞争力。本文的创新之处在于在国内外学者们均较多使用数据统计的方法，较少使用计量经济模型的情况下，基于主成分分析法研究券商类上市公司的盈利能力的综合指数，通过公司的各项营运能力、公司规模、资本结构的指标对比研究，找出影响券商类上市公司盈利水平的主要影响因素，进行相关性实证分析，在其盈利能力的稳定性方面做出改进，来适应经济全球化发展带来的挑战。
Following the great impact of the financial crisis on the stock market in 2002, the market turned down sharply. The securities industry both at home and abroad has been severely impacted. China’s securities companies suffer from extreme losses in the whole industry. Along with the reform of fixed commission system to floating commission system, the defects of China’s securities listed companies are more and more obvious. The traditional mode of operation has not been able to keep pace with economic globalization. So to improve its profitability has become the core compe-titiveness of the major securities companies listed companies. The innovation of this paper is that scholars at home and abroad use data statistics methods more frequently, and less use econometric models. This article studies the comprehensive index of securities listed companies’ profitability based on principal component analysis. Through comparative study on the index of operation ability, scale, capital structure of the company, we find out the main influencing factors that affect the profit level of the listed companies, make an empirical analysis on the correlation, and make improvements on the stability of their profitability, to meet the challenges of economic globalization.