The Relationship Between Institution And SCP

In recent years, the return of China's securities has become holistically negative. At the same time, there have been a great deal of securities company violate relevant industrial rules. Suchlike phenomenon makes us to contact its causation with institution. In order to study the relationship between institution and the development of securities industry, the dissertation reviews the practice of China's securities industry. This study is based on the new institutional economics and modern industry organization approach, regarding the relationship between institutional elements and the SCP(structure-conduct-performance) of China's securities industry as researching object.Firstly, the dissertation introduces the main content of industry organization approach and comments on its merits and deficiencies. In chapter three, we take a historical review of the development of China's securities industry organization and make an empirical test in a long turn institutional transition view by using the traditional analysis frame of SCP, finds that there does not exist an significant relationship between market structure and performance. From chapter four to six, the dissertation discusses the effect of institution on market structure, conduct and performance of China's securities industry respectively, which finds institution makes a crucial impact on them. The dissertation also summarizes the operating mechanism of institution. The further analysis of chapter seven shows that the mechanism might influence SCP through three routes, one is the main route and the other two are accessorial. As a whole, the institution's effect on SCP of China's securities industry makes in three aspects: firstly, institution provides environmental basis(exogenous game rule) and endogenetic strategy choice; secondly, institution is one of the primary factors that affect SCP; thirdly, institution impairs the interaction of structure, conduct and performance, which makes structure and performance not determined mutually. The dissertation then turns emphasis to the influence of conduct and performance on institution. By reviewing some important institutional transitions of China's securities industry and constructing a game model, we find institution possesses the feature of endogenesis. The dissertation also discusses the causation and exhibition of institution's endogenesis in detail, analyzes the impact of each interest group on the security institution's formation and transition, and summarizes the primary influence of SCP on security institution from the view of supply, demand...