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CHINESESECURITIESINDUSTRYRESEARCH200461298%Abstrac:Theempiricalstudyofthispaperfindsoutthatthemarketstructure,industrysize,andmarketreturnarethemostimportantfactors(accountingfor98%)fortherateofreturnofassetsinChina’sinvestmentbankingindustry.Moreover,theconcentrationratioisrelativelymoreimportantthanthemarketreturn,andtheimpactofindustrysizeiscontrarytothatofconcentrationratioandmarketreturn.WecouldnotprovethediseconomyofscaleinChina’sinvestmentbankingindustry.Keywords:InvestmentBankingIndustry;MarketStructure;EconomiesOfScale1.EHChamberlin1933JRobinson1933ESMason19391949JSBain1959SCPStructureConductPerformanceDemsetz1973Peltzman1977SCP45CHINESESECURITIESINDUSTRYRESEARCH2004612152.Bain1959SCPSCPSmirlock1985EvanoffFortie1988Ruthenberg1994GoldbergRai1996Maudos1998BergerHannan199220012001DEA19992002SCP2001111120011212SmirlockM.Evidenceonthe(Non)RelationshipBetweenConcentrationandprofitabilityinBankingJournalofMoneyCreditandBanking,198517(1)69-83.DouglasD.EvanoffD.L.FortierReevaluationofthestructure-Conduct-PerformanceParadigminBankingJournalofFinancialServicesResearch1,June1988.Ruthenberg,D.(1994).“Structure-PerformanceandEconomiesofScaleinBankinginaUnifiedEurope,”BankofIsraelBankingReview,No.4,June,95–114.Goldberg,L.G.andA.Rai(1996).“TheStructure-PerformanceRelationshipforEuropeanBanking”,JournalofBankingandFinance,20,p.745-771.Maudos,Joaquín(1998).“MarketStructureandPerformanceinSpanishBankingUsingaDirectMeasureofEfficiency”,AppliedFinancialEconomics,8,p.191-200.Berger,A.N.,andT.Hannan.ThePriceConcentrationRelationshipinBanking-aReply,TheReviewofEconomicsandStatistics,Vol.74,Feb1992,pp.376-379.20013200141998820021024112001512200146CHINESESECURITIESINDUSTRYRESEARCH200461220031313200114142001151520041616200317172002181820041919200220203.A199020033.11∑∑====ririiirSXXC111CrrXiiXSii1319992000200311420011520011620041172003218200211151920041202002111547CHINESESECURITIESINDUSTRYRESEARCH20046122HerfindalIndexHI∑∑===niniiiSXXHI122)(=1i=123n2HIXiiXSiinHIHIHIHIHIHIHIn=103.2JSBainCR170%CR380%CR5=100%CR1080%CR1050%CR1050%1ACR1=70%BCR3=80%,CR5=100%CCR10=80%DCR10=50%ECR1050%200223.3Berger19952121GoldbergRai19962222tttttMRsizeLNCRxROAεγβα+++=)(321BergerA.(1995).TheProfit-StructureRelationshipinBanking–TestsofMarket-PowerandEfficient-StructureHypothesesJournalofMoneyCreditandBanking27p.404-431.22GoldbergL.G.andA.Rai(1996).TheStructure-PerformanceRelationshipforEuropeanBankingJournalofBankingandFinance20p.745-771.48CHINESESECURITIESINDUSTRYRESEARCH2004612ROAttCRxttLN(size)ttMRtttCRxtLN(size)tMRtSCPROAt4.4.14.1.1219972003CR%1997199819992000200120022003CR18.368.3712.2012.4713.366.626.85CR535.7239.8248.2152.2453.3324.7526.82CR1057.7960.6568.1176.3375.4736.7339.55199720033HI19971998199920002001200220034.08%4.31%6.21%7.45%7.85%1.78%2.08%1997200323119978.36%200113.36%20036.85%199735.72%200153.33%200326.82%199757.79%200076.33%200339.55%20012001200120025249CHINESESECURITIESINDUSTRYRESEARCH20046122000200036050%7040%50%2323199835%2424.1.241997199819992000200120022003CR19.8812.7710.469.2912.5036.3017.36CR538.5743.8340.5935.8538.4252.9348.37CR1058.6168.3453.8454.4856.6067.2972.6119972003HI19971998199920002001200220033.78%4.69%3.88%3.55%4.33%14.68%6.96%199720031220001510200020038.0712.5218.133.1.346%1997199819992000200120022003CR16.687.177.848.195.356.528.92CR526.9227.6129.5732.1622.7016.5223.72CR1049.4448.3448.0652.7336.5625.0935.23CR18.728.757.786.3715.6614.9619.56CR528.5332.0629.6527.8655.7254.4655.74CR1040.7852.4445.0846.3576.8776.4575.621997200320022003202319811224199823.97%9.58%2.12%50CHINESESECURITIESINDUSTRYRESEARCH2004612719971998199920002001200220033.23%3.01%3.06%3.85%1.62%0.99%1.96%3.01%3.38%2.56%2.60%7.93%7.79%8.73%199720032002200320199720032001200115101997200220034.1.4819972003%1997199819992000200120022003CR19.8812.7710.469.2912.5036.3017.36CR538.5743.8340.5935.8538.4252.9348.37CR1058.6168.3453.8454.4856.6067.2972.61CR18.368.3712.2012.4713.366.626.85CR535.7239.8248.2152.2453.3324.7526.82CR1057.7960.6568.1176.3375.4736.7339.55CR16.687.177.848.195.356.528.92CR526.9227.6129.5732.1622.7016.5223.72CR1049.4448.3448.0652.7336.5625.0935.23CR18.728.757.786.3715.6614.9619.56CR528.5332.0629.6527.8655.7254.4655.74CR1040.7852.4445.0846.3576.8776.4575.62CR18.419.199.579.0811.7216.1013.17CR532.4435.5337.0037.1542.5437.1738.66CR1051.6656.9153.7757.4761.3851.3955.7519972003CR10[5080]199751CHINESESECURITIESINDUSTRYRESEARCH2004612HDemesetz19732525DNeedham1978262610%50%50%14.2199720022003CR10CR10LNsizeMR9ROAt=1.02637+1.179054CR10-0.01909LN(size)t+0.141717MRtt7.08046.0019-10.81834.6007R2=0.99317R2=0.98293F=96.96Sig=0.010226CR10CR10LNsizeMR1.1790.019090.14298%F4.320022003202002200325HDemesetz1973IndustryStructureMarketRivalryandPublicPolicyJournalofLawandEconomics161-9.26Needham,D.1978TheEconomicsofIndustrialStructure,ConductandPerformanceNewYork,NY.52CHINESESECURITIESINDUSTRYRESEARCH200461210LNari2002=2.031844-0.00216LN(size)i2002t5.274-0.01344R2=0.00001R2=-0.05554F=0.000181Sig=0.989425LNari2003=1.743041+0.276085LN(size)i2003t1.8950.7551