The Research On Income Structure And Income Efficiency Of The Domestic Securities Companies

This dissertation classified the securities companies income into high-risk business income and low-risk business income according to the status of securities companies risks, and then evaluated the overall technical efficiency of gross income and the monomial technical efficiency of high-risk income and low-risk income of 23 securities companies in China over the 6 financial years from 2001 to 2006 by applying stochastic frontier approach and data envelopment analysis approch separately, moreover, it analyzed the relationship among the first kind income efficiency, the second kind income efficiency ,the proportion of the first kind income to gross income and overall technical efficiency of gross income with regression equation.The result shows: all kinds of technical efficiencies of China's securities companies are not well, and are tending to deteriorate; the efficiencies of the new-style securities companies are better than average efficiency level of all the securities companies; technical efficiency of the first kind of income and the second kind of income have positive influence on the overall technical efficiency of gross income of China's securities companies and the influence strength of the first kind of income technical efficiency is higher than the second; the proportion of the first kind income to gross income also has positive influence on the overall technical efficiency of gross income of China's securities companies.This dissertation displayed the influence of securities companies' income structure and monomial technical efficiencies of high-risk income and low-risk income on the securities companies' overall efficiency of gross income. It also pointed that the securities companies can raise their overall efficiency of gross income by these two means: firstly, increasing the monomial income efficiency of the securities companies effectively; and secondly, optimizing the income structure of the securities companies rationally. In addition, it described the system guarantee for securities companies to raising their overall efficiency of gross income and some policy suggestions to the regulatory.