Efficiency Of China's Securities Companies Based On The Dea Principles Of Empirical Research

Efficiency is one of the core problems that the economics deals with, it is also the goal that securities companies chase in their business administration. The efficiency of securities companies ont only reflects the individual securities companies' performance , its competence and the companies ability of securities companies, but also reflects the intrinsic quality of the national capital market development. Having high efficiency means that securities companies can make good use of their resources and theris business administration. The securities companies developments depends on the efficiency in the long run. At present,the majority of Chinese researchers study the efficiency of securities companies with traditional financial index. However,the financial index is too simple to reflect the efficiency of securities companies completely.After the review of some related research on foreign or native securities companies, this paper interprets the basic meaning of the securities companies efficiency and the approaches applied in the researches,one of which is non-parametric.Data envelopment analysis approach is choosen in this paper to estimate the efficiency of securities companies. By making use of Data Envelopment Analysis (DEA) method,this paper measures the technology efficiency, pure efficiency and scale efficiency of 18 securities companies from 2005 to 2007 , point out that the level of the use of the capital of 18 securities companies, and sort securities companies according to the DEA efficiency. Meanwhile,this paper from inpur orientated and output orientated to find out the approaches of approve the efficiency of 18 securities companies, and put out the advice. This paper make use of Malmquist index to analysis the efficiency of 18 securities companies from 2005 to 2007 .The rrsult shows that there are no evident scale economy in Chinese securities companies. The technology efficiency of 18 securities companies has raised during 2005 to 2007.The number of the returns to scale of securities companies has raised from 2005, and all securities companies' returns to scale has raised in 2007. The CITIC securities company and the GF securities company have higher efficiency in the latest three years, and the other securities companies should learn from them.Farther on,this paper has a research on factors that influencing efficiency from the micro and macro aspect. From micro aspect, the research on the influencing factors is conducted in multivariate regression model ,while the DEA technical efficiency, pure technical efficiency, scale efficiency are referred sa dependent variable. The research conclusion: asset quality and net assets have more impacted on securities companies efficiency.At last, according to the problems mentioned in the last paragraph, this paper give the approaches to improve the efficiency of securities companies.