Efficiency Of Securities Companies In China Based On Dea Method Study

In the past 20 years, China's Securities Companies experienced a rapid developed period and have played an active role in the development of China's securities market and the construction of national economic. However, in the international comparative perspective, compared with the investment banks in the developed countries, the capital scale, management level, and financial innovations of China's securities companies have a large gap with the foreign counterparts and their overall performance is low in the operational efficiency.For a long time, China's securities companies have had a single type of business, similarity in the structure and haven't formed their own operating characteristics. The competition in the securities industry between companies is too intense, and the whole market remained in the disordered phase of a lower level of competition. Excessive reliance on the securities brokerage business will inevitably make the profitable model of China's securities firms show "dependent on the weather", an embarrassing situation. Most securities firms'inefficiency has become an indisputable fact. Confronted with the occasion of the fittest and restructuring in the securities industry, to measure and analyze the efficiency of China's securities companies seems particularly necessary.This paper focused on the theme of evaluation to the efficiency of China's securities, using progressive of layers research structures. According to ask questions, literature research, index system construction, empirical research, countermeasure research ideas, carried out the research and written papers. With a sample of 37 securities firms,2006,2007,2008 financial data of sample securities companies for the three years as research objective, application of multivariate statistical methods, scientific design optimal index system of the evaluation, and then taken technical efficiency theory as the theoretical foundation of efficiency of securities companies, based on data envelopment analysis methods, using a theoretical analysis combined empirical analysis and qualitative analysis combined quantitative analysis as research methods to systematically study the technical efficiency, pure technical efficiency as well as scale efficiency of China's securities firms, while based on the developments the problems of China's securities industry and the securities companies, explored the factors affecting the efficiency of the securities firms.