The Efficiency Analysis Of Chinese Comprehensive Security Companies

Efficiency greatly reflects the competition ability and sustainable development ability ofsecurities companies. If one company has a high efficiency, it means that it can make good use ofits resources and have good management level. At present, the articles about the efficiency ofsecurities companies in our country are few. And many scholars only use the net assets incomerate or profit rate to measure the efficiency. This doesn’t good reflect the real efficiency ofsecurities companies.Resent years, the environment of international economy has changed a lot. The securitiesmarket is developing after the2005’s reformation. When experienced the sharp rising during2006and2007, the stock index dropped. Since2010, the index remain the3000or so. And theprofit of securities companies fluctuates with the index; also rely on the change of the stockmarket. Under this background, this article uses the DEA(Data Envelopment Analysis) tomeasure the efficiency of securities companies and provide the clear improvement direction forthey.This article uses the DEA to measure the efficiency of securities from2008to2010, includetechnical efficiency, pure technical efficiency and scale efficiency. And use the shadow methodto put forward the improvement direction. Meanwhile, we use the Malmquist index to estimatethe trend of these efficiencies, provide the more information of the condition of securitiescompanies. At last, this article will provide some proposals for the improvement andenhancement of efficiency in Chinese securities companies.The conclusions of this article are that: the technical efficiency of our comprehensivesecurities companies is low. This is mainly caused by the pure technical efficiency, but the scaleefficiency of most companies is high. From the dynamic analysis, we can know that the technicalefficiency is rising. And the Total factor productivity and the technological advance efficiencyare all rising.