Research On Operational Efficiency Of Securities Firms In Our Country Based On Three-stage DEA Model

The operational efficiency of securities firms is the concentration embodiment of its sustainabledevelopment ability and competitiveness. Having high efficiency scores means securities firms canmake good use their resources, and reflects the whole operational performance of securities firms. Asa word, the operational efficiency is the importance standard to measure the operational performanceof the securities firms. Because securities firms are the important agent organizations of stock marketand play an important role in the operation of stock market, it’s very important to measure theoperational efficiency of securities firms.On the basis of reviewing domestic and international studying achievement about efficiency, thispaper selected57securities firms as representatives which include27innovation firms and30normfirms. The empirical study of this paper used three-stage data envelop analysis and Malmquist-indexanalysis, combining static-state analysis and dynamic-state analysis together, researching theirsoperational performance from2006to2010. The main static-state analysis conclusions are as follows:there are obvious differences between the first stage DEA and the third stage DEA of securities firms’scores, which just explained that it’s necessary to adopt SFA regression analysis in the second stage;the scores of norm firms are more lower than innovation firms widely; in the whole, the puretechnique efficiency of sample firms fluctuated much which made the operational efficiency scoreslow, while scale efficiency of the majority firms had already in or near the frontier boundary whichfluctuated a little. From the dynamic-state angle, through the Malmquist-index analysis we can findthat during the sample period the scores of each kind of efficiency firstly descended and then rised,according with the the motion trend of stock-index basically.From the empirical analytical conclusion, we can see that business structure, employee’scharacter and ratio of assets-liabilities reflecting the capital structure affect the operational efficiencyof securities firms on some degree.At the same time, the securities firms are subjected to the influencethe whole macroscopic environment brings，which indicates the blemish of inner-controlledmechanism of securities firms. So, in the end, this paper give the approaches to improve theefficiency of the securities firms from inner-part control, business innovation and human resource etc.It’s hoped to provide some references to improve and enhance the efficiency of securities firms in ourcountry.