The Efficiency Evaluation And Influence Factors Analysis Of Chinese Securities Companies

Since the first Chinese securities company was founded in September,1987, till now China already has 115 securities companies, including the listed ones and the unlisted ones. Chinese securities companies have gone through a lot of trials and errors. Nowadays, faced with international financial shocks and political and technological revolutions, China capital market has to partly rely on the securities companies, especially the listed securities companies, to keep a foothold and improve its efficiency. So the study in operational efficiency of securities companies becomes significant.This paper first use the two-stage chain network DEA model to measure the operational efficiencies of 19 Chinese listed companies during 2011-2013, and find that:the overall efficiency is high and maintain a rising trend; the efficiencies concentrates in the high efficiency area; the ability of generating revenue and obtaining profits needs to be improved; the operational efficiency and the rating of companies are unequal, the method of rating should be perfected.Then the paper conducts an influence factors analysis of the operational efficiency, using panel regression model. It finds that:asset-liability ratio, brokerage revenue ratio and executive compensation logarithm have a significant positive correlation with overall efficiency and staged efficiency, that is the capital structure, the innovation ability and the management motivation have great influence on the efficiency? the correlation between executive compensation and efficiency is the strongest.In the end, the paper comes up with several suggestions about how to improve efficiency. Securities companies need to improve business innovation and expand business scope by selling financial products and developing securities margin trade. Securities companies can optimize capital structure by increasing debt with the risk in control. Securities companies should improve management incentive mechanism to stimulate the management potential and strengthen internal management to strengthen risk control ability.