The Operating Efficiency Measurement Of Securities Companies In China And Research On Influencing Factors Of Operating Efficiency

As an important intermediary institution in securities market, the securitiescompany has a pivotal role in the market. Its operational efficiency directly affects theoperation of the securities market, which in turn affects the entire capital market. Atthe same time, the operating efficiency of the securities company as an importantindex of performance, not only embodies the securities company competitiveness,also reflects the ability of the sustainable development of the securities company. As aresult, the study of securities companies operating efficiency is particularly important.During the past20years, securities company developed from scratch in ourcountry. The scale of securities company is growing and the investor’s confidence isrising. But behind the booming appeared a huge challenge. In the financial sectorgradually open intensified competition for securities companies. Securities firm isengaged in the business scope is limited, mainly concentrated in the brokeragebusiness based on the traditional business, can’t get rid of the influence of stockmarket; Small size, weak ability to resist risk; Illegal phenomenon also happen fromtime to tome. All in all, the securities industry has a significant development. Butcompared with the requirements of the securities market, securities firms haveshortcomings in many aspects. As one of the core problems in the operation andmanagement, operating efficiency fully reflects the competitiveness of securitiesfirms. There would be targeted improvement recommendations to the securitiescompany by studying the operating efficiency.This paper calculates the technical efficiency, pure technical efficiency and scaleefficiency of76securities companies by using the data envelopment analysis (DEA).Statistics are from2008to2012. Then the paper takes the empirical analysis of thefactors which impact operating efficiency of securities companies in China. Thispaper deeply discusses the factors such as how to affect the stock market, thetraditional brokerage business of a securities firm operating efficiency, trying tocomprehensive system of the securities firm, utilization of resources and the present situation of the industry business The study shows that the trend of technicalefficiency is rising. At last, the paper analyzes the factors which influence on theefficiency of five years with linear regression method. On the basis of the whole study,the paper puts forward some targeted recommendations to improve the operatingefficiency of the securities company in China.