Research On Operational Efficiency And Its Influencing Factors Of China’s Securities Companies

The securities market is an important part of the financial market, which plays a role in national economic development boosters and lubricants, known as an economic "observatory" and "barometer." Securities companies as the stock market’s organizers and participants, play an increasingly important role in promoting the development of capital markets, optimize the allocation of resources to support economic reforms and to speed up the modernization process of China.Efficiency reflects the input-output ratio relations, which is a comprehensive reflection of securities companies’ resource utilization capability, management capabilitiesb and sustainable development. So the research of operational efficiency levels and related factors of securities companie and accordingly proposed to increase the operational efficiency of the method, has important practical significance for securities companies’ long-term development and play a more important role in the capital market.Firstly, this paper introduces the definition of efficiency and effectiveness measurement method, and the domestic and foreign securities firms operational efficiency literature research were reviewed.Secondly, chooses 99 securities companies during 2009 to 2013 as the research object, based on analysis of the status quo on the development of securities companies, chooses operational expenses and staff salaries as input indicators,chooses operational income as output indicators,uses DEA method to measure China’s securities companies’ static and dynamic operationalefficiency.And then, analyze the influence factors of china’s securities companiestheoretically,on the basis of theoretical analysis using the panel Tobit regression model to make empirical analysis. Finally, put forward policy recommendations to improve the operational efficiency of securities companies on the basis of the results of efficiency measures and empirically analysis of Influence factors of efficiency.The main conclusions of this paper’s research are:(1)China’s securities companies have a lower technical efficiency, which has a greater distance from the efficiency frontier, that mainly caused by the low efficiency of pure technology, while scale efficiency is relatively high; the listed securities companies efficiency is significantly higher than the efficiency of non-listed securities companies, Class A securities companies’ efficiency is significantly higher than Class B, Class B is significantly higher than Class C, projection analysis shows that China’s securities companies operational expenses average redundant 33.7%, average salary of workers redundant 30.22%.(2)From 2009 to 2013, China’s securities firms TFP annual decline of 12.9%, mainly by technological advances fell by an average of 14.5% annually cause, while technical efficiency is maintained annual growth of 1.8 percent. Listed Securities companies TFP and its decomposition index slightly higher than non-listed securities companies; Class A securities companies’ s TFP and its decomposition parameters are significantly lower than the Class B, Class B slightly below the class C.(3)Operational efficiency empirical study found that:Assets, competition and securities companies’ s operational efficiency has slight positive correlation; risk control, business innovation, market capitalization and stock market turnover and securities companies’ s operational efficiency is positively correlated, but to a lesser extent; profitability and securities companies’ s operational efficiency is significantly and positively correlated, and a large degree of influence; staff quality negatively related to securities companies’ s operational efficiency;ownership structure,GDP and securities companies’ operational efficiency is not significant.