Study On The Efficiency Of Chinese Securities Companies Based On Clustering Analysis

Since 1987 September, the first professional securities company was established in Chinese, the securities company in our country has gone through more than 20 years. With Chinese economic take-off, the securities company is one of the high-profile investment channels which become more and more. Now with the increasing of securities companies, investors have more choice, which leads to more intense competition between securities companies, but the securities company is different in the scale, operation, risk, efficiency and so on. Therefore "how to select the securities trader" is the problem faced by investors.In this paper, we choose 88 securities companies as the object. Indicators are selected from the scale, business ability, operation and profitability, growth capacity and risk management capacity of the securities company. By using the method of cluster analysis, the securities company is divided into 3 categories, in order to maximize homogeneity in the same category. The result of cluster analysis is 15 securities companies in first class,34 securities companies in second class, and 39 securities companies in third class. Then, we choose total assets, operating expenses and registered capital as the input vectors of the object of study, operating receipt as output vector of the object of study, for 2011-2013’s data, using DEA method to evaluate the efficiency of the same category of securities companies and rank. We find that in the first class of securities companies Hong Yuan Securities Co., Ltd instead of CITIC Securities Co., Ltd become the first, GF Securities Co., Ltd is still the second, CITIC Securities Co., Ltd is the third; in the second class of securities companies LIANXUN SECURITIES CO., LTD, THE PACIFIC SECURITIES CO., LTD, MINSHEGN SECURITIES CO., LTD are in the top three; in the third class of securities companies HENGTAI SECURITIES CO., LTD, Datong Securities Brokerage CO., LTD and HUAXI Securities Co., Ltd are in the top three. The third, for the first class of securities companies, using the same method, software and data with the<Study on the efficiency of Chinese Listed Securities Companies Based on DEA>, we discover that the same securities company’s relative ranking is different. Finally, using the single factor index method, we analysis the efficiency of different securities companies, and find that, using cluster analysis method’s result is better.Therefore, firstly, cluster analysis is performed on the object of study, to obtain higher sample homogeneity; secondly, using the method of DEA analysis efficiency and ranking of the samples, the result is more scientific and reasonable...