Research On Pricing Efficiency Of Securities Listed Companies Based On DEA Model

Stock market’s pricing state has always been the certain aspect where investors pay great attention to, especially in emerging economics such as China. The level of stocks pricing efficiency in secondary market not only reflects whether the entire market operates efficiently, but also makes great influence on the investors’ judgment on the market. In the stock market, securities listed companies simultaneously have the features of listing company and securities company, and because of their performance is highly correlated with the trend of the market and the their price elasticity is at large, so securities listed companies has always been the majority of investors. However, in the aspects of pricing efficiency, the securities listed companies’ performance is not ideal. Based on the characteristics of the development of China’s securities listed companies, this paper selects the financial information of the whole industry, including the total share capital, the net assets per share, the sector index, etc., and some other market information as the indexes. Then, the empirical research on pricing efficiency of securities listed companies is made by using DEA model, and the conclusion is that the pricing efficiency of China’s securities listed companies is generally low. After analyzing the result, this paper provides some targeted suggestions that can solve the problem of the low pricing efficiency of security stocks, and hopes that the securities listed companies’ and even the whole financial stocks’ pricing efficiency can be improved in the future.This paper is separated into six parts. The first part is the introduction of the research which contents the research background and the significance of the topic. Coupled with the summary of the existing literature at home and abroad, this part also points out the research ideas and methods used, and the innovation and deficiency of the research. The second part is the theories of stock market pricing efficiency, including the stock market pricing theory and pricing efficiency theory. The third part is the situation of the securities listed companies sector in stock market,which can be further divided into two section. The first section gives a brief introduction of securities listed companies sector, and tells the history of its development. The second one mainly analyze the characteristics of China’s securities listed companies. The fourth part gives the empirical research of securities listed companies’ pricing efficiency. The fifth part, from macro and micro aspects respectively, gives a detailed study on the factors which have impact on securities listed companies pricing efficiency. The final part provides the targeted policy suggestions according to the reason analysis for the low pricing efficiency of China’s securities listed companies.