Effiency Of Listed Securities Companies Based On Data Envelopment Analysis

China's securities industry is gradually moving from immature to mature after nearly three decades of development. But securities companies are also experiencing changes and challenges in the trend of development as the industry Soul. Although the past two years, the rapid expansion of asset size and earnings scale of listed securities company have made great progress,there is still a wide gap in the business structure and innovative capacity with investment banks in developed countries.This paper selects 23 securities companies at the end of 2015 has been listed as a sample. The data envelopment analysis method is the theoretical basis. Input indicators include net capital, payroll, operating expenses and output indicators including operating income, ROE, net buying and selling securities, securities underwriting net income and net investment income. Then we estimate operating efficiency overall operating efficiency and various businesses of China's listed securities companies in 2013, 2014 and 2015 with the DEAP2.1 software. Through static analysis concluded that three years of the company's overall operating efficiency of listed securities showed a slight fluctuation. The technical efficiency, pure technical efficiency and scale efficiency of 2014 is slightly lower than 2013's and 2015's, but they have been at a high level.In the static efficiency improvements, the basis is listed securities of the company's overall operational efficiency in 2013--2015.The projection datas are obtained by the DEA analysis of savings which input redundancy to maintain output unchanged and technology effectively. Then we analysis the overall operating efficiency's dynamic change of listed securities company nearly three years with Malmquist Index. The results show that China's listed securities companies' technical efficiency,pure technical efficiency and scale efficiency are in a state of decline in 2013-2014,and there are same to 2014-2015.Finally, based on the analysis,this paper analysis the factors affecting the operating efficiency of listed securities company from the perspective of macro and micro, and gives detailed recommendations for improvement.