The Research On The Technical Efficiencies Of China's Listed Internet Financial Companies Based On SFA

The rapid rise of Internet finance based on internet technology and information and communication technology is constantly influencing and impacting traditional finance,reshaping the existing financial service system.And now the internet finance is becoming a new hot spot in the society.After 2013---the "first year" of China's Internet finance,China's Internet financial industry has entered a round of extensive expansion.This has led to the widespread existence of China's Internet financial industry blind pursuit of scale and market share expansion and ignore their own operating efficiency and competitiveness of the increase.And thus their technical efficiency is low.2016,is China's Internet financial development of the "first year of compliance".After 2016,the focus of China's Internet financial industry has from the rapid expansion to protect financial security and improve operational efficiency up.Therefore,it is necessary and urgent to carry out research on the efficiency of Internet financial institutions in China.On the one hand,the research on the efficiency of Internet financial institutions in China is conducive to judging the gap between China's Internet financial companies and the average level of the industry,and further optimizing the allocation of resources so as to enhance their own operating efficiency.On the other hand,it provides a reference for China's financial regulatory agencies to formulate a reasonable regulatory policy.And it is play a certain role in the stability and healthy development of China's financial system.Based on this,this paper study on the technical efficiency of the sample of 47 China's listed companies of internet finance is made by making use of the relevant panel data from the year of 2010 to 2015 and by resorting to the Stochastic Frontier Analysis(SFA)model.And we estimated the technical efficiency of listed companies by chose Douglas production function(c-d production function)in construction of the production function.Through empirical analysis,the technical efficiency value of each company is at a low level,but showing a rising trend.What's more,in the study of affecting factors,the mathematical transformation of technical efficiency has been made to use the two-stage regression method to test the possible affecting factors.The empirical results show that human capital,degree of diversification and established time are the main factors to impact the technical efficiency of the China's listed internet financial companies.And the scale of company has a smaller degree of positive impact on technical efficiency.Finally,the possible ways is explored to improve the efficiency of the China's listed internet financial companies.