Analysis On Efficiency Of Securities Of China

With the completion of China's stock structure reform,Capital markets began to play an increasingly important role in the financial and economic system.The efficiency of securities not only affects their own development,but also affect the operation of China's capital market.China's securities develop gradually in the past 30 years,playing an irreplaceable role in optimizing the efficiency of China's financing.With the liberalization of the capital market,Competition will become increasingly fierce.It's important for China's securities to improve operational efficiency and market efficiency.In this paper,the DEA two-stage model is used to evaluate the efficiency of 17 securities companies in China during the period 2011-2015.And the overall efficiency is divided into two parts: operating efficiency and market efficiency.The efficiency of China's securities industry is evaluated from both static and dynamic perspectives.The static point of view show that the overall efficiency of China's securities industry is mainly due to the poor performance of China's securities industry.From the dynamic point of view,we find that the overall efficiency of China's securities industry is on the rise,but the total factor productivity of operating efficiency is still poor.To improve the efficiency of China's securities industry,we must expand the scale of the company's business,pay attention to the basis of talent,upgrade business structure and improve the compliance system.