The Research On Measurement And Influence Factors Of Technical Efficiency Of China's Financial Companies

The financial company is a product that the large enterprise group combined financial capital.and industrial capital.After nearly 30 years of exploration and development,the financial company function has gradually improved and the scale gradually expanded.In addition,the financial company become a very important part of the financial system in China.The operation status of a company not only decides its own development directly,but also reflects its ability to serve the enterprise group and the real economy.Therefore,in order to ensure the development of the financial company and the efficient operation of the enterprise group,the efficiency of the financial company has a profound theoretical and practical significance.In this paper,Firstly,by using the traditional DEA model and Bootstrap-DEA method estimate 95 financial companies in China from 2011 to 2015's technical efficiency value from a static point of view.Secondly,by using the Malmquist index model analyze the changes of technical efficiency of financial company sample from the dynamic perspective.Lastly,by using Tobit regression model analyze influencing factors of the financial company's technical efficiency.The results show that the traditional DEA model will overestimate the efficiency value and result in biased results,while Bootstrap-DEA method can make interval estimation and estimates the changes in efficiency more sanely.Specifically,A large number of financial companies in our country are DEA invalid because of the low level of pure technical efficiency.scale efficiency's effect is relatively small.What's more,There are differences in the development of financial companies in different industries.From the view point of influencing factors,Loan Deposit ratio,Return on assets,Capital accumulation rate,Off-balance sheet activities income,Human resource are related to the technical efficiency and the scale efficiency of financial companies in China significantly.In addition Return on assets and Loan Deposit ratio related to the pure technical efficiency.