Based On The Super DEA-Tobit Model To Research The Influential Factors Of China's Securities Firms' Operating Efficiency

With the rapid growth of China's national economy,the capital market has become more booming and active.The securities firms is the basic guarantee of the capital market's regulating running and the important media hub to realize the direct accommodation of funds.Therefore,whether the security industry is developing healthy and orderly will directly influence the operating efficiency of the capital market,and then influence the overall macroeconomic.Although China's security industry has occupied a pivotal position in the national economy,because of the historical reasons and so on,there are still many disadvantages in the daily governance and management.In order to further promote the reform and optimizing of the security industry and guarantee the sustainable development of the capital market,it is necessary to research the influential factor of the operating efficiency in securities firms.This paper uses a two-stage analytical method of DEA-Tobit on China's 96 securities firms in 2013 annual operating data of empirical research,and comes to the following conclusions:1.The empirical results of the Data Envelopment Analysis method:(1)The technical efficiency of our country's securities firms is generally on the low side,the overall operating level remains to be improved.The reason is that the pure technical efficiency is low,that is to say there still exists some unreasonable phenomenon in the internal business activities.(2)Among the securities companies in China,only eight firms run at the scale of constant return stage,the numbers of that at the scale of increasing return stage and the diminishing stage account for around half of the remaining number,the majority of small securities companies are in the stage of increasing return of scale,and the large securities firms are basic in the stage of scale of diminishing returns.(3)The securities firms of Class A is superior to Class B and Class C both in the pure technical efficiency and scale efficiency.(4)The efficiency of listed securities firms is generally higher than that of the unlisted securities firms.2.The empirical results of the Tobit model:(1)The capital adequacy ratio significantly affects the technical efficiency and the pure technical efficiency,slightly affects the scale efficiency.(2)The business structure has a remarkable negative effect on the pure technical efficiency and has little effect on the scale efficiency.(3)The ownership concentration has a negative correlation both on the technical efficiency and the pure technical efficiency.(4)The asset-liability ratio has an obvious negative impact on the pure technical efficiency,however,it has a significant positive impact on the scale efficiency.On one hand,the improving of the asset-liability can expand the scale of assets,on the other hand,it also may increase the financial risk.(5)The education of the employees influences obviously on the pure technical efficiency,the impact on the scale efficiency is not distinct.(6)The amount of sales department shows no significant correlation.According to the empirical conclusions,policy recommendations on how to improve the operational efficiency of the securities firms are given.