The Performance Evaluation Of Listed Securities Companies Based On Data Envelopment Analysis

China's securities companies and the securities market have experienced more than 30 years of development.The level of securitization has been greatly improved,but it is still not mature enough compared with developed countries.The securities market in developed countries is relatively large and the operating mechanism is relatively more mature and standardized.At this stage,China's securities companies already have a relatively complete management system,the scale of assets has also expanded,the profitability has been strengthened,but still face the problems of relatively simple business,lack of innovation and other issues.It is of great practical significance for the sound development of the entire securities market to conduct a reasonable and comprehensive performance appraisal of listed securities companies and find out the factors that affect their efficiency to prescribe the right medicine.The article theoretical analysis first combed the method system of efficiency measurement,and pointed out the development status of listed securities companies.The empirical analysis is divided into two parts:the first part of the efficiency calculation,using DEAP 2.1 software,taking 18 listed securities companies in 2016 as samples,and measuring efficiency and return to scale through classical DEA model,super-efficient DEA model and Malmquist dynamic model.And perform specific calculation and analysis according to the four major businesses(brokerage,investment banking,asset management,and investment)of the securities company.The second part of the concrete empirical research further analyzes the factors affecting the efficiency of securities companies from the macro and micro perspectives.Multiple regressions were conducted on the panel data of 18 listed securities companies in 2012-2016,and the macro factors of the stock market price fluctuations were studied.The impact of these three micro-factors:business structure,asset size,and asset-liability structure on the aforementioned efficiency values.Research shows that from a static perspective,the overall efficiency value of listed securities companies is higher and their distribution is more concentrated.Most brokerage companies have achieved technical efficiency,and they further decomposed the technical efficiency and found that most securities companies' technology Invalidity comes from the low efficiency of scale.From a dynamic perspective,on the one hand,the efficiency levels of different listed securities companies are greatly affected by the characteristics of business development.On the other hand,the efficiency and business differentiation of the same listed securities company are relatively large,but with the time fluctuate,the overall efficiency Showing upward trend.On the basis of the above empirical analysis,the article finally conducted in-depth research on the factors affecting efficiency and put forward relevant recommendations.Most listed securities companies in China can appropriately expand the scale,and in the development of their advantageous businesses,they will drive the diversification and innovation of other businesses.In order to increase operating efficiency,strengthen the business with shorter development cycle,reduce the sensitivity to external markets,increase investment varieties,increase leverage carefully.