Study On The Efficiency Of Northeast Securities

Nowadays,in the face of the constantly changing international financial enviroment,how China's capital market is settled in the complex market environment depends to a large extent on the role of securities companies.After nearly three decades of development,Chinese securities companies have become an important financing medium in China's capital market and an indispensable part of China's financial system.It's necessary to build a healthy and sustainable captial market for securities companies with high operating efficiency and standardized operation.However,many securities companies operating unregulated and inefficient,which seriously affects the development of securities companies themselves.Therefore,it is very necessary for securities companies to improve operating efficiency and standardize operation and management.The operating efficiency of securities companies reflects the ratio of the company's input and output,and assesses the utilization degree of the company's resources.Taking northeast securities as the object of study,northeast securities and other 14 well-run large listed securities company as reference from 2015-2017,this paper selects personnel,operating expenses,fixed assets and the net capital as the input indicators.Select fee and commission income,investment income and net profit of output indicators,and use DEA to measure the operating efficiency.Then,on the basis of DEA calculation of operating efficiency of securities companies,Malmquist index was used to analyze the influence of index changes on operating efficiency.At last,according to the research and summary of the problems of northeast securities,four suggestions are put forward to improve the operating efficiency of Northeast Securities.Firstly,optimize input allocation and allocate assets and employees rationally;Secondly,expand market business,enhance the breadth and depth of service;Thirdly,strengthen the northeast securities capital intermediary business innovation;Finally,actively improve the risk management system.