Analysis Of Operating Efficiency And Influencing Factors Of Listed Securities Companies In China

With the gradual completion of the reform of the split share structure in China,the function of free allocation of resources in the capital market is gradually becoming apparent.As the main agency in the capital market,the operating efficiency of the securities company will directly affect the operation of the capital market.Then it will affect the operation efficiency of the whole financial system and the development speed or quality of the whole national economy.Listed companies are the representatives of every industry,which can reflect the problems in the whole industry most prominently.Therefore,we can measure and analyze the operating efficiency of listed securities companies and their influencing factors to standardize the development of listed securities companies in China.It is of great significance to improve its efficiency.In this paper,the sample data from 2013 to 2017 are selected to measure the operating efficiency of 35 listed securities companies in China by using data Envelopment Analysis(DEA).The results show that when constant return to scale,The efficiency of investment banking business of listed securities companies in China is obviously higher than that of securities brokerage business.When the scale compensation is variable,the technical efficiency of most listed companies is below the industry average.Then the dynamic panel data model is established to analyze the influencing factors of the operating efficiency of listed securities companies.It is found that the influence of business structure,profitability and development scale on China's listed securities companies is different,and the impact of securities brokerage business is slightly inferior to that of investment banking business.Finally,according to the results of empirical analysis,from the securities company business,talent incentive angle,risk control angle,perspective of supervision,this paper puts forward the countermeasures and suggestions to improve the operating efficiency of listed securities companies in China.