Research On The Operating Efficiency Of China's Securities Companies Based On DEA Method

The securities market has been awarded the title of “Meteorological Observatory” of the national economy and is the most important component of the financial system,which has profoundly affected the economic development of a country.The securities company not only plays the role of a participant in the entire securities market,but also promotes the development of the socialist market economy with Chinese characteristics,improves the efficiency of resource allocation,and accelerates the national economic reform and modernization process as an organizer.Operating efficiency reflects the ratio of input to output,which measures the ability of securities companies to use resources effectively,internal management capabilities,and development capabilities.Therefore,it is of great practical significance to study the operating efficiency and its influencing factors of securities companies and find ways to improve the operating efficiency of securities companies,which not only contributes to the prosperity and development of securities companies themselves,but also promotes the development of the entire financial market.This paper firstly reviews the literature on operating efficiency.After that,it gives a theoretical overview of efficiency and its measurement methods,and focuses on the DEA method and its basic model.Based on this,from 2013 to 2017.The 34 listed securities companies are sampled.The input indicators are selected from equity,employee compensation and expenses.The output indicators are selected from operating income and net profit.The technical efficiency and pure technical efficiency of China's securities companies are measured by DEA method.Scale efficiency and scale return;and study the improvement direction of its operating efficiency according to projection and slack;use super efficiency model to calculate super efficiency,and conduct securities company ranking analysis;classify and analyze securities companies according to different standards;use Malmqulst index Methods The dynamic analysis of the operating efficiency of 34 listed securities companies in China from 2013 to 2017 was carried out.Then,based on the theoretical analysis,the Tobit regression model was used to empirically analyze the factors that may affect the operating efficiency of China's securities companies.Finally,the empirical analysis On the basis of the operation efficiency of China's securities companies The summary is summarized,and policy recommendations are made on how to improve the operating efficiency of securities companies in China and accelerate the development of securities companies.The main conclusions of this paper are as follows:(1)On the whole,the technical efficiency of listed securities companies in China is not high,and the relative fluctuation is relatively large.There is no small difference between the securities companies,and the low efficiency of pure technology is the result.The main reason for the low technical efficiency;from the projection analysis,it can be seen that the listed employee securities company's employee compensation redundancy rate reached 25.34% in 2017,the expense expenditure redundancy rate reached 22.39%,and the capital investment redundancy rate reached 48.55%.The securities classification supervision is a Class A securities company whose operating efficiency is significantly higher than that classified as Class B securities,while the Class B securities company's operating efficiency is significantly higher than that of Class C securities companies;if the securities company is registered in an economically developed area,its operating efficiency is higher than that of securities companies located in other regions.(2)The total factor productivity of 34 securities companies increased by 3.3% per year between 2013 and 2017,mainly due to an average annual growth rate of 4.3% in technological progress,while technical efficiency decreased by 1% per year on average,with pure technical efficiency dropping by an average of 0.9 per year.%,the scale efficiency remains basically unchanged.(3)After studying the factors affecting the operating efficiency of securities companies,it is found that the asset size of securities companies,the proportion of traditional business income,the concentration of stocks,and the trading volume of stock market transactions are significantly negatively correlated with the operating efficiency;capital structure,cost management ability and geography.The position is significantly positively correlated with the operating efficiency of the securities company;the asset good rate,gross domestic product,interest rate level,and the Shanghai Composite Index have no significant impact on the operating efficiency of the securities company.According to the research of this paper,the main suggestions are as follows:(1)China's securities companies should pay attention to controlling the scale of assets,and develop in a stable manner according to the scale of their own situation to avoid blind expansion.(2)China's securities companies should speed up their business innovation capabilities,get rid of the serious quagmire of brokerage business and other traditional businesses,and take the road of diversified and balanced development.(3)The increase in asset-liability ratio can promote efficiency,but securities companies need to be cautious in increasing leverage.(4)China's securities companies should strengthen cost management,reduce the phenomenon of “spreading waste” and improve the internal control of cost management.(5)China's securities companies should avoid excessive concentration of equity and prevent the adverse effects of “one big share”.(6)Securities companies should focus on risk control,establish a sound internal audit system,and improve risk response capabilities.