Analysis Of Operating Efficiency And Influencing Factors Of Chinese Securities Companies

Undoubtedly,the securities market plays a very important role in the capital market.It is of great significance to study the operational efficiency of China's securities companies and propose improvement proposals.In this paper,the data of 27 securities companies in 2012-2017 were selected as research samples,and the input-oriented model of data envelopment analysis(DEA)in non-parametric method and the transcendental function model of stochastic frontier analysis method(SFA)were selected for the cost of securities companies.Efficiency and profit efficiency were measured and analyzed.At the same time,from the perspective of macroeconomic environment,industry environment and company's own perspective,the factors that may affect the operating efficiency of securities companies are selected,and the impact on the different operating efficiency of securities companies is studied,and corresponding policy recommendations are put forward.Results are as follows:(1)Horizontally,the average profit efficiency of Chinese securities companies is between 0.45 and 0.8,the average sample is 0.655,the average cost efficiency is between 0.486-1,and the average sample is 0.762.The operating efficiency of each company reflects a relatively obvious different level.In addition,the profit efficiency and cost efficiency values are analyzed.The consistency of the two efficiency value rankings is tested.There are significant differences between the two operating efficiency values,but there is a good consistency in the ranking.(2)Vertically,the trend of profit efficiency and cost efficiency is more consistent,showing a trend of increasing first and then decreasing.The average profit efficiency of each year in 2012-2017 is between 0.435 and 0.856,with large fluctuations and average cost efficiency.Between 0.696-0.807,there is little difference between years.In the past few years,the profit efficiency of China's securities market has increased,and the cost efficiency has not improved much.Overall,the profit and cost efficiency of larger securities companies is slightly higher than that of small and medium-sized securities companies.Further decomposing cost efficiency,the entire industry,large-scale securities companies and small-scale securities companies cost invalid mainly due to technical inefficiency,while technical inefficiency is mainly due to pure technology is invalid.(3)Comparing the influence of various factors on operational efficiency,most of the influencing factors have the same impact on profit efficiency and cost efficiency.So the securities company can improve its operating efficiency by the following measures:(1)expand the asset scale and enhance the overall strength;(2)promote customer innovation based on customer demand;(3)diversify business structure,change profit model;(4)enhance equity flowing,reduce the concentration of equity.