Research On The Operational Efficiency Of China's Securities Industry

The securities industry plays an important role in capital financing,capital pricing and resource allocation,and is an indispensable part of the financial market.The effective operation of the securities industry and the prosperity of the real economy are closely interdependent,which can effectively promote the conversion of savings into social investment,and thus promote the development of the real economy.Therefore,the operational efficiency of the securities industry has a profound impact on the trend of the financial industry and the entire national economy.In order to promote the formation of securities companies with international competitiveness and brand influence,it is of great theoretical and practical significance to measure the operational efficiency of the securities industry and explore ways to improve efficiency.This thesis applies the panel data of securities industry in China,and introduces the undesired output-bad debt loss into the measurement index system.Through the SBM-Undesirable six-stage DEA model and the Malmquist-DEA model,the paper analyzes the Chinese securities industry's operational efficiency.The analysis results show that after removing environmental factors and statistical noise,the operational efficiency of China's securities industry has increased,indicating that they have an impact on the accuracy of efficiency measurement.From the perspective of the industry as a whole,the operational efficiency of China's securities industry from 2007 to 2016 is Large fluctuations,but the overall trend is rising;the minimum operating efficiency of the securities industry is gradually increasing,and the minimum efficiency has increased from 0.07 in 2007 to 0.5 in recent years,and the standard deviation has gradually decreased.It shows that the “bipolar effect” of China's securities industry is weakening;from the perspective of securities companies,innovative securities companies have better operational efficiency than regulated and unclassified securities companies,but the operations of regulated and unclassified securities companies The efficiency improvement is even larger;based on the Malmquist-DEA model,the results of variable scale compensation show that the improvement of operational efficiency is affected by the combination of technical efficiency and technological progress rate,and the contribution of technological efficiency is greater;2007-2016 41 securities companies have a Malmquist index average of more than 1,accounting for 42.3% of the entire securities industry.It showed that only a small portion of the securities company's operating efficiency to maintain sustained growth in the decade.On the basis of the above research,the paper finally gives specific policy recommendations from the aspects of risk management,business innovation and management mode,in order to give a reference for the improvement of the operational efficiency of China's securities industry.