The Research Of Listed Securities Companies' Operational Efficiency And Its Influencing Factors

From 2012 to 2017,China's securities industry has developed rapidly.As the carrier of the securities industry,securities companies have made great progress.The number of securities companies increased from 114 in 2012 to 131 in 2017,with an average growth rate of 3.93%,and business income also increased,from 129.40 billion yuan in 2012 to 311.30 billion yuan in 2017,with an average growth rate of 11.59%.However,since 2015,the operating income of securities companies has begun to decline,and the operating profit has also been reduced accordingly.Therefore,it is necessary to calculate the efficiency value of China's listed securities companies,and then make a comprehensive analysis of the factors affecting the operating efficiency,so as to find out ways to improve the operating efficiency of China's securities companies.This paper consists of two parts,one is the measurement of the operating efficiency of listed securities companies and the other is the analysis of the factors affecting the operating efficiency.In the aspect of performance evaluation of listed securities companies,three methods are used to measure and compare the results:the first method is based on radial model,the second method is based on SBM model,and the third method is based on super-efficiency SBM model.Starting from eight aspects:market quotation,equity nature,equity concentration,equity balance and business innovation.Tobit model is adopted and cross-sectional data are used for quantitative regression.Finally,the effects of these factors on technical efficiency,scale efficiency and pure technical efficiency of listed securities companies are discussed respectively.To explore the influencing factors of improving the operating efficiency of listed securities companies.Based on the above research and analysis,the following four conclusions can be drawn:(1)For the radial model and SBM model,Chinese listed securities companies are generally inefficient,and the scale efficiency is the main reason for inefficiency.The average efficiency of the SBM model is much lower than that of the radial model;(2)Compared with the radial model and the SBM model,the technology of using the super-efficiency SBM model to measure is better Effective securities companies have not changed,but the average value of technical efficiency has been greatly reduced,the average value of scale efficiency has little difference,and none of them has scale efficiency;(3)When Tobit model is used to analyze the factors affecting the operating efficiency of listed securities companies,among the eight factors examined,employee quality,ownership structure,scale of operation,Market quotation and business creation.The impact of new ownership on operating efficiency is not significant,but the ownership nature,ownership concentration and ownership checks and balances are more significant.Appropriate increase of the proportion of the largest shareholders and decentralization of equity can achieve good checks and balances and improve business conditions.(4)Risk management is an important factor related to pure technology.Strengthening risk management of securities companies can improve their pure technical efficiency and improve their operating performance effectively.