| As China's economic goals shift from high-speed growth to high-quality development,the financial system reform continues to deepen.The application of technologies such as the Internet and big-data has an impact on the traditional service industry model.The securities industry is also in a critical period of transformation.As an important intermediary of social resources,the operating efficiency of securities companies is related to the overall efficiency of the financial industry and even the effectiveness of the overall economic input and output.As a typical representative of medium-sized brokers and local brokers,studying XINGYE's efficiency improvement strategy in the current environment will provide an effective reference for companies in the industry.Based on a comprehensive analysis of the development status of the securities industry and Industrial Securities,this paper analyzes the position of XINGYE among peer companies and its own development and change trends through horizontal and vertical comparisons to measures the relative effectiveness of its operating efficiency.And then come up with some advice based on the problems that exist.In this paper,based on the data envelope(DEA),the members of the China Securities Association Securities Company are selected as samples for horizontal comparison.The information technology investment assessment value,employee compensation,net capital are chosen as input indicators,commission and commission income,financing business income,and securities investment income are output indicators.The results show that the comprehensive efficiency of Industrial Securities ranks 21 among the peer companies.There is still room for improvement.The relatively ineffective technology is mainly due to the invalid size.The pure technical efficiency is on the frontier of production,indicating that the management level is relatively high,while the scale is ineffective and declining,reflecting that medium-sized brokerages like XINGYE generally have a large-scale pursuit of insufficient operating efficiency.Secondly,in order to examine the changes of the operating efficiency of XINGYE itself and examine the effectiveness of the development strategy of the company,this paper uses the Malmquist index method to measure the change of total factor productivity of XINGYE from 2005 to 2017.The result shows that: XINGYE only has a total factor productivity value of more than 1 in four years,an average annual growth rate of 4.9%,and there is room for improvement in growth rate.The reason comes out that its improvement is mainly due to the growth of efficiency of technological progress,and the improvement of technological progress and technological innovation capability is the main contribution,but the overall innovation drive capability needs to be strengthened.Further study on the changes of total factor productivity,the fluctuation range is large,the initial growth is rapid,and then gradually develop steadily.Affected by the market's own development strategy,the efficiency value of some years booms.Capital increase and share expansion have significantly promoted the improvement of total factor productivity.The survey of the total factor productivity of its four main businesses shows that the total factor productivity of the brokerage business and the investment banking business has been declining since the listing,while the asset management business and the self-operated business have shown steady growth.Finally,based on the results of horizontal and vertical comparison,combined with the industry background and the development status of XINGYE,this paper puts forward the following suggestions for the improvement of the efficiency of Industrial Securities:(1)deepen the advantageous areas and strengthen business innovation;(2)refined and deep-seated traditional business(3)Improve decision-making efficiency and reduce management costs;(4)Suggestions for accelerating financial group construction and organizing coordinated development among departments. |
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