A Study On Efficiency Of Securities Companies Under The Influence Of Risk Control Indicators

2020 is the 30 th anniversary of the development of China's capital market.Securities companies support the operation of the important functions of the capital market as the main intermediary,play an important role in giving full play to the pivotal function of the capital market,such as resource allocation,property right circulation,etc.The operating efficiency of securities companies not only affects their allocation efficiency,comprehensive efficiency and other operating efficiency,but also has a profound impact on the improvement of their competitiveness and the efficient operation of the capital market and society.Therefore,analyzing the operating efficiency of securities companies,exploring ways to improve their efficiency,improving their core competitiveness,and promoting the stable and efficient operation of the capital market are issues that need urgent attention.In recent years,with the implementation of a series of innovative reform and development measures for the multi-level capital market,such as the Chi Next,financing and financing of securities,reform of the issuance system of new shares and the science and technology board,the organizational structure and business products of securities companies have become increasingly diversified,and the types of related risks have become more complex.To this end,in 2016,the CSRC issued the Decision on Modifying the Measures for the Administration of Risk Control Indicators for Securities Companies,which established a risk control indicator system with net capital and liquidity as the core in order to enhance the continued effectiveness of risk control indicators and ensure the sustainable and sound development of securities companies.This is also the largest adjustment since the first promulgation of the Measures for the Administration of Risk Control Indicators for Securities Companies in 2006.Successive adjustments to the Measures for the Administration of Risk Control Indicators for Securities Companies have inevitably had an important impact on the securities companies themselves and the capital market.Therefore,it is of great theoretical and practical significance to fully consider the impact of the changes in risk control indicators on the operating efficiency of securities companies and explore the feasible ways to improve the operating efficiency of securities companies under the influence of the existing risk control indicators,so as to improve the core competitiveness of securities companies,promote the stable and efficient operation of the capital market and play the key role of capital market in resource allocation.To address the deficiencies of the traditional methods of evaluating the efficiency of securities companies in existing studies,which do not take into account risk and environmental factors at the same time,by dividing the operating process of securities companies into two parts,namely,the general production process and the risk management process,and by selecting the core risk control requirements in the Measures for the Management of Risk Control Indicators of Securities Companies as the proxy variables for risk control,the internal risks that affect the efficiency of securities companies are stripped out.The relationship between core risk control indicators and the efficiency of securities firms is established,and the improved three-stage Data Envelopment Analysis(DEA)method is applied to measure the efficiency of the operating process of securities firms,and the Malmquist productivity index model is used to study the dynamic efficiency of securities firms after eliminating the influence of risk and environmental factors.In this paper,the improved three-stage DEA model and Malmquist productivity index model,which are based on multiple adjustments of risk and environmental factors of securities firms,can not only investigate the impact of changes in risk control indicators on the operating efficiency of securities firms from the perspective of static comprehensive efficiency,but also accurately grasp the characteristic facts of dynamic changes in the efficiency of securities firms under the influence of risk control indicators,so as to effectively control the risk and environmental factors.The study provides useful empirical research on enhancing the operational efficiency of securities firms under risk factors.The findings are as follows :(1)the core risk control requirements of the Measures for the Management of Risk Control Indicators of Securities Firms have a more significant negative impact on the efficiency level of securities firms,which is manifested in the lower risk appetite of securities firms under the influence of risk control indicators,leading to a decline in their efficiency;(2)environmental factors as a whole have a positive impact on the operational efficiency and risk management efficiency of securities firms;(3)after risk and The overall total factor productivity of the environment-adjusted securities firms has declined,with the reduction of the efficiency change index of technological progress playing a major constraining role;(4)the overall management technology level of securities firms is good,showing DEA effective,while the change of scale compensation is influenced by regulatory constraints and market environment,with most firms in the stage of decreasing scale compensation.These findings provide reference and basis for the improvement of the risk control system of the regulatory agencies and the improvement of the operating efficiency of the securities firms.